Phillips 66 (NYSE:PSX) Shares Sold by M&T Bank Corp

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

Other large investors have also made changes to their positions in the company. Mizuho Securities USA LLC boosted its holdings in Phillips 66 by 7,549.0% in the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after purchasing an additional 2,467,316 shares during the last quarter. ING Groep NV boosted its stake in shares of Phillips 66 by 123.2% in the third quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock worth $155,503,000 after buying an additional 653,032 shares during the last quarter. Bank of Montreal Can grew its holdings in Phillips 66 by 63.4% during the third quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock worth $214,120,000 after acquiring an additional 633,970 shares during the period. Mizuho Markets Americas LLC purchased a new position in Phillips 66 during the third quarter valued at approximately $70,983,000. Finally, Bank of New York Mellon Corp lifted its holdings in Phillips 66 by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock valued at $1,189,035,000 after acquiring an additional 402,925 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Trading Up 0.0 %

Shares of PSX stock opened at $110.37 on Friday. Phillips 66 has a fifty-two week low of $109.39 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. The stock’s fifty day moving average is $127.59 and its two-hundred day moving average is $132.96. The firm has a market capitalization of $45.58 billion, a P/E ratio of 14.17, a PEG ratio of 4.06 and a beta of 1.35.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $36.31 billion. During the same quarter in the previous year, the company posted $4.63 earnings per share. The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. Research analysts expect that Phillips 66 will post 7.56 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 4.17%. The ex-dividend date was Monday, November 18th. Phillips 66’s payout ratio is currently 59.05%.

Analysts Set New Price Targets

PSX has been the topic of a number of analyst reports. Mizuho dropped their price objective on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. JPMorgan Chase & Co. dropped their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Bank of America assumed coverage on shares of Phillips 66 in a research report on Thursday, October 17th. They issued a “buy” rating and a $156.00 price objective for the company. Piper Sandler set a $144.00 target price on Phillips 66 in a research report on Thursday, October 17th. Finally, Barclays reduced their price target 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. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Phillips 66 has an average 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.