Manchester Capital Management LLC Reduces Position in Phillips 66 (PSX)
Manchester Capital Management LLC cut its position in shares of Phillips 66 (NYSE:PSX) by 36.7% in the first quarter, Holdings Channel reports. The institutional investor owned 7,516 shares of the oil and gas company’s stock after selling 4,354 shares during the period. Manchester Capital Management LLC’s holdings in Phillips 66 were worth $715,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in PSX. Harvest Group Wealth Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter valued at approximately $31,000. FNY Investment Advisers LLC bought a new stake in shares of Phillips 66 in the 4th quarter valued at approximately $37,000. Proficio Capital Partners LLC lifted its stake in shares of Phillips 66 by 46.1% in the 4th quarter. Proficio Capital Partners LLC now owns 434 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 137 shares during the last quarter. Burt Wealth Advisors lifted its stake in shares of Phillips 66 by 285.7% in the 1st quarter. Burt Wealth Advisors now owns 405 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 300 shares during the last quarter. Finally, Truehand Inc bought a new stake in shares of Phillips 66 in the 4th quarter valued at approximately $40,000. 70.58% of the stock is owned by institutional investors.
Several research firms have recently issued reports on PSX. Morgan Stanley lowered their price objective on Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating for the company in a research note on Friday, May 17th. ValuEngine lowered Phillips 66 from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 7th. Bank of America raised Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price objective for the company in a research note on Monday, April 29th. They noted that the move was a valuation call. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “buy” rating in a report on Friday, February 8th. Finally, Jefferies Financial Group downgraded Phillips 66 from a “buy” rating to a “hold” rating and increased their price target for the stock from $105.00 to $107.00 in a report on Monday, April 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the stock. Phillips 66 has a consensus rating of “Hold” and an average target price of $119.42.
Shares of NYSE PSX opened at $85.60 on Thursday. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.42. Phillips 66 has a fifty-two week low of $78.44 and a fifty-two week high of $123.97. The company has a market capitalization of $39.08 billion, a PE ratio of 7.31, a price-to-earnings-growth ratio of 1.40 and a beta of 0.91.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.06. Phillips 66 had a return on equity of 19.96% and a net margin of 4.63%. The firm had revenue of $23.66 billion for the quarter, compared to the consensus estimate of $24.66 billion. During the same period in the prior year, the business posted $1.04 earnings per share. On average, equities research analysts anticipate that Phillips 66 will post 7.26 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a dividend of $0.90 per share. This is an increase from Phillips 66’s previous quarterly dividend of $0.80. This represents a $3.60 annualized dividend and a yield of 4.21%. The ex-dividend date is Friday, May 17th. Phillips 66’s dividend payout ratio (DPR) is presently 30.74%.
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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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