Todays Report: The Midas Management Corp Maintains Position in Phillips 66 (PSX)

The Midas Management Corp Maintains Position in Phillips 66 (PSX)

Midas Management Corp held its stake in Phillips 66 (NYSE:PSX) during the second quarter, Holdings Channel reports. The institutional investor owned 20,500 shares of the company’s stock at the end of the second quarter. Midas Management Corp’s holdings in Phillips 66 were worth $1,626,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Bank of Montreal Can purchased a new stake in Phillips 66 during the second quarter valued at approximately $31,281,000. National Pension Service raised its stake in Phillips 66 by 4.3% in the first quarter. National Pension Service now owns 303,287 shares of the company’s stock valued at $26,262,000 after buying an additional 12,508 shares during the last quarter. PGGM Investments raised its stake in Phillips 66 by 98.1% in the second quarter. PGGM Investments now owns 732,347 shares of the company’s stock valued at $58,104,000 after buying an additional 362,634 shares during the last quarter. Old Mutual Global Investors UK Ltd. purchased a new stake in Phillips 66 during the second quarter valued at approximately $225,000. Finally, Huntington National Bank raised its stake in Phillips 66 by 30.9% in the second quarter. Huntington National Bank now owns 186,710 shares of the company’s stock valued at $14,814,000 after buying an additional 44,052 shares during the last quarter. 69.97% of the stock is owned by institutional investors.

Shares of Phillips 66 (NYSE:PSX) traded down 0.21% on Monday, hitting $79.14. The stock had a trading volume of 2,397,018 shares. The stock has a market cap of $41.38 billion, a P/E ratio of 13.70 and a beta of 1.37. Phillips 66 has a 12 month low of $71.74 and a 12 month high of $94.12. The firm has a 50 day moving average of $79.51 and a 200 day moving average of $79.74.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, July 29th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.01. Phillips 66 had a return on equity of 13.44% and a net margin of 3.51%. During the same quarter in the previous year, the business earned $1.83 earnings per share. On average, equities analysts forecast that Phillips 66 will post $3.41 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 17th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date is Tuesday, November 15th. Phillips 66’s dividend payout ratio is currently 43.83%.

Several analysts have commented on the stock. Jefferies Group set a $72.00 price target on shares of Phillips 66 and gave the company a “hold” rating in a research report on Saturday. Cowen and Company raised shares of Phillips 66 from a “market perform” rating to an “outperform” rating and increased their price target for the company from $76.15 to $92.00 in a research report on Wednesday, August 3rd. Goldman Sachs Group Inc. reissued a “sell” rating on shares of Phillips 66 in a research report on Wednesday, June 29th. Scotiabank lowered shares of Phillips 66 from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $90.00 to $89.00 in a research report on Monday, July 11th. Finally, Vetr lowered shares of Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 price target for the company. in a research report on Wednesday, June 29th. Fourteen research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $86.12.

In other news, major shareholder Berkshire Hathaway Inc acquired 17,910 shares of Phillips 66 stock in a transaction on Thursday, September 15th. The stock was bought at an average price of $77.52 per share, for a total transaction of $1,388,383.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.05% of the stock is owned by company insiders.

About Phillips 66

Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.

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