Hartford Investment Management Co. Reduces Position in Phillips 66 (NYSE:PSX)

Hartford Investment Management Co. lowered its holdings in Phillips 66 (NYSE:PSX) by 3.0% in the third quarter, HoldingsChannel reports. The firm owned 26,331 shares of the oil and gas company’s stock after selling 805 shares during the period. Hartford Investment Management Co.’s holdings in Phillips 66 were worth $3,461,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PSX. Manning & Napier Advisors LLC acquired a new stake in shares of Phillips 66 during the second quarter worth approximately $17,670,000. M&G Plc bought a new stake in shares of Phillips 66 in the 2nd quarter worth about $3,596,000. Duality Advisers LP bought a new stake in shares of Phillips 66 in the 1st quarter worth about $3,596,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Phillips 66 by 42.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock valued at $21,844,000 after purchasing an additional 39,775 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of Phillips 66 by 69.8% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock worth $6,175,000 after purchasing an additional 15,542 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research analyst reports. TD Cowen lowered their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Morgan Stanley lowered their price target on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Wolfe Research assumed coverage on Phillips 66 in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. lowered their target price on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Finally, Mizuho reduced their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $149.50.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $129.12 on Thursday. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08. The company has a market cap of $54.74 billion, a PE ratio of 9.93, a P/E/G ratio of 5.68 and a beta of 1.33. The stock has a 50 day simple moving average of $132.85 and a 200-day simple moving average of $139.57. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The company had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter in the prior year, the business posted $3.87 earnings per share. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities research analysts forecast that Phillips 66 will post 7.81 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.56%. Phillips 66’s payout ratio is 35.38%.

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.