Plato Investment Management Ltd Sells 2,848 Shares of Phillips 66 (NYSE:PSX)

Plato Investment Management Ltd cut its holdings in shares of Phillips 66 (NYSE:PSX) by 55.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,327 shares of the oil and gas company’s stock after selling 2,848 shares during the quarter. Plato Investment Management Ltd’s holdings in Phillips 66 were worth $306,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Schrum Private Wealth Management LLC increased its position in Phillips 66 by 12.5% during the third quarter. Schrum Private Wealth Management LLC now owns 1,848 shares of the oil and gas company’s stock worth $243,000 after acquiring an additional 206 shares during the period. Oppenheimer & Co. Inc. increased its stake in Phillips 66 by 0.9% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 42,438 shares of the oil and gas company’s stock worth $5,578,000 after acquiring an additional 375 shares during the period. Saturna Capital Corp raised its holdings in Phillips 66 by 15.3% in the 3rd quarter. Saturna Capital Corp now owns 1,729 shares of the oil and gas company’s stock valued at $227,000 after acquiring an additional 229 shares in the last quarter. MQS Management LLC lifted its position in shares of Phillips 66 by 25.9% during the 3rd quarter. MQS Management LLC now owns 2,975 shares of the oil and gas company’s stock valued at $391,000 after acquiring an additional 612 shares during the period. Finally, Simmons Bank grew its stake in Phillips 66 by 0.5% during the third quarter. Simmons Bank now owns 73,382 shares of the oil and gas company’s stock worth $9,646,000 after buying an additional 329 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PSX. Morgan Stanley cut their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Barclays reduced their target price on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Bank of America started coverage on Phillips 66 in a report on Thursday, October 17th. They set a “buy” rating and a $156.00 price target for the company. Piper Sandler set a $144.00 price objective on Phillips 66 in a research note on Thursday, October 17th. Finally, Raymond James upped their price objective on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $149.69.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $130.91 on Friday. Phillips 66 has a twelve month low of $111.90 and a twelve 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. The stock has a market cap of $54.06 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 4.26 and a beta of 1.33. The company’s fifty day moving average is $129.70 and its 200 day moving average is $135.96.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. During the same quarter in the prior year, the firm posted $4.63 EPS. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. Sell-side analysts forecast that Phillips 66 will post 7.63 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

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.