Zacks Investment Management Reduces Holdings in Phillips 66 (NYSE:PSX)

Zacks Investment Management cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 91.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,062 shares of the oil and gas company's stock after selling 21,078 shares during the quarter. Zacks Investment Management's holdings in Phillips 66 were worth $271,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. iSAM Funds UK Ltd purchased a new position in Phillips 66 during the 3rd quarter worth $281,000. National Bank of Canada FI raised its holdings in Phillips 66 by 22.6% during the third quarter. National Bank of Canada FI now owns 425,363 shares of the oil and gas company's stock worth $55,914,000 after purchasing an additional 78,379 shares in the last quarter. iA Global Asset Management Inc. acquired a new stake in Phillips 66 in the third quarter valued at about $407,000. EP Wealth Advisors LLC increased its position in Phillips 66 by 39.8% during the 3rd quarter. EP Wealth Advisors LLC now owns 11,445 shares of the oil and gas company's stock worth $1,504,000 after purchasing an additional 3,261 shares during the period. Finally, Kovitz Investment Group Partners LLC boosted its stake in shares of Phillips 66 by 53.2% in the third quarter. Kovitz Investment Group Partners LLC now owns 37,200 shares of the oil and gas company's stock valued at $4,890,000 after buying an additional 12,925 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 1.1 %

PSX stock traded down $1.34 on Thursday, hitting $123.99. 2,617,140 shares of the company were exchanged, compared to its average volume of 2,657,989. Phillips 66 has a twelve month low of $119.77 and a twelve month high of $174.08. The business's fifty day moving average is $130.48 and its two-hundred day moving average is $134.12. The stock has a market capitalization of $51.21 billion, a price-to-earnings ratio of 16.09, a price-to-earnings-growth ratio of 4.24 and a beta of 1.35. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83.

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

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Monday, November 18th. Phillips 66's dividend payout ratio is presently 59.05%.

Wall Street Analyst Weigh In

Several brokerages have commented on PSX. 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. Scotiabank lowered their price target on Phillips 66 from $145.00 to $136.00 and set a "sector outperform" rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company reduced their price objective on Phillips 66 from $167.00 to $161.00 and set an "overweight" rating for the company in a report on Monday. UBS Group lowered their target price on Phillips 66 from $150.00 to $138.00 and set a "buy" rating on the stock in a report on Monday, November 4th. Finally, Mizuho cut their price target on Phillips 66 from $154.00 to $150.00 and set a "neutral" rating for the company in a research note on Monday, September 16th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $149.23.

Phillips 66 Company 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.