Northcape Wealth Management LLC Cuts Stock Position in Phillips 66 (NYSE:PSX)

Northcape Wealth Management LLC trimmed its position in shares of Phillips 66 (NYSE:PSX) by 8.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,460 shares of the oil and gas company’s stock after selling 229 shares during the quarter. Northcape Wealth Management LLC’s holdings in Phillips 66 were worth $280,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. nVerses Capital LLC purchased a new stake in Phillips 66 during the 3rd quarter worth approximately $26,000. Allspring Global Investments Holdings LLC increased its position in shares of Phillips 66 by 22.5% during the third quarter. Allspring Global Investments Holdings LLC now owns 118,782 shares of the oil and gas company’s stock worth $15,614,000 after acquiring an additional 21,840 shares during the period. Telos Capital Management Inc. raised its stake in shares of Phillips 66 by 5.9% in the third quarter. Telos Capital Management Inc. now owns 50,256 shares of the oil and gas company’s stock valued at $6,606,000 after acquiring an additional 2,810 shares in the last quarter. Krane Funds Advisors LLC boosted its holdings in Phillips 66 by 3.6% in the third quarter. Krane Funds Advisors LLC now owns 2,350 shares of the oil and gas company’s stock valued at $309,000 after purchasing an additional 82 shares during the period. Finally, Oakworth Capital Inc. grew its stake in Phillips 66 by 36.5% during the 3rd quarter. Oakworth Capital Inc. now owns 1,660 shares of the oil and gas company’s stock worth $218,000 after purchasing an additional 444 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Shares of PSX opened at $130.51 on Wednesday. The firm has a 50-day simple moving average of $118.80 and a 200-day simple moving average of $127.08. 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 company has a market capitalization of $53.90 billion, a price-to-earnings ratio of 26.42, a price-to-earnings-growth ratio of 4.71 and a beta of 1.37. Phillips 66 has a fifty-two week low of $108.90 and a fifty-two week high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period last year, the business posted $3.09 earnings per share. On average, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Monday, February 24th will be given a $1.15 dividend. The ex-dividend date is Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a yield of 3.52%. Phillips 66’s payout ratio is currently 93.12%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PSX shares. Mizuho decreased their price objective on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. UBS Group lowered their price target on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a report on Monday, November 4th. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Wolfe Research upgraded shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 target price for the company in a research note on Friday, January 3rd. Finally, Piper Sandler cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $148.00.

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.