LPL Financial LLC decreased its position in shares of Phillips 66 (NYSE:PSX) by 13.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 228,124 shares of the oil and gas company’s stock after selling 36,078 shares during the quarter. LPL Financial LLC’s holdings in Phillips 66 were worth $11,826,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in shares of Phillips 66 by 3.5% during the 3rd quarter. BlackRock Inc. now owns 30,418,422 shares of the oil and gas company’s stock valued at $1,576,891,000 after acquiring an additional 1,019,044 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in Phillips 66 by 0.7% during the 3rd quarter. Wells Fargo & Company MN now owns 11,672,564 shares of the oil and gas company’s stock worth $605,105,000 after buying an additional 81,872 shares during the period. Bank of America Corp DE lifted its holdings in Phillips 66 by 5.1% during the 2nd quarter. Bank of America Corp DE now owns 6,060,292 shares of the oil and gas company’s stock worth $435,734,000 after buying an additional 292,791 shares during the period. Bank of New York Mellon Corp lifted its holdings in Phillips 66 by 1.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,813,538 shares of the oil and gas company’s stock worth $417,992,000 after buying an additional 87,735 shares during the period. Finally, LSV Asset Management lifted its holdings in Phillips 66 by 2.9% during the 2nd quarter. LSV Asset Management now owns 4,753,501 shares of the oil and gas company’s stock worth $341,776,000 after buying an additional 133,081 shares during the period. 65.91% of the stock is currently owned by institutional investors.
Shares of Phillips 66 stock opened at $61.59 on Friday. Phillips 66 has a one year low of $40.04 and a one year high of $118.92. The firm has a market capitalization of $26.90 billion, a price-to-earnings ratio of -22.23, a PEG ratio of 34.44 and a beta of 1.53. The business has a 50-day simple moving average of $51.86 and a 200 day simple moving average of $63.21. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.25 and a quick ratio of 0.73.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 5.85%. The ex-dividend date of this dividend is Monday, November 16th. Phillips 66’s dividend payout ratio is currently 44.72%.
Several research analysts have commented on PSX shares. Cowen cut their target price on Phillips 66 from $69.00 to $62.00 and set an “outperform” rating on the stock in a report on Monday, November 2nd. Barclays cut their target price on Phillips 66 from $73.00 to $64.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. JPMorgan Chase & Co. cut their target price on Phillips 66 from $79.00 to $75.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Bank of America reissued a “buy” rating and issued a $100.00 price objective on shares of Phillips 66 in a research note on Monday, August 3rd. Finally, Morgan Stanley dropped their price objective on Phillips 66 from $82.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Three investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $70.18.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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