Associated Banc Corp lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 5.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 126,711 shares of the oil and gas company’s stock after selling 7,898 shares during the quarter. Associated Banc Corp’s holdings in Phillips 66 were worth $10,478,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Phillips 66 by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 31,695,502 shares of the oil and gas company’s stock valued at $2,510,918,000 after acquiring an additional 780,469 shares during the last quarter. BlackRock Inc. boosted its position in shares of Phillips 66 by 2,329.3% during the 1st quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after acquiring an additional 26,676,647 shares during the last quarter. State Street Corp boosted its position in shares of Phillips 66 by 4.0% during the 1st quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock valued at $1,908,079,000 after acquiring an additional 921,895 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Phillips 66 by 4.3% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,349,815 shares of the oil and gas company’s stock valued at $1,136,792,000 after acquiring an additional 585,176 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in shares of Phillips 66 by 0.9% during the 2nd quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock valued at $696,418,000 after acquiring an additional 71,098 shares during the last quarter. Hedge funds and other institutional investors own 69.54% of the company’s stock.
A number of analysts have recently issued reports on the company. Barclays PLC set a $95.00 price target on Phillips 66 and gave the company a “hold” rating in a research report on Tuesday. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Tuesday. Goldman Sachs Group, Inc. (The) upgraded Phillips 66 from a “neutral” rating to a “buy” rating and lifted their price target for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Howard Weil upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $86.00 to $98.00 in a research report on Thursday, September 28th. Finally, Scotiabank upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $89.00 to $98.00 in a research report on Saturday, September 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $91.27.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by company insiders.
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Shares of Phillips 66 (NYSE:PSX) opened at 93.68 on Thursday. The company has a market cap of $47.92 billion, a P/E ratio of 28.03 and a beta of 1.19. The firm has a 50-day moving average price of $88.12 and a 200 day moving average price of $82.15. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $94.69.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.07. The business had revenue of $24.58 billion during the quarter, compared to analyst estimates of $25.14 billion. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. During the same period last year, the company earned $0.94 EPS. Equities analysts predict that Phillips 66 will post $4.35 earnings per share for the current year.
Phillips 66 announced that its Board of Directors has initiated a share buyback program on Monday, October 9th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.99%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s payout ratio is 83.58%.
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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