Park Avenue Securities LLC acquired a new stake in Phillips 66 (NYSE:PSX) in the first quarter, Holdings Channel reports. The firm acquired 5,062 shares of the oil and gas company’s stock, valued at approximately $481,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PSX. Martingale Asset Management L P lifted its stake in Phillips 66 by 513.4% during the third quarter. Martingale Asset Management L P now owns 16,622 shares of the oil and gas company’s stock worth $1,874,000 after purchasing an additional 13,912 shares during the last quarter. Legal & General Group Plc lifted its stake in Phillips 66 by 8.5% during the third quarter. Legal & General Group Plc now owns 2,627,034 shares of the oil and gas company’s stock worth $296,101,000 after purchasing an additional 205,070 shares during the last quarter. Morgan Stanley lifted its stake in Phillips 66 by 3.0% during the third quarter. Morgan Stanley now owns 3,445,696 shares of the oil and gas company’s stock worth $388,399,000 after purchasing an additional 100,046 shares during the last quarter. Vanguard Group Inc lifted its stake in Phillips 66 by 2.8% during the third quarter. Vanguard Group Inc now owns 32,998,567 shares of the oil and gas company’s stock worth $3,719,598,000 after purchasing an additional 885,979 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its stake in Phillips 66 by 282.7% during the third quarter. Federated Investors Inc. PA now owns 172,642 shares of the oil and gas company’s stock worth $19,461,000 after purchasing an additional 127,532 shares during the last quarter. Institutional investors own 71.33% of the company’s stock.
NYSE PSX traded up $0.18 on Wednesday, reaching $86.73. The stock had a trading volume of 11,917 shares, compared to its average volume of 2,665,415. 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 12-month low of $78.44 and a 12-month high of $123.97. The stock has a market cap of $40.62 billion, a P/E ratio of 7.35, a P/E/G ratio of 1.41 and a beta of 0.91.
Several research firms recently weighed in on PSX. Jefferies Financial Group cut Phillips 66 from a “buy” rating to a “hold” rating and boosted their target price for the stock from $105.00 to $107.00 in a research note on Monday, April 15th. Citigroup boosted their target price on Phillips 66 from $100.00 to $102.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. ValuEngine cut Phillips 66 from a “hold” rating to a “sell” rating in a research note on Monday, April 15th. Argus reduced their price objective on Phillips 66 to $116.00 and set a “buy” rating for the company in a research note on Thursday, February 14th. Finally, Bank of America upgraded 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. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $120.67.
In related news, Chairman Greg C. Garland sold 42,728 shares of the company’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $97.61, for a total transaction of $4,170,680.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.13% of the company’s stock.
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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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