13F Action: Cadence Capital Management LLC Has Cut Holding in Phillips 66 (PSX) by $3.23 Million as Stock Price Rose

13F Action: Cadence Capital Management LLC Has Cut Holding in Phillips 66 (PSX) by $3.23 Million as Stock Price Rose

Cadence Capital Management Llc decreased its stake in Phillips 66 (PSX) by 34.92% based on its latest 2016Q3 regulatory filing with the SEC. Cadence Capital Management Llc sold 40,352 shares as the company’s stock rose 0.97% with the market. The institutional investor held 75,203 shares of the integrated oil company at the end of 2016Q3, valued at $6.06M, down from 115,555 at the end of the previous reported quarter. Cadence Capital Management Llc who had been investing in Phillips 66 for a number of months, seems to be less bullish one the $42.92 billion market cap company. The stock decreased 0.31% or $0.26 during the last trading session, hitting $83.76. Phillips 66 (NYSE:PSX) has risen 3.00% since June 7, 2016 and is uptrending. It has underperformed by 4.42% the S&P500.

Cadence Capital Management Llc, which manages about $4.62 billion and $1.37 billion US Long portfolio, upped its stake in Ameriprise Finl Inc (NYSE:AMP) by 32,632 shares to 100,272 shares, valued at $10.00M in 2016Q3, according to the filing.

Cadence Capital Management Llc is a Massachusetts-based institutional investor with more than $4.62 billion AUM in June, 2014. This fund invests only a small percentage of its assets in equities and options. Taken from Cadence Capital Management latest Adv, the fund reported to have 3 full and part-time employees. Among which 3 performing investment advisory and research functions. The institutional investor had more than 200 clients.

Insitutional Activity: The institutional sentiment increased to 0.99 in 2016 Q3. Its up 0.18, from 0.81 in 2016Q2. The ratio is positive, as 48 funds sold all PSX shares owned while 370 reduced positions. 79 funds bought stakes while 336 increased positions. They now own 351.52 million shares or 2.61% less from 360.95 million shares in 2016Q2. Laurel Grove Cap Limited last reported 32,675 shares in the company. Bessemer Inc holds 0.01% or 19,032 shares in its portfolio. Moreover, Asset has 0.15% invested in Phillips 66 (NYSE:PSX) for 51,381 shares. Rech & Management Comm accumulated 4,934 shares or 0.14% of the stock. Fulton Fincl Bank Na has invested 0.04% of its portfolio in Phillips 66 (NYSE:PSX). Conning holds 0.07% of its portfolio in Phillips 66 (NYSE:PSX) for 20,399 shares. Mutual Of America Cap Ltd, a New York-based fund reported 51,880 shares. Aqr Capital Ltd Company last reported 1.18 million shares in the company. Marshall Wace Llp has 0.17% invested in the company for 297,823 shares. Concannon Wealth Mgmt Lc last reported 75 shares in the company. The California-based Fdx Advsrs has invested 0.08% in Phillips 66 (NYSE:PSX). The Tennessee-based Ftb Advsrs has invested 0.01% in Phillips 66 (NYSE:PSX). Cipher Capital Limited Partnership holds 111,736 shares or 0.56% of its portfolio. Rodgers Brothers Inc last reported 5,560 shares in the company. Moreover, Fiduciary Trust Com has 0.05% invested in Phillips 66 (NYSE:PSX) for 16,344 shares.

Insider Transactions: Since August 22, 2016, the stock had 5 insider purchases, and 7 insider sales for $117.34 million net activity. On Wednesday, November 16 the insider Taylor Timothy Garth sold $2.26 million. $8.69M worth of Phillips 66 (NYSE:PSX) was sold by Ziemba Lawrence Michael. Another trade for 1.02 million shares valued at $78.75M was bought by BERKSHIRE HATHAWAY INC. On Wednesday, November 30 Herman Robert A sold $6.50 million worth of the stock or 78,327 shares. Oyolu Chukwuemeka A. sold $314,957 worth of stock. Another trade for 76,165 shares valued at $6.36 million was sold by Garland Greg C..

Analysts await Phillips 66 (NYSE:PSX) to report earnings on February, 3. They expect $0.69 EPS, down 47.33% or $0.62 from last year’s $1.31 per share. PSX’s profit will be $353.57M for 30.35 P/E if the $0.69 EPS becomes a reality. After $1.05 actual EPS reported by Phillips 66 for the previous quarter, Wall Street now forecasts -34.29% negative EPS growth.

More notable recent Phillips 66 (NYSE:PSX) news were published by: Nasdaq.com which released: “Phillips 66 (PSX) Shares Cross 3% Yield Mark” on January 09, 2017, also Realmoney.Thestreet.com with their article: “Donald Trump’s Victory to Give Added Impetus to Phillips 66” published on January 04, 2017, Nj.com published: “Phillips 66 Bayway Refinery awards $30K grant for outdoor activities” on January 09, 2017. More interesting news about Phillips 66 (NYSE:PSX) were released by: Bizjournals.com and their article: “DCP Midstream Partners deal to create $11 billion natural-gas business” published on January 04, 2017 as well as Seekingalpha.com‘s news article titled: “Phillips 66: There’s A Lot Of Juice Left In This One” with publication date: January 09, 2017.

According to Zacks Investment Research, “Phillips 66 is a downstream energy company. It operates in three segments: Refining & Marketing, Midstream and Chemicals. The Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products, mainly in the United States, Europe and Asia and also engages in power generation activities, lubricants and other specialty products businesses. The Midstream segment gathers, processes, transports and markets natural gas and fractionates and markets NGL, predominantly in the United States. The Chemicals segment manufactures and markets petrochemicals and plastics. Phillips 66 is headquartered in Houston, Texas.”

Phillips 66 (NYSE:PSX) Ratings Coverage

Out of 15 analysts covering Phillips 66 (NYSE:PSX), 1 rate it a “Buy”, 0 “Sell”, while 14 “Hold”. This means 7% are positive. $114 is the highest target while $74 is the lowest. The $89 average target is 6.26% above today’s ($83.76) stock price. Phillips 66 has been the topic of 28 analyst reports since August 4, 2015 according to StockzIntelligence Inc. The rating was maintained by JP Morgan with “Neutral” on Monday, November 2. The firm has “Sell” rating given on Monday, November 23 by Goldman Sachs. The firm earned “Neutral” rating on Monday, April 11 by Credit Suisse. Oppenheimer maintained Phillips 66 (NYSE:PSX) rating on Friday, December 4. Oppenheimer has “Outperform” rating and $110 price target. The stock of Phillips 66 (NYSE:PSX) has “Neutral” rating given on Friday, September 30 by Goldman Sachs. UBS initiated Phillips 66 (NYSE:PSX) on Thursday, May 19 with “Neutral” rating. On Monday, July 11 the stock rating was downgraded by Howard Weil to “Sector Perform”. maintained it with “Equal-Weight” rating and $84 target price in Monday, October 10 report. The rating was downgraded by Credit Suisse on Monday, November 2 to “Neutral”. As per Friday, June 17, the company rating was downgraded by Morgan Stanley.

PSX Company Profile

Phillips 66, incorporated on November 10, 2011, is an energy manufacturing and logistics firm with midstream, chemicals, refining and marketing, and specialties businesses. The Firm operates its business through four divisions: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S).

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