Phillips 66 (NYSE:PSX) Shares Sold by Connecticut Wealth Management LLC

by · The Markets Daily

Connecticut Wealth Management LLC reduced its position in shares of Phillips 66 (NYSE:PSX – Free Report) by 34.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,561 shares of the oil and gas company’s stock after selling 2,400 shares during the period. Connecticut Wealth Management LLC’s holdings in Phillips 66 were worth $520,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp increased its stake in Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock worth $1,064,601,000 after purchasing an additional 639,323 shares in the last quarter. Geode Capital Management LLC increased its stake in Phillips 66 by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock worth $968,844,000 after purchasing an additional 82,758 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock worth $686,618,000 after purchasing an additional 4,455,220 shares in the last quarter. Northern Trust Corp increased its stake in Phillips 66 by 10.6% in the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock worth $522,834,000 after purchasing an additional 440,107 shares in the last quarter. Finally, Norges Bank purchased a new position in Phillips 66 in the 4th quarter worth about $497,648,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Up 1.1%

PSX opened at $112.97 on Friday. The business has a 50 day moving average price of $110.91 and a 200 day moving average price of $119.13. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $150.12. 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 firm has a market cap of $46.03 billion, a P/E ratio of 22.87, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01.

Phillips 66 (NYSE:PSX – Get Free Report) last posted its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The company had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. During the same quarter last year, the firm posted $1.90 earnings per share. Research analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a $1.20 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a yield of 4.25%. The ex-dividend date is Monday, May 19th. Phillips 66’s payout ratio is 109.34%.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Wall Street Zen raised Phillips 66 from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Mizuho lifted their target price on Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. The Goldman Sachs Group cut Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 target price on the stock. in a research note on Thursday, March 27th. Barclays lifted their target price on Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Finally, UBS Group reduced their price target on Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average target price of $137.86.

View Our Latest Report on Phillips 66

About Phillips 66

(Free Report)

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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