Zacks Investment Management Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

Zacks Investment Management lessened its holdings in Phillips 66 (NYSE:PSX) by 91.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,062 shares of the oil and gas company’s stock after selling 21,078 shares during the period. Zacks Investment Management’s holdings in Phillips 66 were worth $271,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSX. Bank of New York Mellon Corp lifted its holdings in Phillips 66 by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after buying an additional 402,925 shares during the period. Legal & General Group Plc lifted its stake in shares of Phillips 66 by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 3,699,370 shares of the oil and gas company’s stock worth $522,240,000 after purchasing an additional 18,238 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Phillips 66 by 3.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,643,264 shares of the oil and gas company’s stock valued at $514,253,000 after buying an additional 111,261 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Phillips 66 by 0.6% in the third 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 purchasing an additional 16,941 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in Phillips 66 by 2.9% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,813,579 shares of the oil and gas company’s stock worth $397,193,000 after buying an additional 79,301 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Down 0.2 %

Shares of NYSE PSX opened at $125.33 on Thursday. The stock has a market cap of $51.76 billion, a PE ratio of 15.99, a P/E/G ratio of 4.24 and a beta of 1.35. 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 has a 12-month low of $119.77 and a 12-month high of $174.08. The company has a 50-day moving average of $130.66 and a 200 day moving average of $134.18.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. During the same period in the prior year, the business earned $4.63 earnings per share. The business’s revenue was down 10.3% compared to the same quarter last year. As a group, sell-side analysts predict that Phillips 66 will post 7.59 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were paid a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.67%. The ex-dividend date of this dividend was Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PSX shares. Mizuho lowered their price target on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Piper Sandler set a $144.00 price target on Phillips 66 in a research report on Thursday, October 17th. Bank of America initiated coverage on shares of Phillips 66 in a report on Thursday, October 17th. They issued a “buy” rating and a $156.00 price objective on the stock. Wells Fargo & Company decreased their target price on shares of Phillips 66 from $167.00 to $161.00 and set an “overweight” rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. reduced their price objective on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $149.23.

About Phillips 66

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.