ELCO Management Co. LLC acquired a new stake in Phillips 66 (NYSE:PSX) during the third quarter, Holdings Channel reports. The fund acquired 58,010 shares of the company’s stock, valued at approximately $4,672,000. Phillips 66 comprises 1.9% of ELCO Management Co. LLC’s investment portfolio, making the stock its 14th largest position.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSX. Barrow Hanley Mewhinney & Strauss LLC increased its position in Phillips 66 by 3.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,562,698 shares of the company’s stock valued at $1,155,404,000 after buying an additional 459,964 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Phillips 66 by 6.9% in the second quarter. BlackRock Fund Advisors now owns 7,109,567 shares of the company’s stock valued at $564,073,000 after buying an additional 457,220 shares during the period. Morgan Stanley boosted its stake in shares of Phillips 66 by 6.0% in the third quarter. Morgan Stanley now owns 4,989,675 shares of the company’s stock valued at $401,918,000 after buying an additional 283,861 shares during the period. Aristotle Capital Management LLC boosted its stake in shares of Phillips 66 by 2.1% in the second quarter. Aristotle Capital Management LLC now owns 3,050,325 shares of the company’s stock valued at $242,013,000 after buying an additional 63,601 shares during the period. Finally, Legal & General Group Plc increased its stake in Phillips 66 by 3.4% in the second quarter. Legal & General Group Plc now owns 2,710,331 shares of the company’s stock worth $214,994,000 after buying an additional 90,240 shares in the last quarter. Hedge funds and other institutional investors own 69.07% of the company’s stock.
Phillips 66 (NYSE:PSX) opened at 79.98 on Wednesday. The stock’s 50 day moving average price is $83.17 and its 200-day moving average price is $81.56. Phillips 66 has a 12 month low of $73.67 and a 12 month high of $90.87. The company has a market capitalization of $41.66 billion, a P/E ratio of 20.94 and a beta of 1.33.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, February 3rd. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.39 by $0.23. Phillips 66 had a return on equity of 6.24% and a net margin of 1.81%. During the same quarter in the prior year, the firm posted $1.31 earnings per share. On average, equities research analysts predict that Phillips 66 will post $4.64 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 1st. Investors of record on Tuesday, February 21st will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.15%. The ex-dividend date is Thursday, February 16th. Phillips 66’s payout ratio is 86.30%.
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PSX has been the subject of several recent research reports. TheStreet cut Phillips 66 from a “b” rating to a “c+” rating in a research note on Thursday, January 12th. Citigroup Inc. upgraded Phillips 66 from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 25th. Barclays PLC reduced their target price on Phillips 66 from $93.00 to $87.00 and set an “equal weight” rating on the stock in a report on Monday, February 6th. Zacks Investment Research lowered Phillips 66 from a “hold” rating to a “sell” rating in a report on Tuesday, February 7th. Finally, Mizuho raised their price target on Phillips 66 from $55.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, February 6th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $83.61.
In related news, VP Chukwuemeka A. Oyolu sold 3,574 shares of the company’s stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $88.12, for a total value of $314,940.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Herman sold 78,327 shares of the company’s stock in a transaction on Wednesday, November 30th. The stock was sold at an average price of $82.94, for a total transaction of $6,496,441.38. Following the completion of the transaction, the insider now owns 11,471 shares of the company’s stock, valued at $951,404.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 183,810 shares of company stock valued at $15,498,105. 0.05% of the stock is owned by company insiders.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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