Corebridge Financial Inc. Sells 5,893 Shares of Phillips 66 (NYSE:PSX)

Corebridge Financial Inc. decreased its holdings in Phillips 66 (NYSE:PSX - Free Report) by 5.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,917 shares of the oil and gas company's stock after selling 5,893 shares during the period. Corebridge Financial Inc.'s holdings in Phillips 66 were worth $10,814,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Bogart Wealth LLC increased its stake in Phillips 66 by 120.0% in the 4th quarter. Bogart Wealth LLC now owns 220 shares of the oil and gas company's stock valued at $25,000 after buying an additional 120 shares during the period. J.Safra Asset Management Corp acquired a new position in shares of Phillips 66 in the fourth quarter worth $25,000. Stephens Consulting LLC raised its holdings in shares of Phillips 66 by 83.5% during the fourth quarter. Stephens Consulting LLC now owns 244 shares of the oil and gas company's stock worth $28,000 after acquiring an additional 111 shares in the last quarter. Human Investing LLC acquired a new stake in Phillips 66 during the fourth quarter valued at $30,000. Finally, Webster Bank N. A. grew its stake in Phillips 66 by 48.4% in the fourth quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 88 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PSX shares. StockNews.com lowered Phillips 66 from a "hold" rating to a "sell" rating in a report on Sunday, March 2nd. Barclays boosted their target price on shares of Phillips 66 from $115.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Friday, March 14th. Wolfe Research upgraded shares of Phillips 66 from a "peer perform" rating to an "outperform" rating and set a $143.00 price target on the stock in a report on Friday, January 3rd. The Goldman Sachs Group lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price objective for the company. in a research note on Thursday. Finally, Wells Fargo & Company increased their target price on shares of Phillips 66 from $161.00 to $162.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus price target of $146.43.

Remove Ads

Phillips 66 Stock Performance

NYSE PSX traded up $1.96 during trading on Monday, hitting $123.72. The company's stock had a trading volume of 2,179,204 shares, compared to its average volume of 2,782,356. Phillips 66 has a 52 week low of $108.91 and a 52 week high of $174.08. The firm has a market cap of $50.44 billion, a P/E ratio of 25.04, a price-to-earnings-growth ratio of 4.84 and a beta of 1.31. The firm has a 50 day moving average price of $124.82 and a 200 day moving average price of $125.50. 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 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) 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 quarter in the prior year, the business posted $3.09 EPS. Equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.72%. The ex-dividend date of this dividend was Monday, February 24th. Phillips 66's dividend payout ratio (DPR) is presently 93.12%.

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.