Martingale Asset Management L P Lowers Position in Phillips 66 (NYSE:PSX)

Martingale Asset Management L P lessened its holdings in Phillips 66 (NYSE:PSX) by 0.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,554 shares of the oil and gas company’s stock after selling 500 shares during the period. Martingale Asset Management L P’s holdings in Phillips 66 were worth $10,063,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. nVerses Capital LLC purchased a new stake in shares of Phillips 66 in the third quarter worth $26,000. Bank & Trust Co purchased a new stake in shares of Phillips 66 in the second quarter worth $31,000. Values First Advisors Inc. bought a new position in Phillips 66 in the third quarter valued at $30,000. Opal Wealth Advisors LLC bought a new position in Phillips 66 in the second quarter valued at $34,000. Finally, Fortitude Family Office LLC increased its stake in Phillips 66 by 52.3% in the second quarter. Fortitude Family Office LLC now owns 265 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 91 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Up 0.5 %

NYSE PSX opened at $134.02 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The stock has a market capitalization of $55.35 billion, a PE ratio of 17.20, a PEG ratio of 4.35 and a beta of 1.33. Phillips 66 has a 1 year low of $119.77 and a 1 year high of $174.08. The business’s 50-day moving average is $130.68 and its 200 day moving average is $134.99.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.41. The company had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. Phillips 66’s quarterly revenue was down 10.3% on a year-over-year basis. During the same period last year, the firm earned $4.63 earnings per share. Sell-side analysts forecast that Phillips 66 will post 7.66 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.43%. Phillips 66’s payout ratio is presently 59.05%.

Analyst Ratings Changes

A number of research firms recently commented on PSX. JPMorgan Chase & Co. reduced their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Piper Sandler set a $144.00 target price on Phillips 66 in a research note on Thursday, October 17th. Mizuho reduced their target price on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. UBS Group reduced their target price on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Finally, Bank of America assumed coverage on Phillips 66 in a research note on Thursday, October 17th. They set a “buy” rating and a $156.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $149.69.

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.