Modera Wealth Management LLC Has $499,000 Holdings in Phillips 66 (NYSE:PSX)

Modera Wealth Management LLC cut its holdings in Phillips 66 (NYSE:PSX) by 5.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,384 shares of the oil and gas company’s stock after selling 229 shares during the quarter. Modera Wealth Management LLC’s holdings in Phillips 66 were worth $499,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Bank of New York Mellon Corp boosted its stake in Phillips 66 by 7.3% in the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock valued at $1,064,601,000 after buying an additional 639,323 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Phillips 66 by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,901,887 shares of the oil and gas company’s stock valued at $381,453,000 after buying an additional 16,941 shares in the last quarter. Mizuho Securities USA LLC boosted its stake in Phillips 66 by 7,549.0% in the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after buying an additional 2,467,316 shares in the last quarter. Bank of Montreal Can boosted 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 in the last quarter. Finally, ING Groep NV boosted its stake in Phillips 66 by 123.2% in the third quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock valued at $155,503,000 after buying an additional 653,032 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Barclays dropped their target price on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Piper Sandler downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. Mizuho dropped their target price on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. Wolfe Research upgraded Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 target price for the company in a research report on Friday, January 3rd. Finally, Wells Fargo & Company increased their target price on Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $148.00.

Phillips 66 Price Performance

Shares of PSX opened at $122.48 on Wednesday. Phillips 66 has a 1 year low of $108.90 and a 1 year high of $174.08. 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 company has a market capitalization of $49.93 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 4.84 and a beta of 1.37. The business has a 50-day moving average of $121.11 and a 200-day moving average of $126.51.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same period in the prior year, the company earned $3.09 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm 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. The ex-dividend date is Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a yield of 3.76%. Phillips 66’s payout ratio is currently 93.12%.

Phillips 66 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.