East Coast Asset Management. buys $5.5 Million stake in Phillips 66 (PSX)

Phillips 66 (PSX) : East Coast Asset Management. scooped up 2,645 additional shares in Phillips 66 during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 11, 2016. The investment management firm now holds a total of 70,454 shares of Phillips 66 which is valued at $5.5 Million.Phillips 66 makes up approximately 2.94% of East Coast Asset Management.’s portfolio.

Other Hedge Funds, Including , Martingale Asset Management L P reduced its stake in PSX by selling 1,307 shares or 25.31% in the most recent quarter. The Hedge Fund company now holds 3,856 shares of PSX which is valued at $302,079. Phillips 66 makes up approx 0.01% of Martingale Asset Management L P’s portfolio.Fdo Partners reduced its stake in PSX by selling 14,200 shares or 80.75% in the most recent quarter. The Hedge Fund company now holds 3,385 shares of PSX which is valued at $265,181. Phillips 66 makes up approx 0.17% of Fdo Partners’s portfolio. Smith Asset Management Group Lp added PSX to its portfolio by purchasing 180 company shares during the most recent quarter which is valued at $14,134.Geneva Advisors reduced its stake in PSX by selling 2,020 shares or 13.66% in the most recent quarter. The Hedge Fund company now holds 12,770 shares of PSX which is valued at $1 Million. Phillips 66 makes up approx 0.02% of Geneva Advisors’s portfolio.Gamble Jones Investment Counsel reduced its stake in PSX by selling 567 shares or 4.33% in the most recent quarter. The Hedge Fund company now holds 12,518 shares of PSX which is valued at $982,913. Phillips 66 makes up approx 0.11% of Gamble Jones Investment Counsel’s portfolio.

Phillips 66 opened for trading at $78.22 and hit $78.8 on the upside on Monday, eventually ending the session at $78.68, with a gain of 1.25% or 0.97 points. The heightened volatility saw the trading volume jump to 31,07,039 shares. Company has a market cap of $41,353 M.

On the company’s financial health, Phillips 66 reported $0.67 EPS for the quarter, missing the analyst consensus estimate by $ -0.20 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.87.Analysts expectations of $ 27437.26.During the same quarter in the previous year, the company posted $1.51 EPS.

Many Wall Street Analysts have commented on Phillips 66. Shares were Reiterated by Barclays on May 2, 2016 to “Overweight” and Lowered the Price Target to $ 93 from a previous price target of $97 .Phillips 66 was Downgraded by Citigroup to ” Neutral” on Apr 20, 2016. Shares were Reiterated by Barclays on Apr 8, 2016 to “Overweight” and Lowered the Price Target to $ 98 from a previous price target of $102 .

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. It gathers processes transports and markets natural gas and transports fractionates and markets natural gas liquids (NGL) in the United States. The Chemical segment manufactures and markets petrochemicals and plastics. The Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). The refining segment buys sells and refines crude oil and other feedstocks into petroleum products (such as gasolines distillates and aviation fuels) at 14 refineries mainly in the United States and Europe. The Marketing and Specialties segment purchases for resale and markets refined petroleum products (such as gasolines distillates and aviation fuels) mainly in the United States and Europe.

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