Phillips 66 (NYSE:PSX) Stake Cut by M&T Bank Corp

M&T Bank Corp decreased its position in Phillips 66 (NYSE:PSX - Free Report) by 2.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund 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 about 0.13% of Phillips 66 worth $69,052,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LRI Investments LLC raised its holdings in Phillips 66 by 1,331.4% in the 2nd quarter. LRI Investments LLC now owns 1,231 shares of the oil and gas company's stock valued at $174,000 after acquiring an additional 1,145 shares during the last quarter. Kanawha Capital Management LLC lifted its position in Phillips 66 by 7.4% during the second quarter. Kanawha Capital Management LLC now owns 2,985 shares of the oil and gas company's stock worth $421,000 after buying an additional 206 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in Phillips 66 by 1.8% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company's stock worth $616,000 after buying an additional 77 shares during the last quarter. Independence Bank of Kentucky grew its holdings in Phillips 66 by 33.7% in the 2nd quarter. Independence Bank of Kentucky now owns 1,071 shares of the oil and gas company's stock valued at $151,000 after buying an additional 270 shares during the period. Finally, AMG National Trust Bank increased its stake in shares of Phillips 66 by 7.7% during the 2nd quarter. AMG National Trust Bank now owns 7,555 shares of the oil and gas company's stock valued at $1,067,000 after acquiring an additional 540 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 0.0 %

Shares of PSX traded up $0.02 during mid-day trading on Friday, reaching $110.37. 8,176,653 shares of the stock traded hands, compared to its average volume of 2,701,917. The stock has a fifty day simple moving average of $127.59 and a 200 day simple moving average of $132.94. Phillips 66 has a 12-month low of $109.39 and a 12-month high of $174.08. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm has a market cap of $45.58 billion, a price-to-earnings ratio of 14.17, a P/E/G ratio of 4.06 and a beta of 1.35.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly 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 firm had revenue of $36.16 billion for 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 firm's quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.63 EPS. Sell-side analysts expect that Phillips 66 will post 7.56 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders 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 dividend yield of 4.17%. The ex-dividend date of this dividend was Monday, November 18th. Phillips 66's payout ratio is currently 59.05%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. TD Cowen decreased their target price on shares of Phillips 66 from $162.00 to $150.00 and set a "buy" rating on the stock in a research report on Wednesday, September 11th. JPMorgan Chase & Co. lowered their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an "overweight" rating for the company in a research note on Wednesday, October 2nd. Mizuho dropped their price objective on Phillips 66 from $150.00 to $147.00 and set a "neutral" rating for the company in a report on Monday, December 16th. Wells Fargo & Company reduced their target price on Phillips 66 from $167.00 to $161.00 and set an "overweight" rating on the stock in a report on Monday, December 9th. Finally, Piper Sandler set a $144.00 price target on Phillips 66 in a research note on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $149.00.

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.