Beacon Financial Group reduced its stake in shares of Phillips 66 (NYSE:PSX) by 90.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 10,229 shares of the oil and gas company’s stock after selling 91,618 shares during the period. Beacon Financial Group’s holdings in Phillips 66 were worth $1,035,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Motco grew its holdings in shares of Phillips 66 by 4.0% in the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after acquiring an additional 50 shares in the last quarter. Bruderman Asset Management LLC bought a new position in shares of Phillips 66 in the second quarter valued at approximately $112,000. Ffcm LLC bought a new position in shares of Phillips 66 in the second quarter valued at approximately $113,000. Mountain Capital Investment Advisors Inc bought a new position in shares of Phillips 66 in the second quarter valued at approximately $127,000. Finally, FTB Advisors Inc. grew its holdings in shares of Phillips 66 by 112.9% in the third quarter. FTB Advisors Inc. now owns 1,471 shares of the oil and gas company’s stock valued at $134,000 after acquiring an additional 780 shares in the last quarter. 70.12% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on the company. Barclays set a $95.00 target price on Phillips 66 and gave the company an “equal weight” rating in a report on Tuesday, October 10th. Credit Suisse Group assumed coverage on Phillips 66 in a report on Wednesday. They issued a “neutral” rating and a $108.00 target price for the company. Scotiabank reaffirmed a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 target price for the company in a report on Monday, October 16th. Finally, Cowen reaffirmed a “buy” rating and issued a $101.00 target price on shares of Phillips 66 in a report on Tuesday, October 17th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $95.19.
Phillips 66 (NYSE PSX) opened at $102.43 on Thursday. Phillips 66 has a twelve month low of $75.14 and a twelve month high of $102.80. The firm has a market capitalization of $51,910.00, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. 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 data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.04. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. The business had revenue of $26.21 billion during the quarter, compared to analyst estimates of $29.94 billion. During the same period in the prior year, the company earned $1.05 earnings per share. equities research analysts predict that Phillips 66 will post 4.5 EPS for the current year.
Phillips 66 announced that its board has initiated a stock repurchase program on Monday, October 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
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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