Atlantic Union Bankshares Corp Sells 1,361 Shares of Phillips 66 (NYSE:PSX)

Atlantic Union Bankshares Corp cut its holdings in Phillips 66 (NYSE:PSX) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 43,244 shares of the oil and gas company’s stock after selling 1,361 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Phillips 66 were worth $5,684,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PSX. Strategic Financial Concepts LLC bought a new stake in shares of Phillips 66 during the second quarter worth $26,000. nVerses Capital LLC acquired a new position in Phillips 66 in the 3rd quarter worth $26,000. Values First Advisors Inc. bought a new position in Phillips 66 during the 3rd quarter worth about $30,000. Bank & Trust Co acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at about $31,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Phillips 66 during the second quarter worth about $34,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Down 0.7 %

Shares of PSX stock opened at $133.35 on Friday. The firm has a 50 day moving average price of $130.60 and a two-hundred day moving average price of $135.06. The company has a market capitalization of $55.07 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 4.35 and a beta of 1.33. Phillips 66 has a 12-month low of $117.74 and a 12-month high of $174.08. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last announced 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 firm had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $4.63 EPS. As a group, analysts predict that Phillips 66 will post 7.66 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.45%. The ex-dividend date is Monday, November 18th. Phillips 66’s payout ratio is presently 59.05%.

Wall Street Analyst Weigh In

PSX has been the subject of several research reports. Bank of America initiated coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They set a “buy” rating and a $156.00 price target for the company. Wells Fargo & Company cut their price target on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. TD Cowen lowered their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, Barclays dropped their price objective on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $149.69.

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.