American Century Companies Inc. reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 96.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,247 shares of the oil and gas company’s stock after selling 378,979 shares during the quarter. American Century Companies Inc.’s holdings in Phillips 66 were worth $1,222,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PSX. Meridian Wealth Partners LLC purchased a new stake in Phillips 66 during the first quarter worth approximately $26,000. Red Door Wealth Management LLC purchased a new position in shares of Phillips 66 in the second quarter valued at $27,000. Larson Financial Group LLC boosted its stake in shares of Phillips 66 by 123.6% in the first quarter. Larson Financial Group LLC now owns 389 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 215 shares during the period. Harvest Fund Management Co. Ltd boosted its stake in shares of Phillips 66 by 72.2% in the first quarter. Harvest Fund Management Co. Ltd now owns 415 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 174 shares during the period. Finally, Certified Advisory Corp purchased a new position in shares of Phillips 66 in the first quarter valued at $42,000. Institutional investors own 69.06% of the company’s stock.
Several research analysts have recently weighed in on PSX shares. decreased their target price on shares of Phillips 66 from $126.00 to $95.00 and set a “buy” rating for the company in a research note on Friday, July 9th. Citigroup downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and decreased their target price for the company from $95.00 to $75.00 in a research note on Thursday, August 26th. Raymond James decreased their target price on shares of Phillips 66 from $101.00 to $90.00 and set an “outperform” rating for the company in a research note on Wednesday, August 4th. Piper Sandler cut their price target on shares of Phillips 66 from $92.00 to $85.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Cowen cut shares of Phillips 66 from an “outperform” rating to a “market perform” rating and cut their price target for the company from $80.00 to $73.00 in a report on Friday, August 20th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $84.19.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Monday, August 2nd. The oil and gas company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.60 by $0.14. Phillips 66 had a negative net margin of 2.05% and a negative return on equity of 3.24%. During the same quarter last year, the company earned ($0.74) earnings per share. Sell-side analysts expect that Phillips 66 will post 1.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Wednesday, August 18th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Tuesday, August 17th. This represents a $3.52 annualized dividend and a dividend yield of 5.35%. Phillips 66’s dividend payout ratio is currently -404.49%.
About Phillips 66
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.
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