State of Michigan Retirement System Sells 1,900 Shares of Phillips 66 (NYSE:PSX)

State of Michigan Retirement System cut its stake in shares of Phillips 66 (NYSE:PSX) by 1.7% during the 4th quarter, Holdings Channel reports. The fund owned 112,112 shares of the oil and gas company’s stock after selling 1,900 shares during the period. State of Michigan Retirement System’s holdings in Phillips 66 were worth $12,773,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Garrett Wealth Advisory Group LLC raised its holdings in shares of Phillips 66 by 2.4% during the fourth quarter. Garrett Wealth Advisory Group LLC now owns 6,415 shares of the oil and gas company’s stock valued at $731,000 after purchasing an additional 150 shares during the period. Fidelis Capital Partners LLC increased its position in Phillips 66 by 5.9% in the 4th quarter. Fidelis Capital Partners LLC now owns 3,067 shares of the oil and gas company’s stock valued at $361,000 after buying an additional 172 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Phillips 66 in the 4th quarter valued at about $49,000. Jones Financial Companies Lllp raised its stake in Phillips 66 by 40.9% during the 4th quarter. Jones Financial Companies Lllp now owns 34,303 shares of the oil and gas company’s stock worth $3,908,000 after buying an additional 9,959 shares during the period. Finally, SRS Capital Advisors Inc. boosted its holdings in Phillips 66 by 174.0% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,699 shares of the oil and gas company’s stock worth $194,000 after acquiring an additional 1,079 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on PSX. Wolfe Research upgraded Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price objective for the company in a report on Friday, January 3rd. Barclays decreased their price target on shares of Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. Mizuho dropped their price objective on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. StockNews.com downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Sunday. Finally, Wells Fargo & Company raised their price target on shares of Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $148.00.

Phillips 66 Stock Performance

Shares of PSX opened at $122.48 on Wednesday. The stock has a 50 day moving average of $121.11 and a 200 day moving average of $126.51. The company has a market capitalization of $49.93 billion, a price-to-earnings ratio of 24.79, a PEG ratio of 4.84 and a beta of 1.37. Phillips 66 has a 12 month low of $108.90 and a 12 month high of $174.08. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the previous year, the business earned $3.09 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.76%. The ex-dividend date of this dividend is Monday, February 24th. Phillips 66’s dividend payout ratio is 93.12%.

Phillips 66 Company 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.