Franklin Resources Inc. Has $39.17 Million Position in Phillips 66 (NYSE:PSX)

Franklin Resources Inc. lessened its stake in shares of Phillips 66 (NYSE:PSX) by 27.3% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 289,259 shares of the oil and gas company’s stock after selling 108,797 shares during the quarter. Franklin Resources Inc.’s holdings in Phillips 66 were worth $39,171,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Strategic Financial Concepts LLC acquired a new stake in Phillips 66 during the second quarter worth approximately $26,000. nVerses Capital LLC bought a new position in shares of Phillips 66 during the third quarter worth approximately $26,000. Values First Advisors Inc. acquired a new stake in Phillips 66 during the 3rd quarter worth approximately $30,000. Kings Path Partners LLC bought a new stake in Phillips 66 in the 2nd quarter valued at $38,000. Finally, Industrial Alliance Investment Management Inc. acquired a new position in Phillips 66 in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on PSX shares. Piper Sandler set a $144.00 target price on Phillips 66 in a report on Thursday, October 17th. TD Cowen dropped their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. JPMorgan Chase & Co. decreased their target price on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Morgan Stanley dropped their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, Mizuho reduced their price target on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research report on Monday. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.00.

Phillips 66 Trading Down 0.4 %

Shares of PSX stock opened at $115.80 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. Phillips 66 has a fifty-two week low of $114.41 and a fifty-two week high of $174.08. The company has a market cap of $47.82 billion, a PE ratio of 14.87, a P/E/G ratio of 4.06 and a beta of 1.35. The stock’s fifty day moving average price is $129.09 and its two-hundred day moving average price is $133.47.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.41. The business had revenue of $36.16 billion for the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. Phillips 66’s revenue was down 10.3% compared to the same quarter last year. During the same period last year, the firm posted $4.63 earnings per share. Equities analysts predict that Phillips 66 will post 7.56 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were paid a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend was Monday, November 18th. Phillips 66’s payout ratio is 59.05%.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.