Rnc Capital Management Lowers stake in Phillips 66 (PSX)

Phillips 66 (PSX) : Rnc Capital Management reduced its stake in Phillips 66 by 0.12% during the most recent quarter end. The investment management company now holds a total of 328,951 shares of Phillips 66 which is valued at $24,802,905 after selling 402 shares in Phillips 66 , the firm said in a disclosure report filed with the SEC on Jul 25, 2016.Phillips 66 makes up approximately 2.24% of Rnc Capital Management’s portfolio.

Other Hedge Funds, Including , Seven Bridges Advisors boosted its stake in PSX in the latest quarter, The investment management firm added 1,352 additional shares and now holds a total of 17,778 shares of Phillips 66 which is valued at $1,340,461. Phillips 66 makes up approx 1.11% of Seven Bridges Advisors’s portfolio. Gwm Advisors added PSX to its portfolio by purchasing 6,029 company shares during the most recent quarter which is valued at $456,094. Phillips 66 makes up approx 0.19% of Gwm Advisors’s portfolio.

Phillips 66 closed down -0.19 points or -0.25% at $76.06 with 55,48,760 shares getting traded on Friday. Post opening the session at $75.38, the shares hit an intraday low of $73.82 and an intraday high of $76.16 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Phillips 66 reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $0.93.Analysts expectations of $ 29056.46.During the same quarter in the previous year, the company posted $1.83 EPS.

Investors should note that on Jul 13, 2016, Phillips 66 announced a cash dividend of $0.6300. The company’s management has announced Aug 16, 2016 as the ex-dividend date and fixed the record date on Aug 18, 2016. The payable date has been fixed on Sep 1, 2016.

Many Wall Street Analysts have commented on Phillips 66. Phillips 66 was Downgraded by Scotia Howard Weil to ” Sector Perform” on Jul 11, 2016. Phillips 66 was Downgraded by Wells Fargo to ” Market Perform” on Jul 8, 2016. Phillips 66 was Downgraded by Morgan Stanley to ” Equal-Weight” on Jun 17, 2016.

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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