Steward Partners Investment Advisory LLC Reduces Stake in Phillips 66 (NYSE:PSX)

Steward Partners Investment Advisory LLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 15.4% in the fourth quarter, Holdings Channel reports. The fund owned 105,904 shares of the oil and gas company’s stock after selling 19,264 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Phillips 66 were worth $12,066,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in Phillips 66 by 7.3% in the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock worth $1,064,601,000 after buying an additional 639,323 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Phillips 66 by 0.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,901,887 shares of the oil and gas company’s stock worth $381,453,000 after acquiring an additional 16,941 shares during the period. Mizuho Securities USA LLC increased its holdings in Phillips 66 by 7,549.0% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after acquiring an additional 2,467,316 shares during the last quarter. Bank of Montreal Can raised its stake in Phillips 66 by 63.4% in the 3rd quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock valued at $214,120,000 after acquiring an additional 633,970 shares during the period. Finally, ING Groep NV lifted its holdings in Phillips 66 by 123.2% during the third quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock valued at $155,503,000 after purchasing an additional 653,032 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PSX. Wolfe Research raised shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target on the stock in a research report on Friday, January 3rd. StockNews.com cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Sunday. Barclays cut their price target on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Finally, Mizuho cut their target price on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $148.00.

Phillips 66 Stock Down 2.0 %

Shares of NYSE:PSX opened at $122.48 on Wednesday. The firm has a market capitalization of $49.93 billion, a PE ratio of 24.79, a price-to-earnings-growth ratio of 4.84 and a beta of 1.37. 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 52-week low of $108.90 and a 52-week high of $174.08. The firm has a fifty day moving average of $121.11 and a 200 day moving average of $126.51.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) 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 prior year, the business earned $3.09 EPS. As a group, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.76%. The ex-dividend date is Monday, February 24th. Phillips 66’s dividend payout ratio (DPR) is presently 93.12%.

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.