New York State Teachers Retirement System Has $53.14 Million Stock Position in Phillips 66 (NYSE:PSX)

Posted by Defense World Staff on Apr 10th, 2023

New York State Teachers Retirement System lessened its position in shares of Phillips 66 (NYSE:PSX – Get Rating) by 2.8% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 510,569 shares of the oil and gas company’s stock after selling 14,547 shares during the quarter. New York State Teachers Retirement System owned approximately 0.11% of Phillips 66 worth $53,140,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. MADDEN SECURITIES Corp acquired a new stake in Phillips 66 during the 4th quarter worth about $30,000. Glassy Mountain Advisors Inc. acquired a new position in shares of Phillips 66 during the fourth quarter worth approximately $31,000. Romano Brothers AND Company bought a new position in shares of Phillips 66 in the fourth quarter valued at $32,000. Hallmark Capital Management Inc. lifted its position in Phillips 66 by 62.5% in the 3rd quarter. Hallmark Capital Management Inc. now owns 325 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 125 shares in the last quarter. Finally, Worth Asset Management LLC bought a new position in shares of Phillips 66 in the first quarter valued at approximately $32,000. Institutional investors own 70.76% of the company’s stock.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Gregory Hayes acquired 10,250 shares of the stock in a transaction that occurred on Thursday, February 2nd. The shares were bought at an average price of $97.75 per share, for a total transaction of $1,001,937.50. Following the completion of the transaction, the director now owns 14,299 shares of the company’s stock, valued at approximately $1,397,727.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.57% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on PSX shares. Raymond James raised their price target on shares of Phillips 66 from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, January 13th. Wells Fargo & Company cut their target price on Phillips 66 from $134.00 to $127.00 and set an “overweight” rating on the stock in a research note on Thursday, January 5th. UBS Group started coverage on Phillips 66 in a research report on Wednesday, March 8th. They set a “buy” rating and a $139.00 price target for the company. StockNews.com upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 4th. Finally, Morgan Stanley raised their target price on Phillips 66 from $115.00 to $125.00 and gave the company an “equal weight” rating in a research report on Friday, January 20th. Five investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $121.80.

Phillips 66 Stock Performance

NYSE PSX opened at $102.84 on Monday. The company’s 50 day moving average is $100.68 and its 200-day moving average is $100.93. The firm has a market cap of $47.71 billion, a P/E ratio of 4.48, a price-to-earnings-growth ratio of 0.34 and a beta of 1.38. Phillips 66 has a 12-month low of $74.02 and a 12-month 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.

Phillips 66 (NYSE:PSX – Get Rating) last issued its earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.35). The business had revenue of $40.91 billion for the quarter, compared to the consensus estimate of $34.30 billion. Phillips 66 had a net margin of 6.27% and a return on equity of 31.20%. During the same period in the previous year, the firm earned $2.94 EPS. Sell-side analysts predict that Phillips 66 will post 15.88 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Tuesday, February 21st were issued a dividend of $1.05 per share. This represents a $4.20 dividend on an annualized basis and a 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 dividend payout ratio is 18.30%.

Phillips 66 Profile

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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.