Tokio Marine Asset Management Co. Ltd. reduced its stake in shares of Phillips 66 (NYSE:PSX) by 10.3% during the second quarter, Holdings Channel reports. The fund owned 13,815 shares of the company’s stock after selling 1,582 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Phillips 66 were worth $1,096,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the stock. Bank of Montreal Can acquired a new position in Phillips 66 during the second quarter valued at about $31,281,000. National Pension Service boosted its position in Phillips 66 by 4.3% in the first quarter. National Pension Service now owns 303,287 shares of the company’s stock valued at $26,262,000 after buying an additional 12,508 shares during the period. PGGM Investments boosted its position in Phillips 66 by 98.1% in the second quarter. PGGM Investments now owns 732,347 shares of the company’s stock valued at $58,104,000 after buying an additional 362,634 shares during the period. Old Mutual Global Investors UK Ltd. acquired a new position in Phillips 66 during the second quarter valued at about $225,000. Finally, Legal & General Group Plc boosted its position in Phillips 66 by 3.1% in the first quarter. Legal & General Group Plc now owns 2,620,091 shares of the company’s stock valued at $226,871,000 after buying an additional 78,072 shares during the period. Hedge funds and other institutional investors own 69.98% of the company’s stock.
Phillips 66 (NYSE:PSX) traded down 0.73% on Tuesday, hitting $79.82. The stock had a trading volume of 1,985,396 shares. The company has a 50 day moving average price of $78.95 and a 200-day moving average price of $80.20. Phillips 66 has a 52-week low of $71.74 and a 52-week high of $94.12. The company has a market cap of $41.73 billion, a price-to-earnings ratio of 13.82 and a beta of 1.37.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. Phillips 66 had a return on equity of 13.44% and a net margin of 3.51%. During the same period in the prior year, the firm posted $1.83 EPS. On average, equities research analysts predict that Phillips 66 will post $3.40 earnings per share for the current year.
Several equities research analysts recently weighed in on the company. Goldman Sachs Group Inc. raised Phillips 66 from a “sell” rating to a “neutral” rating and upped their price target for the stock from $74.00 to $85.00 in a research note on Thursday, September 29th. Zacks Investment Research raised Phillips 66 from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 28th. Vetr raised Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $94.28 price target on the stock in a research note on Tuesday, September 27th. Piper Jaffray Cos. upped their price target on Phillips 66 from $74.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, September 16th. Finally, TheStreet raised Phillips 66 from a “hold” rating to a “buy” rating in a research note on Monday, August 29th. Fourteen equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $86.23.
In related news, major shareholder Berkshire Hathaway Inc purchased 290,116 shares of the business’s stock in a transaction dated Monday, August 22nd. The shares were acquired at an average cost of $77.04 per share, for a total transaction of $22,350,536.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.05% of the stock is owned by insiders.
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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