Connecticut Wealth Management LLC grew its position in Phillips 66 (NYSE:PSX) by 0.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,592 shares of the oil and gas company’s stock after buying an additional 125 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Phillips 66 were worth $1,597,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. Capital Advisors Ltd. LLC boosted its holdings in shares of Phillips 66 by 12.3% in the third quarter. Capital Advisors Ltd. LLC now owns 852 shares of the oil and gas company’s stock worth $87,000 after buying an additional 93 shares during the period. Rhumbline Advisers boosted its holdings in shares of Phillips 66 by 1.3% in the third quarter. Rhumbline Advisers now owns 918,721 shares of the oil and gas company’s stock worth $94,077,000 after buying an additional 12,156 shares during the period. AdvisorNet Financial Inc boosted its holdings in shares of Phillips 66 by 12.0% in the third quarter. AdvisorNet Financial Inc now owns 11,312 shares of the oil and gas company’s stock worth $1,158,000 after buying an additional 1,214 shares during the period. State of New Jersey Common Pension Fund D boosted its holdings in shares of Phillips 66 by 39.2% during the third quarter. State of New Jersey Common Pension Fund D now owns 361,900 shares of the oil and gas company’s stock worth $37,059,000 after purchasing an additional 101,900 shares during the period. Finally, Asset Advisors Investment Management LLC boosted its holdings in shares of Phillips 66 by 16.5% during the third quarter. Asset Advisors Investment Management LLC now owns 41,743 shares of the oil and gas company’s stock worth $4,274,000 after purchasing an additional 5,908 shares during the period. Institutional investors own 68.74% of the company’s stock.
Several analysts recently commented on PSX shares. Raymond James raised their price target on shares of Phillips 66 from $117.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. ValuEngine cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday. Wells Fargo & Co raised their price target on shares of Phillips 66 from $130.00 to $132.00 and gave the stock an “outperform” rating in a report on Wednesday, September 25th. Macquarie started coverage on shares of Phillips 66 in a report on Thursday, September 5th. They set an “outperform” rating for the company. Finally, Evercore ISI started coverage on shares of Phillips 66 in a report on Wednesday, October 2nd. They set an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $114.80.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 26th. The oil and gas company reported $3.02 earnings per share for the quarter, beating the consensus estimate of $2.70 by $0.32. The firm had revenue of $28.52 billion for the quarter, compared to analyst estimates of $29.89 billion. Phillips 66 had a net margin of 4.76% and a return on equity of 19.75%. During the same quarter last year, the firm earned $2.80 earnings per share. Sell-side analysts predict that Phillips 66 will post 7.99 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Friday, November 15th. Phillips 66’s payout ratio is presently 30.74%.
In related news, EVP Robert A. Herman sold 47,433 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $103.17, for a total transaction of $4,893,662.61. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.13% of the stock is currently owned by company insiders.
About Phillips 66
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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