Fifth Third Bancorp decreased its stake in Phillips 66 (NYSE:PSX – Get Rating) by 40.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,838 shares of the oil and gas company’s stock after selling 25,396 shares during the quarter. Fifth Third Bancorp’s holdings in Phillips 66 were worth $3,834,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Hallmark Capital Management Inc. boosted its stake in shares of Phillips 66 by 62.5% in the third quarter. Hallmark Capital Management Inc. now owns 325 shares of the oil and gas company’s stock worth $26,000 after buying an additional 125 shares during the last quarter. Horan Securities Inc. boosted its position in Phillips 66 by 210.6% during the third quarter. Horan Securities Inc. now owns 351 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 238 shares in the last quarter. Align Wealth Management LLC purchased a new position in Phillips 66 during the fourth quarter worth approximately $28,000. Core Alternative Capital grew its holdings in Phillips 66 by 218.3% in the third quarter. Core Alternative Capital now owns 366 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 251 shares during the period. Finally, MADDEN SECURITIES Corp purchased a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $30,000. Hedge funds and other institutional investors own 70.76% of the company’s stock.
Wall Street Analyst Weigh In
A number of research analysts have recently issued reports on PSX shares. StockNews.com upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Piper Sandler dropped their price target on shares of Phillips 66 from $155.00 to $137.00 and set an “overweight” rating on the stock in a research note on Monday, December 19th. JPMorgan Chase & Co. lifted their price target on shares of Phillips 66 from $112.00 to $120.00 and gave the company an “overweight” rating in a research note on Tuesday, March 28th. Royal Bank of Canada lifted their price target on shares of Phillips 66 from $130.00 to $132.00 and gave the company an “outperform” rating in a research note on Wednesday, February 8th. Finally, Morgan Stanley lifted their price target on shares of Phillips 66 from $115.00 to $125.00 and gave the company an “equal weight” rating in a research note on Friday, January 20th. Five research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $121.80.
Insider Transactions at Phillips 66
Phillips 66 Trading Down 1.5 %
Shares of PSX opened at $102.84 on Friday. Phillips 66 has a 52-week low of $74.02 and a 52-week high of $113.53. The company has a quick ratio of 1.17, a current ratio of 1.38 and a debt-to-equity ratio of 0.49. The firm’s fifty day moving average is $100.80 and its two-hundred day moving average is $100.53. The stock has a market cap of $47.71 billion, a PE ratio of 4.48, a price-to-earnings-growth ratio of 0.33 and a beta of 1.38.
Phillips 66 (NYSE:PSX – Get Rating) last announced its earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.35). Phillips 66 had a return on equity of 31.20% and a net margin of 6.27%. The business had revenue of $40.91 billion for the quarter, compared to analyst estimates of $34.30 billion. During the same period last year, the firm earned $2.94 EPS. Research analysts forecast that Phillips 66 will post 15.88 earnings per share for the current fiscal year.
Phillips 66 Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Tuesday, February 21st were issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 4.08%. The ex-dividend date was Friday, February 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $0.97. Phillips 66’s payout ratio is currently 18.30%.
Phillips 66 Company Profile
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.
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