Corebridge Financial Inc. Sells 5,893 Shares of Phillips 66 (NYSE:PSX)

Corebridge Financial Inc. trimmed its stake in Phillips 66 (NYSE:PSX) by 5.8% during the 4th quarter, Holdings Channel reports. The firm owned 94,917 shares of the oil and gas company’s stock after selling 5,893 shares during the quarter. Corebridge Financial Inc.’s holdings in Phillips 66 were worth $10,814,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PSX. Bogart Wealth LLC grew its stake in Phillips 66 by 120.0% in the 4th quarter. Bogart Wealth LLC now owns 220 shares of the oil and gas company’s stock worth $25,000 after buying an additional 120 shares in the last quarter. J.Safra Asset Management Corp purchased a new position in Phillips 66 in the fourth quarter worth $25,000. Stephens Consulting LLC increased its stake in Phillips 66 by 83.5% in the fourth quarter. Stephens Consulting LLC now owns 244 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 111 shares during the last quarter. Human Investing LLC purchased a new stake in Phillips 66 during the fourth quarter valued at about $30,000. Finally, Webster Bank N. A. lifted its stake in Phillips 66 by 48.4% during the fourth quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 88 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Trading Up 0.8 %

PSX opened at $126.54 on Thursday. Phillips 66 has a one year low of $108.91 and a one year high of $174.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The business has a 50 day simple moving average of $124.64 and a two-hundred day simple moving average of $125.57. The firm has a market capitalization of $51.59 billion, a price-to-earnings ratio of 25.61, a PEG ratio of 4.84 and a beta of 1.31.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) 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 in the prior year, the company posted $3.09 EPS. Analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were given a $1.15 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.60 annualized dividend and a dividend yield of 3.64%. Phillips 66’s dividend payout ratio is 93.12%.

Analysts Set New Price Targets

PSX has been the subject of a number of recent research reports. Wolfe Research upgraded Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 target price for the company in a research report on Friday, January 3rd. Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Piper Sandler cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Barclays lifted their target price on shares of Phillips 66 from $115.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Friday, March 14th. Finally, Mizuho cut their price target on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $147.54.

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.