Wellington Management Group LLP Sells 3,589,374 Shares of Phillips 66 (NYSE:PSX)

Wellington Management Group LLP trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 85.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 589,413 shares of the oil and gas company’s stock after selling 3,589,374 shares during the quarter. Wellington Management Group LLP’s holdings in Phillips 66 were worth $67,152,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake 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 acquiring an additional 639,323 shares in the last quarter. Norges Bank acquired a new position in shares of Phillips 66 during the fourth quarter valued at about $497,648,000. Amundi boosted its position in shares of Phillips 66 by 25.7% during the 4th quarter. Amundi now owns 3,682,414 shares of the oil and gas company’s stock worth $428,081,000 after purchasing an additional 753,653 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Phillips 66 by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,002,995 shares of the oil and gas company’s stock valued at $342,131,000 after buying an additional 101,108 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Phillips 66 in the 4th quarter valued at about $168,790,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

PSX stock opened at $98.65 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm has a market cap of $40.22 billion, a PE ratio of 19.97, a P/E/G ratio of 4.84 and a beta of 1.31. The business has a 50 day moving average of $124.24 and a 200-day moving average of $125.15. Phillips 66 has a 12-month low of $95.67 and a 12-month high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data 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 posted $3.09 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were issued a dividend of $1.15 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a yield of 4.66%. Phillips 66’s dividend payout ratio (DPR) is presently 93.12%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Piper Sandler cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Barclays lifted their price target on shares of Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. StockNews.com lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Sunday, March 2nd. Wells Fargo & Company lifted 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. Finally, The Goldman Sachs Group lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 target price on the stock. in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $146.43.

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.