Essex Financial Services Inc. Has $667,000 Position in Phillips 66 (NYSE:PSX)

Essex Financial Services Inc. grew its holdings in Phillips 66 (NYSE:PSX) by 84.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,852 shares of the oil and gas company’s stock after purchasing an additional 2,677 shares during the quarter. Essex Financial Services Inc.’s holdings in Phillips 66 were worth $667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PSX. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $381,453,000 after buying an additional 16,941 shares during the period. Mizuho Securities USA LLC increased its stake in shares of 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 valued at $328,625,000 after acquiring an additional 2,467,316 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Phillips 66 by 63.4% during 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. ING Groep NV boosted its stake 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 worth $155,503,000 after acquiring an additional 653,032 shares in the last quarter. Finally, National Pension Service grew its holdings in Phillips 66 by 6.8% in the third quarter. National Pension Service now owns 1,001,734 shares of the oil and gas company’s stock worth $131,678,000 after purchasing an additional 63,349 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 3.5 %

Phillips 66 stock opened at $125.05 on Thursday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The stock has a market cap of $51.64 billion, a PE ratio of 25.31, a price-to-earnings-growth ratio of 5.64 and a beta of 1.37. Phillips 66 has a fifty-two week low of $108.90 and a fifty-two week high of $174.08. The firm’s 50-day simple moving average is $118.94 and its 200 day simple moving average is $127.57.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same period in the previous year, the company posted $3.09 earnings per share. Research analysts predict that Phillips 66 will post 7.14 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.68%. Phillips 66’s dividend payout ratio is presently 93.12%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSX. 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 report on Monday, December 16th. UBS Group dropped their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Piper Sandler cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Barclays lowered their target price on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Finally, Wolfe Research raised shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target for the company in a research report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $148.00.

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.