Phillips 66 (PSX) Stake Lowered by Keybank National Association OH

Keybank National Association OH trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 5.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 433,755 shares of the oil and gas company’s stock after selling 26,565 shares during the period. Keybank National Association OH owned about 0.08% of Phillips 66 worth $39,737,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Institute for Wealth Management LLC. bought a new stake in shares of Phillips 66 during the 2nd quarter worth $979,000. Blue Edge Capital LLC raised its stake in shares of Phillips 66 by 3.2% during the 2nd quarter. Blue Edge Capital LLC now owns 5,088 shares of the oil and gas company’s stock worth $421,000 after purchasing an additional 160 shares during the period. Wells Fargo & Company MN raised its stake in shares of Phillips 66 by 0.9% during the 2nd quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock worth $696,418,000 after purchasing an additional 71,098 shares during the period. Great Lakes Advisors LLC raised its stake in shares of Phillips 66 by 3.5% during the 2nd quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock worth $49,919,000 after purchasing an additional 20,264 shares during the period. Finally, Pennsylvania Trust Co raised its stake in shares of Phillips 66 by 698.9% during the 2nd quarter. Pennsylvania Trust Co now owns 48,694 shares of the oil and gas company’s stock worth $4,033,000 after purchasing an additional 42,599 shares during the period. Institutional investors own 69.64% of the company’s stock.

A number of research firms have recently commented on PSX. Jefferies Group LLC reiterated a “hold” rating and set a $78.00 target price on shares of Phillips 66 in a research note on Tuesday, September 5th. Zacks Investment Research cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Piper Jaffray Companies reiterated a “buy” rating and set a $98.00 target price on shares of Phillips 66 in a research note on Tuesday, September 26th. J P Morgan Chase & Co lifted their target price on Phillips 66 from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, October 30th. Finally, Barclays PLC set a $95.00 target price on Phillips 66 and gave the stock an “equal weight” rating in a research note on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. Phillips 66 currently has an average rating of “Hold” and a consensus price target of $93.33.

In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.50% of the company’s stock.

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Shares of Phillips 66 (NYSE:PSX) opened at $93.66 on Friday. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $95.00. The firm has a market capitalization of $48,296.85, a PE ratio of 27.21, a PEG ratio of 2.43 and a beta of 1.20. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. The firm had revenue of $26.21 billion for the quarter, compared to analysts’ expectations of $29.94 billion. During the same period in the prior year, the business posted $1.05 earnings per share. sell-side analysts predict that Phillips 66 will post 4.58 EPS for the current year.

Phillips 66 declared that its Board of Directors has approved a stock buyback program on Monday, October 9th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio is presently 70.18%.

Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.

Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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