Carnegie Capital Asset Management LLC increases equity position in Phillips 66 (NYSE:PSX)

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Carnegie Capital Asset Management LLC increased its position in Phillips 66 (NYSE: PSXGet a rating) by 1.5% in the 1st quarter, HoldingsChannel.com reports. The fund held 24,085 shares of the oil and gas company after buying an additional 350 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in Phillips 66 were worth $2,081,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Phillips 66 by 7.0% in the fourth quarter. Geode Capital Management LLC now owns 8,189,974 shares of the oil and gas company valued at $591,925,000 after acquiring an additional 535,197 shares last quarter. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter worth approximately $276,446,000. Nuveen Asset Management LLC raised its position in shares of Phillips 66 by 8.4% in the fourth quarter. Nuveen Asset Management LLC now owns 3,470,824 shares of the oil and gas company valued at $251,496,000 after acquiring an additional 268,302 shares last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Phillips 66 by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,932,447 shares of the oil and gas company valued at $212,486,000 after acquiring 112,890 additional shares last quarter. Finally, UBS Asset Management Americas Inc. increased its holding in Phillips 66 shares by 0.9% in the third quarter. UBS Asset Management Americas Inc. now owns 2,190,510 shares of the oil and gas company valued at $153,401,000 after buying an additional 18,909 shares in the last quarter. Institutional investors and hedge funds own 64.28% of the company’s shares.

PSX has been the subject of several recent research reports. TheStreet raised Phillips 66 from a ‘c+’ rating to a ‘b’ rating in a Wednesday, February 23 report. Citigroup launched coverage on Phillips 66 in a research note on Tuesday, April 26. They set a “neutral” rating and a target price of $89.00 for the company. Credit Suisse Group raised its price target on Phillips 66 to $122.00 in a Thursday, June 9 research note. JPMorgan Chase & Co. raised its price target on Phillips 66 from $102.00 to $112.00 in a Tuesday, May 17 research note. Finally, Wells Fargo & Company raised its price target on Phillips 66 from $114.00 to $127.00 and gave the company an “overweight” rating in a Tuesday, June 14 research note. Three equity research analysts gave the stock a hold rating, twelve gave the company a buy rating and one gave the company’s stock a strong buy rating. According to MarketBeat, the Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $104.47.

NYSE: PSX opened at $90.51 on Thursday. The company has a market capitalization of $43.54 billion, a PE ratio of 15.77, a growth price-earnings ratio of 0.64 and a beta of 1.39. The stock has a fifty-day moving average price of $94.81 and a 200-day moving average price of $86.14. Phillips 66 has a 12 month low of $63.19 and a 12 month high of $111.28. The company has a current ratio of 1.13, a quick ratio of 0.87 and a debt ratio of 0.59.

Phillips 66 (NYSE: PSXGet a rating) last released its results on Friday, April 29. The oil and gas company reported earnings per share (EPS) of $1.32 for the quarter, beating consensus analyst estimates of $1.14 by $0.18. The company posted revenue of $36.72 billion in the quarter, versus analyst estimates of $34.86 billion. Phillips 66 had a return on equity of 17.07% and a net margin of 1.97%. During the same period last year, the company posted ($1.16) earnings per share. Equity analysts expect Phillips 66 to post EPS of 12.19 for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 1. Investors of record on Monday, May 23 received a dividend of $0.97. The ex-dividend date was Friday, May 20. This is a positive change from Phillips 66’s previous quarterly dividend of $0.92. This represents a dividend of $3.88 on an annualized basis and a yield of 4.29%. The dividend payout ratio (DPR) of Phillips 66 is 67.60%.

In other Phillips 66 news, Executive Vice President Timothy D. Roberts sold 59,100 shares of Phillips 66 in a trade dated Wednesday, June 8. The stock was sold at an average price of $110.21, for a total transaction of $6,513,411.00. Following the completion of the sale, the executive vice president now directly owns 48,201 shares of the company, valued at approximately $5,312,232.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. Also, CEO Greg C. Garland sold 146,700 Phillips 66 shares in a trade dated Thursday, June 9. The stock was sold at an average price of $109.70, for a total value of $16,092,990.00. As a result of the sale, the CEO now directly owns 656,563 shares of the company, valued at $72,024,961.10. Disclosure of this sale can be found here. During the last quarter, insiders sold 297,700 shares of the company valued at $32,327,782. 0.74% of the shares are currently held by insiders of the company.

About Philips 66 (Get a rating)

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 petroleum products to market; provides terminal and storage services for crude oil and refined 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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Institutional ownership by quarter for Phillips 66 (NYSE:PSX)



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