CCM Investment Advisers LLC Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

CCM Investment Advisers LLC cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 10.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 93,781 shares of the oil and gas company's stock after selling 11,369 shares during the quarter. CCM Investment Advisers LLC's holdings in Phillips 66 were worth $10,685,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Strategic Financial Concepts LLC bought a new position in Phillips 66 during the 2nd quarter valued at about $26,000. nVerses Capital LLC purchased a new position in shares of Phillips 66 during the 3rd quarter valued at about $26,000. Values First Advisors Inc. bought a new position in shares of Phillips 66 in the third quarter worth approximately $30,000. Point72 Hong Kong Ltd bought a new position in Phillips 66 during the third quarter valued at approximately $40,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Phillips 66 during the 2nd quarter valued at approximately $51,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PSX shares. Wells Fargo & Company lowered their price objective on Phillips 66 from $167.00 to $161.00 and set an "overweight" rating for the company in a research note on Monday, December 9th. Piper Sandler set a $144.00 price objective on Phillips 66 in a report on Thursday, October 17th. Wolfe Research raised shares of Phillips 66 from a "peer perform" rating to an "outperform" rating and set a $143.00 target price for the company in a research note on Friday, January 3rd. Barclays reduced their price target on shares of Phillips 66 from $133.00 to $124.00 and set an "equal weight" rating on the stock in a research note on Monday, November 11th. Finally, Bank of America started coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They issued a "buy" rating and a $156.00 target price on the stock. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $148.57.

Phillips 66 Price Performance

Shares of Phillips 66 stock traded down $2.30 on Friday, reaching $113.95. The company's stock had a trading volume of 4,525,787 shares, compared to its average volume of 2,833,011. The company has a market capitalization of $47.06 billion, a P/E ratio of 14.63, a PEG ratio of 4.06 and a beta of 1.38. The stock has a 50-day moving average price of $123.22 and a 200-day moving average price of $130.67. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. Phillips 66 has a 52-week low of $108.90 and a 52-week high of $174.08.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.41. The business had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business's revenue was down 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $4.63 EPS. Analysts expect that Phillips 66 will post 7.56 EPS for the current year.

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.