New York State Teachers Retirement System Lowers Position in Phillips 66 (PSX)
New York State Teachers Retirement System lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 1.6% in the first quarter, HoldingsChannel.com reports. The fund owned 651,619 shares of the oil and gas company’s stock after selling 10,460 shares during the quarter. New York State Teachers Retirement System’s holdings in Phillips 66 were worth $62,015,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PSX. Oregon Public Employees Retirement Fund grew its holdings in Phillips 66 by 3,775.2% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,647,103 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 4,527,183 shares during the period. Norges Bank acquired a new stake in Phillips 66 during the 4th quarter worth $386,757,000. LSV Asset Management grew its holdings in Phillips 66 by 96.9% during the 4th quarter. LSV Asset Management now owns 3,201,428 shares of the oil and gas company’s stock worth $275,803,000 after acquiring an additional 1,575,744 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Phillips 66 by 7.6% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 13,645,296 shares of the oil and gas company’s stock worth $1,175,542,000 after acquiring an additional 958,545 shares during the period. Finally, Vanguard Group Inc grew its holdings in Phillips 66 by 2.8% during the 3rd quarter. Vanguard Group Inc now owns 32,998,567 shares of the oil and gas company’s stock worth $3,719,598,000 after acquiring an additional 885,979 shares during the period. 71.83% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have commented on PSX. ValuEngine lowered shares of Phillips 66 from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 7th. Bank of America raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 target price for the company in a report on Monday, April 29th. They noted that the move was a valuation call. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a report on Friday, February 8th. Jefferies Financial Group lowered shares of Phillips 66 from a “buy” rating to a “hold” rating and lifted their target price for the stock from $105.00 to $107.00 in a report on Monday, April 15th. Finally, Argus lowered their target price on shares of Phillips 66 to $116.00 and set a “buy” rating for the company in a report on Thursday, February 14th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. Phillips 66 presently has a consensus rating of “Hold” and a consensus target price of $120.67.
Shares of PSX stock traded up $0.66 on Thursday, hitting $87.96. The stock had a trading volume of 19,454 shares, compared to its average volume of 2,678,004. Phillips 66 has a twelve month low of $78.44 and a twelve month high of $123.97. The firm has a market capitalization of $38.91 billion, a price-to-earnings ratio of 7.51, a price-to-earnings-growth ratio of 1.36 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 0.42.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.06. Phillips 66 had a net margin of 4.63% and a return on equity of 19.96%. The company had revenue of $23.66 billion during the quarter, compared to analyst estimates of $24.66 billion. During the same quarter in the previous year, the business earned $1.04 EPS. Research analysts expect that Phillips 66 will post 7.45 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $0.90 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Friday, May 17th. This represents a $3.60 annualized dividend and a dividend yield of 4.09%. Phillips 66’s payout ratio is 27.33%.
Phillips 66 Profile
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined products to market; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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