Brown Advisory Inc. trimmed its position in shares of Phillips 66 (NYSE:PSX) by 2.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,585 shares of the oil and gas company’s stock after selling 2,601 shares during the period. Brown Advisory Inc.’s holdings in Phillips 66 were worth $8,115,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Phillips 66 by 2,329.3% in the first quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock worth $2,204,052,000 after purchasing an additional 26,676,647 shares in the last quarter. Hamilton Point Investment Advisors LLC increased its holdings in shares of Phillips 66 by 2.1% during the first quarter. Hamilton Point Investment Advisors LLC now owns 34,782 shares of the oil and gas company’s stock worth $2,755,000 after buying an additional 710 shares in the last quarter. United Capital Financial Advisers LLC increased its holdings in shares of Phillips 66 by 4.2% during the first quarter. United Capital Financial Advisers LLC now owns 133,846 shares of the oil and gas company’s stock worth $10,603,000 after buying an additional 5,441 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Phillips 66 by 6.2% during the first quarter. Amalgamated Bank now owns 31,562 shares of the oil and gas company’s stock worth $2,500,000 after buying an additional 1,830 shares in the last quarter. Finally, Brown Advisory Securities LLC increased its holdings in shares of Phillips 66 by 20.0% during the first quarter. Brown Advisory Securities LLC now owns 14,875 shares of the oil and gas company’s stock worth $1,179,000 after buying an additional 2,481 shares in the last quarter. Institutional investors own 70.24% of the company’s stock.
PSX has been the subject of several recent analyst reports. Barclays lowered shares of Phillips 66 from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $95.00 to $100.00 in a report on Tuesday, November 14th. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Tuesday, October 10th. Goldman Sachs Group raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and increased their price target for the company from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Scotiabank reissued a “hold” rating on shares of Phillips 66 in a research note on Friday, September 8th. Finally, Jefferies Group cut shares of Phillips 66 from a “hold” rating to an “underperform” rating and decreased their price target for the company from $95.00 to $75.14 in a research note on Monday, October 16th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $93.25.
Shares of Phillips 66 (NYSE PSX) traded down $0.04 during midday trading on Tuesday, hitting $97.53. 1,953,700 shares of the stock were exchanged, compared to its average volume of 2,207,198. The company has a market capitalization of $49,908.11, a PE ratio of 28.12, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. Phillips 66 has a 52 week low of $75.14 and a 52 week high of $99.35. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The company had revenue of $26.21 billion for the quarter, compared to analysts’ expectations of $29.94 billion. During the same period last year, the firm posted $1.05 earnings per share. analysts forecast that Phillips 66 will post 4.59 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Tuesday, October 17th were issued a dividend of $0.70 per share. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.87%. Phillips 66’s payout ratio is 70.18%.
Phillips 66 declared that its board has authorized a stock repurchase program on Monday, October 9th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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