Franklin Resources Inc. Reduces Stock Position in Phillips 66 (NYSE:PSX)

Franklin Resources Inc. decreased its position in Phillips 66 (NYSE:PSX) by 0.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 286,697 shares of the oil and gas company’s stock after selling 2,562 shares during the quarter. Franklin Resources Inc.’s holdings in Phillips 66 were worth $32,663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. NewEdge Wealth LLC grew its stake in shares of Phillips 66 by 0.5% in the fourth quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company’s stock worth $1,732,000 after purchasing an additional 81 shares during the last quarter. JBR Co Financial Management Inc grew its position in shares of Phillips 66 by 0.9% in the 4th quarter. JBR Co Financial Management Inc now owns 9,520 shares of the oil and gas company’s stock worth $1,085,000 after buying an additional 85 shares during the last quarter. Nwam LLC increased its stake in shares of Phillips 66 by 2.2% during the fourth quarter. Nwam LLC now owns 3,876 shares of the oil and gas company’s stock valued at $442,000 after buying an additional 85 shares during the period. Webster Bank N. A. raised its holdings in shares of 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 valued at $31,000 after acquiring an additional 88 shares in the last quarter. Finally, PFG Private Wealth Management LLC lifted its stake in Phillips 66 by 7.7% in the fourth quarter. PFG Private Wealth Management LLC now owns 1,233 shares of the oil and gas company’s stock worth $140,000 after acquiring an additional 88 shares during the period. 76.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PSX has been the topic of a number of research analyst reports. Mizuho reduced their price objective on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research report on Monday, December 16th. Piper Sandler downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. The Goldman Sachs Group cut Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price objective on the stock. in a research report on Thursday, March 27th. StockNews.com lowered Phillips 66 from a “hold” rating to a “sell” rating in a research report on Sunday, March 2nd. Finally, Barclays lifted their price target on Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $146.43.

Phillips 66 Stock Performance

Shares of PSX opened at $98.65 on Friday. The firm has a market capitalization of $40.22 billion, a P/E ratio of 19.97, a PEG ratio of 4.84 and a beta of 1.17. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. Phillips 66 has a one year low of $95.67 and a one year high of $171.41. The business has a fifty day moving average of $124.24 and a 200 day moving average of $125.13.

Phillips 66 (NYSE:PSX) last released its quarterly 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 in the prior year, the company earned $3.09 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were given a $1.15 dividend. The ex-dividend date was Monday, February 24th. This represents a $4.60 annualized dividend and a yield of 4.66%. Phillips 66’s payout ratio is presently 93.12%.

Phillips 66 Company Profile

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.