Virginia Retirement Systems ET AL purchased a new stake in Phillips 66 (NYSE:PSX) during the second quarter, Holdings Channel reports. The fund purchased 31,800 shares of the company’s stock, valued at approximately $2,523,000.
A number of other hedge funds have also recently modified their holdings of the stock. Cribstone Capital Management LLC purchased a new stake in shares of Phillips 66 during the second quarter valued at $114,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Phillips 66 by 2,762.7% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the company’s stock valued at $138,000 after buying an additional 1,409 shares during the period. Bruderman Asset Management LLC boosted its stake in shares of Phillips 66 by 3.1% in the second quarter. Bruderman Asset Management LLC now owns 1,850 shares of the company’s stock valued at $147,000 after buying an additional 56 shares during the period. Trust Co. of Vermont boosted its stake in shares of 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. Finally, Financial Architects Inc boosted its stake in shares of 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. 69.98% of the stock is currently owned by hedge funds and other institutional investors.
Phillips 66 (NYSE:PSX) opened at 80.03 on Friday. Phillips 66 has a 12 month low of $71.74 and a 12 month high of $94.12. The stock has a market capitalization of $41.84 billion, a price-to-earnings ratio of 13.85 and a beta of 1.38. The stock’s 50 day moving average is $78.49 and its 200-day moving average is $80.68.
Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, topping 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 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 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Tuesday, August 16th. Phillips 66’s payout ratio is currently 43.83%.
Several brokerages recently weighed in on PSX. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Phillips 66 in a report on Sunday, June 12th. Morgan Stanley reaffirmed a “hold” rating on shares of Phillips 66 in a report on Monday, August 1st. Scotiabank cut shares of Phillips 66 from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $90.00 to $89.00 in a report on Monday, July 11th. Vetr raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $87.87 target price on the stock in a report on Monday, September 12th. Finally, Zacks Investment Research cut shares of Phillips 66 from a “hold” rating to a “strong sell” rating in a report on Monday, July 4th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. The stock 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 business’s stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $78.00, for a total transaction of $3,900,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Paula Ann Johnson sold 40,141 shares of the business’s stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $79.57, for a total value of $3,194,019.37. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.
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 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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