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PSX

Phillips 66

$93.76

0.17 (0.18%)

, BRK.A

Berkshire Hathaway

$297,500.00

-1440 (-0.48%)

18:29
02/13/18
02/13
18:29
02/13/18
18:29

Phillips 66 to buy back 35M shares from Berkshire Hathaway

Phillips 66 (PSX) announced it has agreed to repurchase 35M shares of Phillips 66 common stock from a wholly-owned subsidiary of Berkshire Hathaway Inc. (BRK.A) for $93.725 per share. This $3.3B repurchase is expected to close on Feb. 14, 2018. "We are excited to have this opportunity to return capital to our shareholders in such a meaningful way," said Greg Garland, Chairman and CEO of Phillips 66. "This transaction benefits all of our shareholders, as it is immediately accretive to earnings per share and positive for valuation. While this highlights our dedication to shareholder distributions, our strategy remains unchanged. We are committed to running our assets safely and reliably, growing our Midstream and Chemicals businesses, enhancing our Refining and Marketing returns, and rewarding our shareholders through a secure, competitive and growing dividend along with continued share repurchases." At closing of this transaction, Phillips 66 will have 466.5M shares outstanding of which Berkshire will have an equity ownership interest in 45.7M shares.

PSX

Phillips 66

$93.76

0.17 (0.18%)

BRK.A

Berkshire Hathaway

$297,500.00

-1440 (-0.48%)

BRK.B

Berkshire Hathaway

$197.99

-0.9 (-0.45%)

  • 13

    Feb

PSX Phillips 66
$93.76

0.17 (0.18%)

10/17/17
WELS
10/17/17
NO CHANGE
Target $91
WELS
Market Perform
Phillips 66 price target raised to $91 from $84 at Wells Fargo
Wells Fargo raised its price target for Phillips 66 to $91 from $84 saying a product-driven rally is on track. The analyst reiterates a Market Perform rating on the shares.
11/14/17
LEHM
11/14/17
DOWNGRADE
Target $100
LEHM
Underweight
Phillips 66 downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Paul Cheng downgraded Phillips 66 to Underweight while raising his price target for the shares to $100 from $95. The company's diversified business model will likely drive underperformance in a strong margin uptrend environment for U.S. refiners, the analyst contends.
11/14/17
11/14/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. General Electric (GE) downgraded to Sector Perform from Outperform at RBC Capital with analyst Deane Dray saying that he now expects the turnaround at the company to be more protracted than previously anticipated, noting the roadmap laid out by new CEO John Flannery fell short of expectations regarding the scope of the business model/portfolio changes. 2. Phillips 66 (PSX) downgraded to Underweight from Equal Weight at Barclays analyst Paul Cheng saying the company's diversified business model will likely drive underperformance in a strong margin uptrend environment for U.S. refiners. 3. Hilton (HLT) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Stephen Grambling citing the recent outperformance of the stock for the rating change, but he expects consistent double-digit earnings growth on low single-digit RevPAR. 4. PulteGroup (PHM) downgraded to Neutral from Buy at Buckingham with the firm citing recent share strength and raised its price target to $33 from $31. 5. Albemarle (ALB) downgraded to Hold from Buy at Deutsche Bank with analyst David Begleiter downgraded Albemarle (ALB) to Hold from Buy while raising his price target for the shares to $150 from $130. Following a field trip to China, Begleiter believes new lithium processing capacity is coming, which should begin to pressure prices by 2019. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/03/18
FBCO
01/03/18
INITIATION
Target $108
FBCO
Neutral
Phillips 66 initiated with a Neutral at Credit Suisse
Credit Suisse analyst Kristina Kazarian started Phillips 66 with a Neutral rating and $108 price target saying she like its diversification and balanced focus on growth/shareholder returns, but sees limited near-term upside for the stock as she believes short-term headwinds will overshadow long-term secular tailwinds-notably the cash flow inflection as these projects all reach full utilization.
BRK.A Berkshire Hathaway
$297,500.00

-1440 (-0.48%)

01/31/18
BERN
01/31/18
NO CHANGE
BERN
Bernstein not expecting Amazon/JPMorgan/Berkshire coalition to become insurer
Bernstein analyst Lance Wilkes notes that Amazon (AMZN), JPMorgan (JPM) and Berkshire Hathaway (BRK.A; BRK.B) announced a plan to partner to offer healthcare services to their employees. The analyst does not expect this coalition or new company to become a health insurer, or to create meaningful disruption in core functions of the MCO. Wilkes thinks these three companies will create a new company that will focus on address four high impact areas of healthcare, namely shift to value based care, pharmacy costs, keeping people health/population health management, and consumer engagement. While he believes the retail pharmacy effort of Amazon would not be housed in this coalition, Wilkes argues that this new company may contract with a to-be-developed Amazon online pharmacy.
01/31/18
FBCO
01/31/18
NO CHANGE
FBCO
No impact on pharma/biotech from Amazon/JPM/Berkshire coalition, says Credit Suisse
Commenting on the news that Amazon (AMZN), JPMorgan (JPM) and Berkshire Hathaway (BRK.A; BRK.B) are partnering to offer healthcare services to their employees, Credit Suisse analyst Vamil Divan says he does not anticipate any impact on the pharmaceutical or biotechnology sectors in the near or immediate term. However, he acknowledged that the biopharma pricing and distribution models include some perverse incentives that could be ripe for potential disruption.
01/31/18
CHLM
01/31/18
NO CHANGE
CHLM
Amazon consortium could be longer-term health care disruptor, says Craig-Hallum
Craig-Hallum analyst Kevin Ellich says that Amazon (AMZN), Berkshire Hathaway (BRK.A; BRK.B), and JPMorgan (JPM) new company focused initially on technology solutions to provide simplified, high-quality, and transparent healthcare for their employees and families at a reasonable cost could be a longer-term health care disruptor but it may a little premature to jump to conclusions.
02/05/18
BERN
02/05/18
NO CHANGE
BERN
More pronounced risks to drug supply chain from Amazon coalition, says Bernstein
Bernstein analyst Lance Wilkes thinks the risks to the drug supply chain from Amazon (AMZN), JPMorgan (JPM) and Berkshire Hathaway (BRK.A; BRK.B) healthcare joint venture are much more pronounced than risks to traditional MCOs. The analyst thinks the coalition could acquire a transparency PBM, effectively creating an employer PBM Co-op.
BRK.B Berkshire Hathaway
$197.99

-0.9 (-0.45%)

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LMT

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