The Manufacturers Life Insurance Company Trims Stock Position in Phillips 66 (NYSE:PSX)

The Manufacturers Life Insurance Company lessened its position in shares of Phillips 66 (NYSE:PSX) by 6.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 550,283 shares of the oil and gas company’s stock after selling 35,457 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Phillips 66 were worth $28,527,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position 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 buying an additional 1,019,044 shares during the period. Wells Fargo & Company MN increased its holdings in Phillips 66 by 0.7% in the 3rd quarter. Wells Fargo & Company MN now owns 11,672,564 shares of the oil and gas company’s stock valued at $605,105,000 after purchasing an additional 81,872 shares during the last quarter. Bank of America Corp DE increased its holdings in Phillips 66 by 5.1% in the 2nd quarter. Bank of America Corp DE now owns 6,060,292 shares of the oil and gas company’s stock valued at $435,734,000 after purchasing an additional 292,791 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Phillips 66 by 1.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 5,813,538 shares of the oil and gas company’s stock valued at $417,992,000 after purchasing an additional 87,735 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Phillips 66 by 2.9% in the 2nd quarter. LSV Asset Management now owns 4,753,501 shares of the oil and gas company’s stock valued at $341,776,000 after purchasing an additional 133,081 shares during the last quarter. 65.91% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently weighed in on the stock. Mizuho dropped their target price on shares of Phillips 66 from $92.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Bank of America reiterated a “buy” rating and issued a $100.00 target price on shares of Phillips 66 in a report on Monday, August 3rd. Raymond James lifted their target price on shares of Phillips 66 from $60.00 to $75.00 and gave the company an “outperform” rating in a report on Friday. Morgan Stanley dropped their target price on shares of Phillips 66 from $82.00 to $63.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Finally, Piper Sandler dropped their price target on shares of Phillips 66 from $84.00 to $76.00 and set an “overweight” rating for the company in a research note on Friday, November 13th. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $70.18.

Shares of PSX stock opened at $61.59 on Friday. The company has a current ratio of 1.25, a quick ratio of 0.73 and a debt-to-equity ratio of 0.54. The firm has a fifty day moving average price of $51.86 and a 200 day moving average price of $63.21. The company has a market cap of $26.90 billion, a P/E ratio of -22.23, a PEG ratio of 34.44 and a beta of 1.53. Phillips 66 has a 12 month low of $40.04 and a 12 month high of $118.92.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, November 4th. The oil and gas company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.80) by $0.79. Phillips 66 had a negative net margin of 1.32% and a positive return on equity of 8.76%. During the same quarter in the prior year, the company earned $3.11 earnings per share. On average, equities analysts forecast that Phillips 66 will post -0.18 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, November 16th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 5.85%. Phillips 66’s payout ratio is currently 44.72%.

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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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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