Ropes Wealth Advisors LLC lifted its stake in Phillips 66 (NYSE:PSX) by 68.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,980 shares of the oil and gas company’s stock after acquiring an additional 1,216 shares during the period. Ropes Wealth Advisors LLC’s holdings in Phillips 66 were worth $279,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. First Merchants Corp boosted its holdings in shares of Phillips 66 by 13.5% during the 2nd quarter. First Merchants Corp now owns 17,797 shares of the oil and gas company’s stock worth $1,665,000 after buying an additional 2,117 shares during the period. Opus Investment Management Inc. bought a new stake in Phillips 66 in the 1st quarter valued at $446,000. Mitchell Capital Management Co. boosted its holdings in Phillips 66 by 23.4% in the 2nd quarter. Mitchell Capital Management Co. now owns 17,944 shares of the oil and gas company’s stock valued at $1,678,000 after purchasing an additional 3,405 shares during the period. Boston Partners boosted its holdings in Phillips 66 by 6.8% in the 1st quarter. Boston Partners now owns 766,308 shares of the oil and gas company’s stock valued at $72,929,000 after purchasing an additional 48,968 shares during the period. Finally, Copeland Capital Management LLC boosted its holdings in Phillips 66 by 44.1% in the 2nd quarter. Copeland Capital Management LLC now owns 45,198 shares of the oil and gas company’s stock valued at $4,227,000 after purchasing an additional 13,840 shares during the period. 71.31% of the stock is owned by institutional investors and hedge funds.
A number of analysts have weighed in on the stock. ValuEngine downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 2nd. Morgan Stanley reduced their price target on shares of Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating for the company in a report on Friday, May 17th. Cowen increased their price target on shares of Phillips 66 from $112.00 to $115.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Bank of America raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price target for the company in a report on Monday, April 29th. They noted that the move was a valuation call. Finally, Citigroup raised shares of Phillips 66 from a “neutral” rating to a “buy” rating in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $117.64.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, July 26th. The oil and gas company reported $3.02 EPS for the quarter, topping analysts’ consensus estimates of $2.70 by $0.32. The company had revenue of $28.52 billion during the quarter, compared to the consensus estimate of $29.89 billion. Phillips 66 had a net margin of 4.76% and a return on equity of 19.75%. During the same period last year, the firm earned $2.80 EPS. As a group, equities research analysts expect that Phillips 66 will post 7.79 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend is Monday, August 19th. Phillips 66’s dividend payout ratio (DPR) is currently 30.74%.
In other news, Director John E. Lowe bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The stock was acquired at an average price of $82.91 per share, for a total transaction of $165,820.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.13% of the company’s stock.
Phillips 66 Company Profile
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; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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