Stock Update (NYSE:PSX): Buffett’s Berkshire buys $1 bln worth of Phillips 66 stock in 2016

[Reuters] – Berkshire Hathaway Inc has bought an additional $1 billion of stock in Phillips 66 this year, and now owns roughly 14.1 percent of the oil refiner. The conglomerate run by Warren Buffett has purchased … Read more on this. Phillips 66 (PSX) , valued at $40.25B, started the session at $76.02. Looking at the equity, the company’s one day range is $74.67 to $77.10 and has traded between $69.79 and $94.12 over the past 12 months. PSX shares are currently priced at 11.51x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry ’s 15.97x earnings multiple for the same period. And for income investors, the company pays shareholders $2.24 per share annually in dividends, yielding 2.86%. According to a consensus of 13 analysts, the earnings estimate of $1.29 per share would be $0.22 worse than the year-ago quarter and a $0.18 sequential decrease. The full-year EPS estimate is $6.63 which would be a $1.04 setback than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $25.02 Billion. If realized, that would be a 6.79% increase over the year-ago quarter. Recently, Goldman downgraded PSX from Neutral to Sell (Nov 23, 2015). Previously, Credit Suisse downgraded PSX from Outperform to Neutral. Given all the information above, we should disclose to readers that the average price target is $93.91, which is 23.53% above than it opened this morning. See more in (NYSE:PSX) Similar Articles: Stock Update: Phillips 66 (NYSE:PSX) – Phillips 66 Reports Fourth-Quarter Earnings of $650 Million or $1.20 Per Share Company Update (NYSE:PSX): Buffett Buys Into Phillips 66: A Brick And Mortar Investment Stock Update: Phillips 66 (NYSE:PSX) – Phillips 66 to Present at Barclays CEO Energy-Power Conference