State of Tennessee Department of Treasury Decreases Position in Phillips 66 (NYSE:PSX)

State of Tennessee Department of Treasury reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 33.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 93,846 shares of the oil and gas company's stock after selling 48,193 shares during the quarter. State of Tennessee Department of Treasury's holdings in Phillips 66 were worth $10,692,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Morse Asset Management Inc bought a new position in shares of Phillips 66 in the third quarter worth approximately $493,000. Invst LLC lifted its holdings in shares of Phillips 66 by 2.4% in the third quarter. Invst LLC now owns 6,201 shares of the oil and gas company's stock worth $815,000 after buying an additional 145 shares in the last quarter. Advisory Resource Group grew its stake in Phillips 66 by 4.3% during the third quarter. Advisory Resource Group now owns 241,527 shares of the oil and gas company's stock valued at $31,749,000 after acquiring an additional 9,930 shares in the last quarter. World Investment Advisors LLC purchased a new stake in Phillips 66 in the 3rd quarter worth $796,000. Finally, Arvest Bank Trust Division purchased a new position in shares of Phillips 66 during the third quarter valued at about $1,008,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSX has been the subject of a number of research reports. Scotiabank dropped their price target on Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating for the company in a research note on Friday, April 11th. Morgan Stanley decreased their price objective on Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating on the stock in a research report on Thursday. Wolfe Research upgraded Phillips 66 from a "peer perform" rating to an "outperform" rating and set a $143.00 target price on the stock in a research note on Friday, January 3rd. Wells Fargo & Company raised their price objective on Phillips 66 from $161.00 to $162.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, The Goldman Sachs Group downgraded shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price objective on the stock. in a research note on Thursday, March 27th. One 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. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of "Moderate Buy" and an average price target of $140.43.

Phillips 66 Stock Performance

Shares of PSX traded down $0.71 during trading hours on Friday, hitting $103.98. The stock had a trading volume of 3,056,399 shares, compared to its average volume of 2,900,740. The firm has a 50-day moving average price of $115.80 and a 200 day moving average price of $121.15. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $152.19. The firm has a market capitalization of $42.37 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 4.84 and a beta of 1.17. 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 posted its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The firm had revenue of $31.92 billion for the quarter, compared to analysts' expectations of $31.93 billion. During the same period in the previous year, the company earned $1.90 earnings per share. As a group, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a $1.20 dividend. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a yield of 4.62%. The ex-dividend date of this dividend is Monday, May 19th. Phillips 66's dividend payout ratio (DPR) is presently 97.17%.

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.