Phillips 66 (NYSE:PSX) Shares Sold by Patten Group Inc.

Patten Group Inc. trimmed its stake in Phillips 66 (NYSE:PSX) by 5.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,220 shares of the oil and gas company’s stock after selling 450 shares during the period. Patten Group Inc.’s holdings in Phillips 66 were worth $937,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSX. Mizuho Securities USA LLC grew its holdings in shares of Phillips 66 by 7,549.0% during the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after purchasing an additional 2,467,316 shares during the last quarter. ING Groep NV grew its stake in Phillips 66 by 123.2% during the 3rd quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock worth $155,503,000 after buying an additional 653,032 shares during the last quarter. Bank of New York Mellon Corp increased its position in Phillips 66 by 7.3% during the fourth 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 buying an additional 639,323 shares during the period. Bank of Montreal Can lifted its stake in Phillips 66 by 63.4% in the third quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock valued at $214,120,000 after buying an additional 633,970 shares during the last quarter. Finally, Mizuho Markets Americas LLC acquired a new stake in shares of Phillips 66 in the third quarter valued at approximately $70,983,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Down 3.6 %

Shares of NYSE PSX opened at $125.03 on Tuesday. The stock has a market capitalization of $50.97 billion, a price-to-earnings ratio of 25.31, a price-to-earnings-growth ratio of 4.84 and a beta of 1.37. Phillips 66 has a 52 week low of $108.90 and a 52 week high of $174.08. The firm has a 50-day moving average price of $120.89 and a 200 day moving average price of $126.63. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last posted 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 quarter last year, the company earned $3.09 EPS. Equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.68%. The ex-dividend date of this dividend is Monday, February 24th. Phillips 66’s dividend payout ratio (DPR) is 93.12%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PSX. Mizuho cut their target price on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. Barclays reduced their target price on shares of Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating for the company in a report on Monday, January 13th. Wolfe Research raised Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target on the stock in a report on Friday, January 3rd. Wells Fargo & Company upped their price objective on Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Piper Sandler downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $148.00.

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.