Ambassador Advisors LLC reduced its position in shares of Phillips 66 (NYSE:PSX – Get Rating) by 54.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,550 shares of the oil and gas company’s stock after selling 3,091 shares during the quarter. Ambassador Advisors LLC’s holdings in Phillips 66 were worth $206,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Fortem Financial Group LLC raised its holdings in Phillips 66 by 0.9% during the 3rd quarter. Fortem Financial Group LLC now owns 10,409 shares of the oil and gas company’s stock valued at $840,000 after buying an additional 94 shares during the last quarter. Checchi Capital Advisers LLC increased its position in Phillips 66 by 1.3% during the 3rd quarter. Checchi Capital Advisers LLC now owns 7,385 shares of the oil and gas company’s stock valued at $596,000 after purchasing an additional 97 shares during the period. Resources Management Corp CT ADV increased its position in Phillips 66 by 1.0% during the 3rd quarter. Resources Management Corp CT ADV now owns 10,405 shares of the oil and gas company’s stock valued at $840,000 after purchasing an additional 100 shares during the period. Carolinas Wealth Consulting LLC increased its position in Phillips 66 by 9.7% during the 3rd quarter. Carolinas Wealth Consulting LLC now owns 1,142 shares of the oil and gas company’s stock valued at $92,000 after purchasing an additional 101 shares during the period. Finally, Securian Asset Management Inc. increased its position in Phillips 66 by 0.3% during the 3rd quarter. Securian Asset Management Inc. now owns 39,080 shares of the oil and gas company’s stock valued at $3,155,000 after purchasing an additional 103 shares during the period. 70.76% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on PSX. The Goldman Sachs Group boosted their price objective on shares of Phillips 66 to $123.00 in a research report on Wednesday, November 16th. StockNews.com began coverage on shares of Phillips 66 in a research report on Thursday. They set a “buy” rating on the stock. Raymond James increased their price objective on shares of Phillips 66 from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, January 13th. Mizuho cut their price objective on shares of Phillips 66 from $121.00 to $120.00 in a research report on Friday, March 10th. Finally, Royal Bank of Canada increased their price objective on shares of Phillips 66 from $130.00 to $132.00 and gave the company an “outperform” rating in a research report on Wednesday, February 8th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.27.
Phillips 66 Stock Down 4.4 %
Phillips 66 (NYSE:PSX – Get Rating) last announced its earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.35). The business had revenue of $40.91 billion for the quarter, compared to analysts’ expectations of $34.30 billion. Phillips 66 had a net margin of 6.27% and a return on equity of 31.20%. During the same quarter in the prior year, the company posted $2.94 earnings per share. Analysts predict that Phillips 66 will post 15.57 EPS for the current fiscal year.
Phillips 66 Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Tuesday, February 21st were paid a $1.05 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $0.97. This represents a $4.20 dividend on an annualized basis and a yield of 4.48%. The ex-dividend date was Friday, February 17th. Phillips 66’s dividend payout ratio is currently 18.30%.
Insiders Place Their Bets
In other Phillips 66 news, Director Gregory Hayes acquired 10,250 shares of the company’s stock in a transaction dated Thursday, February 2nd. The shares were purchased at an average cost of $97.75 per share, for a total transaction of $1,001,937.50. Following the completion of the purchase, the director now owns 14,299 shares in the company, valued at $1,397,727.25. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.74% of the company’s stock.
Phillips 66 Company Profile
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.
- Get a free copy of the StockNews.com research report on Phillips 66 (PSX)
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