Bank of Montreal Can bought a new stake in Phillips 66 (NYSE:PSX) during the second quarter, Holdings Channel reports. The institutional investor bought 394,285 shares of the company’s stock, valued at approximately $31,281,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. Cribstone Capital Management LLC purchased a new position in Phillips 66 during the second quarter valued at $114,000. Trust Co. of Vermont increased its position in Phillips 66 by 5.7% in the second quarter. Trust Co. of Vermont now owns 1,926 shares of the company’s stock valued at $153,000 after buying an additional 103 shares during the period. Financial Architects Inc increased its position in Phillips 66 by 417.0% in the second quarter. Financial Architects Inc now owns 2,011 shares of the company’s stock valued at $160,000 after buying an additional 1,622 shares during the period. CWM LLC increased its position in Phillips 66 by 52.7% in the second quarter. CWM LLC now owns 2,142 shares of the company’s stock valued at $170,000 after buying an additional 739 shares during the period. Finally, Daiwa SB Investments Ltd. increased its position in Phillips 66 by 8.6% in the second quarter. Daiwa SB Investments Ltd. now owns 2,400 shares of the company’s stock valued at $191,000 after buying an additional 190 shares during the period. 69.98% of the stock is currently owned by institutional investors and hedge funds.
Shares of Phillips 66 (NYSE:PSX) traded down 0.56% during midday trading on Friday, reaching $79.58. 2,065,066 shares of the company’s stock traded hands. The stock has a 50 day moving average of $78.55 and a 200-day moving average of $80.63. Phillips 66 has a 52-week low of $71.74 and a 52-week high of $94.12. The stock has a market cap of $41.61 billion, a price-to-earnings ratio of 13.78 and a beta of 1.38.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, July 29th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same quarter in the previous year, the company posted $1.83 earnings per share. On average, equities research analysts expect that Phillips 66 will post $3.38 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were paid a dividend of $0.63 per share. The ex-dividend date was Tuesday, August 16th. This represents a $2.52 annualized dividend and a dividend yield of 3.17%. Phillips 66’s dividend payout ratio is currently 43.83%.
Several analysts recently commented on PSX shares. Vetr cut shares of Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 price target for the company. in a report on Tuesday, July 5th. TheStreet upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a report on Monday, August 29th. Barclays PLC cut shares of Phillips 66 from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $93.00 to $86.00 in a report on Wednesday, July 13th. Finally, Morgan Stanley cut shares of Phillips 66 from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $105.00 to $90.00 in a report on Friday, June 17th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have issued a buy rating to the company. Phillips 66 currently has a consensus rating of “Hold” and an average target price of $85.52.
In other news, President Timothy Garth Taylor sold 50,000 shares of the stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $78.00, for a total value of $3,900,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc acquired 17,910 shares of the business’s stock in a transaction dated Thursday, September 15th. The stock was bought at an average cost of $77.52 per share, with a total value of $1,388,383.20. The disclosure for this purchase can be found here. Insiders own 0.05% of the company’s stock.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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