Pinnacle Financial Partners Inc. trimmed its position in shares of Phillips 66 (NYSE:PSX) by 2.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,874 shares of the oil and gas company’s stock after selling 165 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in Phillips 66 were worth $549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in PSX. Advisors Preferred LLC bought a new position in Phillips 66 in the 2nd quarter worth $25,000. TRUE Private Wealth Advisors bought a new position in shares of Phillips 66 during the 2nd quarter valued at approximately $26,000. Harvest Group Wealth Management LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at approximately $31,000. Manchester Financial Inc. bought a new position in shares of Phillips 66 during the 2nd quarter valued at approximately $32,000. Finally, Coastal Capital Group Inc. purchased a new stake in Phillips 66 in the 2nd quarter worth approximately $37,000. Hedge funds and other institutional investors own 68.82% of the company’s stock.
A number of equities research analysts have commented on the stock. Citigroup upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating in a research note on Friday, June 21st. Scotiabank initiated coverage on shares of Phillips 66 in a research report on Tuesday, September 3rd. They issued an “outperform” rating for the company. ValuEngine cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Morgan Stanley reduced their target price on Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating on the stock in a report on Friday, May 17th. Finally, JPMorgan Chase & Co. dropped their target price on Phillips 66 from $126.00 to $115.00 and set an “overweight” rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the stock. Phillips 66 currently has an average rating of “Buy” and an average target price of $115.55.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, July 26th. The oil and gas company reported $3.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.70 by $0.32. Phillips 66 had a net margin of 4.76% and a return on equity of 19.75%. The firm had revenue of $28.52 billion for the quarter, compared to analyst estimates of $29.89 billion. During the same quarter in the prior year, the business earned $2.80 earnings per share. Equities analysts anticipate that Phillips 66 will post 7.67 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a dividend of $0.90 per share. The ex-dividend date was Monday, August 19th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.51%. Phillips 66’s payout ratio is currently 30.74%.
Phillips 66 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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