M&T Bank Corp Has $69.05 Million Stock Holdings in Phillips 66 (NYSE:PSX)

M&T Bank Corp cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 525,317 shares of the oil and gas company's stock after selling 15,484 shares during the quarter. M&T Bank Corp owned 0.13% of Phillips 66 worth $69,052,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Catalyst Financial Partners LLC lifted its holdings in shares of Phillips 66 by 5.1% in the second quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company's stock valued at $214,000 after purchasing an additional 74 shares in the last quarter. Advisory Alpha LLC lifted its holdings in shares of Phillips 66 by 4.8% in the second quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company's stock valued at $233,000 after purchasing an additional 76 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC raised its holdings in shares of Phillips 66 by 1.8% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company's stock worth $616,000 after acquiring an additional 77 shares in the last quarter. Krane Funds Advisors LLC raised its holdings in shares of Phillips 66 by 3.6% during the third quarter. Krane Funds Advisors LLC now owns 2,350 shares of the oil and gas company's stock worth $309,000 after acquiring an additional 82 shares in the last quarter. Finally, Richwood Investment Advisors LLC raised its holdings in shares of Phillips 66 by 1.9% during the third quarter. Richwood Investment Advisors LLC now owns 4,580 shares of the oil and gas company's stock worth $602,000 after acquiring an additional 85 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PSX. UBS Group cut their price objective on Phillips 66 from $150.00 to $138.00 and set a "buy" rating for the company in a report on Monday, November 4th. JPMorgan Chase & Co. cut their price objective on Phillips 66 from $160.00 to $141.00 and set an "overweight" rating for the company in a report on Wednesday, October 2nd. Barclays cut their price objective on Phillips 66 from $133.00 to $124.00 and set an "equal weight" rating for the company in a report on Monday, November 11th. TD Cowen cut their price objective on Phillips 66 from $162.00 to $150.00 and set a "buy" rating for the company in a report on Wednesday, September 11th. Finally, Bank of America started coverage on Phillips 66 in a report on Thursday, October 17th. They set a "buy" rating and a $156.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and a consensus target price of $149.23.

Phillips 66 Stock Performance

Shares of NYSE:PSX traded down $4.49 during midday trading on Tuesday, hitting $125.59. The company's stock had a trading volume of 3,124,098 shares, compared to its average volume of 2,661,797. The stock has a market capitalization of $51.87 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 4.24 and a beta of 1.35. The stock's 50 day simple moving average is $130.81 and its 200 day simple moving average is $134.30. Phillips 66 has a fifty-two week low of $119.77 and a fifty-two week high of $174.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company had revenue of $36.16 billion for the quarter, compared to the consensus estimate of $36.31 billion. During the same period last year, the business posted $4.63 earnings per share. The firm's revenue was down 10.3% compared to the same quarter last year. As a group, research analysts anticipate that Phillips 66 will post 7.59 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date was Monday, November 18th. Phillips 66's dividend payout ratio (DPR) is presently 59.05%.

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.