Zacks Investment Management lowered its stake in Phillips 66 (NYSE:PSX - Free Report) by 91.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its position in shares of 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 valued at $1,189,035,000 after acquiring an additional 402,925 shares in the last quarter. Legal & General Group Plc raised its stake in shares of Phillips 66 by 0.5% in the second 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 lifted its holdings in shares of Phillips 66 by 3.2% during the second 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 purchasing an additional 111,261 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Phillips 66 by 0.6% during 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 last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Phillips 66 by 2.9% in 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 in the last quarter. Institutional investors own 76.93% of the company's stock.
A number of equities research analysts have commented on the stock. Bank of America assumed coverage on shares of Phillips 66 in a research report on Thursday, October 17th. They issued a "buy" rating and a $156.00 target price for the company. TD Cowen cut their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a "buy" rating for the company in a research report on Wednesday, September 11th. Piper Sandler set a $144.00 target price on Phillips 66 in a report on Thursday, October 17th. UBS Group lowered their target price on Phillips 66 from $150.00 to $138.00 and set a "buy" rating on the stock in a research report on Monday, November 4th. Finally, Scotiabank decreased their price objective on Phillips 66 from $145.00 to $136.00 and set a "sector outperform" rating on the stock in a research note on Thursday, October 10th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $149.23.
Read Our Latest Stock Analysis on PSX
Shares of NYSE:PSX opened at $125.33 on Thursday. The company has a market cap of $51.76 billion, a price-to-earnings ratio of 15.99, a PEG 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. The company has a 50-day moving average price of $130.66 and a 200 day moving average price of $134.18. Phillips 66 has a 12 month low of $119.77 and a 12 month high of $174.08.
Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results 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 business had revenue of $36.16 billion for the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business's revenue for the quarter was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.63 earnings per share. As a group, equities research analysts predict that Phillips 66 will post 7.59 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were given a dividend of $1.15 per share. The ex-dividend date was Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.67%. Phillips 66's dividend payout ratio (DPR) is 59.05%.
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.
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