During Thursday’s Afternoon trade, Shares of Spectra Energy Corp. (NYSE:SE), lost -0.27% to $27.78.
Houston-based energy giants Phillips 66 (NYSE: PSX) and Spectra Energy (NYSE: SE) declared plans to invest more funds into their 50/50 midstream joint venture, DCP Midstream LLC, according to American City Business Journals.
Phillips 66 will contribute $1.5 billion in cash to assist pay off the revolving credit facility for the joint venture, while Spectra will contribute one-third of its ownership interest in its Sand Hills and Southern Hills NGL pipelines. American City Business Journals Reports
The transaction is predictable to close in the fourth quarter and is intended to bolster the companys balance sheet and improvement its financial flexibility. American City Business Journals added.
Spectra Energy Corp, through its auxiliaries, owns and operates a portfolio of natural gas-related energy assets in North America. The company’s Spectra Energy Partners segment engages in the transmission, storage, and gathering of natural gas, in addition to transportation and storage of crude oil and natural gas liquids (NGLs) for customers in various regions of the midwestern, northeastern, and southeastern United States and Canada.
Shares of Phillips 66 (NYSE:PSX), inclined 0.35% to $80.93, during its current trading session, after Warren Buffetts Berkshire Hathaway revealed that it has raised its stake in the energy company by 6%.
Berkshire Hathaway has upped its stake in Phillips 66 by 3.5 million shares to 61.5 million shares, CNBC.com reports. The shares are worth about $282 million at Wednesdays closing price of $80.65.
Berkshires stake in the Houston-based manufacturing and Logistics Company is now worth $4.98 billion.
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks to its refineries and other locations; and delivers refined and specialty products, in addition to provides storage services for crude oil and petroleum products.
Finally, Shares of Philip Morris International, Inc. (NYSE:PM), gained 0.69%, and is now trading at $78.81.
Shares of Philip Morris International, Inc. appreciated by 0.63% during the last five trading days but lost 8.85% on a 4-week basis. Philip Morris International, Inc. has dropped 3.73% during the last 3-month period. Year-to-Date the stock performance stands at -1.5%.
The mean short-term price target for the firm has been established at $89.71 per share. The higher price target estimate is at $94 and the lower price target estimate is predictable at $82 according to 7 Analyst. The stock price is predictable to vary based on the estimate, which is suggested by the standard deviation value of $3.86.
Philip Morris International Inc., through its auxiliaries, manufactures and sells cigarettes, other tobacco products, and other nicotine-containing products. Its portfolio of brands comprise Marlboro, Merit, Parliament, Virginia Slims, L&M, Chesterfield, Bond Street, Lark, Muratti, Next, Philip Morris, and Red & White.
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