Phillips 66 (PSX) Shares Bought by KBC Group NV
KBC Group NV increased its stake in shares of Phillips 66 (NYSE:PSX) by 7.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,150 shares of the oil and gas company’s stock after acquiring an additional 5,296 shares during the quarter. KBC Group NV’s holdings in Phillips 66 were worth $7,251,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in PSX. Jacobi Capital Management LLC increased its stake in Phillips 66 by 27.4% in the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after purchasing an additional 277 shares during the period. Motco increased its stake in 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 purchasing an additional 50 shares during the period. Bruderman Asset Management LLC acquired a new position in Phillips 66 in the second quarter valued at $112,000. Farmers National Bank acquired a new position in Phillips 66 in the first quarter valued at $113,000. Finally, Ffcm LLC acquired a new position in Phillips 66 in the second quarter valued at $113,000. Hedge funds and other institutional investors own 70.24% of the company’s stock.
A number of research analysts have commented on PSX shares. Barclays lowered shares of Phillips 66 from an “equal weight” rating to an “underweight” rating and lifted their price objective for the company from $95.00 to $100.00 in a research note on Tuesday, November 14th. Zacks Investment Research upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Tuesday, October 10th. Goldman Sachs Group upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Scotiabank restated a “hold” rating on shares of Phillips 66 in a research note on Friday, September 8th. Finally, Jefferies Group lowered shares of Phillips 66 from a “hold” rating to an “underperform” rating and dropped their price target for the stock from $95.00 to $75.14 in a research note on Monday, October 16th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $93.25.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by insiders.
Shares of Phillips 66 (NYSE PSX) traded up $0.74 during trading on Wednesday, hitting $98.27. 1,820,100 shares of the stock were exchanged, compared to its average volume of 2,205,543. Phillips 66 has a twelve month low of $75.14 and a twelve month 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. The firm has a market capitalization of $49,887.64, a price-to-earnings ratio of 28.11, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) 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 business had revenue of $26.21 billion for the quarter, compared to analyst estimates of $29.94 billion. During the same period in the previous year, the business posted $1.05 earnings per share. equities 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. This represents a $2.80 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend was Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 announced that its board has approved a share 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. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
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Phillips 66 Profile
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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