State of Alaska Department of Revenue Increases Stake in Phillips 66 (PSX)
State of Alaska Department of Revenue increased its position in shares of Phillips 66 (NYSE:PSX) by 61.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 99,076 shares of the oil and gas company’s stock after purchasing an additional 37,740 shares during the period. State of Alaska Department of Revenue’s holdings in Phillips 66 were worth $10,018,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in PSX. Institute for Wealth Management LLC. bought a new stake in Phillips 66 during the second quarter valued at about $979,000. Blue Edge Capital LLC boosted its position in Phillips 66 by 3.2% during the second quarter. Blue Edge Capital LLC now owns 5,088 shares of the oil and gas company’s stock valued at $421,000 after purchasing an additional 160 shares in the last quarter. Wells Fargo & Company MN boosted its position in Phillips 66 by 0.9% during the second 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 purchasing an additional 71,098 shares in the last quarter. Great Lakes Advisors LLC boosted its position in Phillips 66 by 3.5% during the second quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock valued at $49,919,000 after purchasing an additional 20,264 shares in the last quarter. Finally, Nationwide Fund Advisors boosted its position in Phillips 66 by 7.7% during the third quarter. Nationwide Fund Advisors now owns 338,816 shares of the oil and gas company’s stock valued at $31,039,000 after purchasing an additional 24,318 shares in the last quarter. Hedge funds and other institutional investors own 70.12% of the company’s stock.
Shares of Phillips 66 (NYSE PSX) opened at $105.29 on Friday. 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 has a twelve month low of $75.14 and a twelve month high of $106.91. The company has a market capitalization of $53,350.00, a PE ratio of 26.52, a P/E/G ratio of 1.60 and a beta of 1.24.
Phillips 66 declared that its Board of Directors has authorized a stock repurchase plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its shares are undervalued.
A number of equities research analysts recently weighed in on the company. Morgan Stanley reaffirmed an “equal weight” rating on shares of Phillips 66 in a research report on Thursday, January 11th. Howard Weil raised Phillips 66 from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $86.00 to $98.00 in a research report on Thursday, September 28th. Piper Jaffray Companies reissued a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price target for the company in a report on Monday, October 16th. Finally, Scotiabank reissued a “buy” rating and issued a $112.00 price target on shares of Phillips 66 in a report on Wednesday, January 10th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. Phillips 66 has a consensus rating of “Hold” and an average price target of $96.66.
In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of Phillips 66 stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $100.25, for a total transaction of $270,675.00. Following the completion of the sale, the vice president now owns 2,700 shares of the company’s stock, valued at $270,675. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.
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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