Cozad Asset Management Inc. bought a new position in Phillips 66 (NYSE:PSX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 24,376 shares of the oil and gas company’s stock, valued at approximately $2,738,000.
Several other large investors have also recently made changes to their positions in the company. Sei Investments Co. increased its position in Phillips 66 by 14.7% during the 2nd quarter. Sei Investments Co. now owns 152,841 shares of the oil and gas company’s stock valued at $17,166,000 after buying an additional 19,537 shares in the last quarter. Brookstone Capital Management increased its position in Phillips 66 by 39.3% during the 2nd quarter. Brookstone Capital Management now owns 4,376 shares of the oil and gas company’s stock valued at $491,000 after buying an additional 1,234 shares in the last quarter. BB&T Securities LLC increased its position in Phillips 66 by 1.7% during the 2nd quarter. BB&T Securities LLC now owns 118,907 shares of the oil and gas company’s stock valued at $13,353,000 after buying an additional 1,956 shares in the last quarter. Twin Tree Management LP bought a new position in Phillips 66 during the 2nd quarter valued at approximately $3,338,000. Finally, First Republic Investment Management Inc. increased its position in Phillips 66 by 17.3% during the 2nd quarter. First Republic Investment Management Inc. now owns 130,687 shares of the oil and gas company’s stock valued at $14,678,000 after buying an additional 19,279 shares in the last quarter. 69.48% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts recently weighed in on PSX shares. Zacks Investment Research lowered Phillips 66 from a “buy” rating to a “hold” rating in a research report on Tuesday, August 14th. Wells Fargo & Co raised Phillips 66 from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 29th. Credit Suisse Group raised their price objective on Phillips 66 from $115.00 to $127.00 and gave the company a “neutral” rating in a research report on Monday, June 4th. Morgan Stanley raised their price objective on Phillips 66 from $135.00 to $140.00 and gave the company an “equal weight” rating in a research report on Monday, July 16th. Finally, ValuEngine lowered Phillips 66 from a “buy” rating to a “hold” rating in a research report on Friday, August 17th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $113.86.
Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, July 27th. The oil and gas company reported $2.80 EPS for the quarter, topping the Zacks’ consensus estimate of $2.16 by $0.64. The business had revenue of $29.74 billion during the quarter, compared to analyst estimates of $29.40 billion. Phillips 66 had a return on equity of 12.87% and a net margin of 5.34%. During the same quarter last year, the company earned $1.09 EPS. equities research analysts forecast that Phillips 66 will post 7.86 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st were paid a $0.80 dividend. The ex-dividend date of this dividend was Monday, August 20th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.83%. Phillips 66’s dividend payout ratio (DPR) is currently 73.06%.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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