Zions Bancorporation N.A. Raises Stock Holdings in Phillips 66 (NYSE:PSX)

Zions Bancorporation N.A. increased its stake in shares of Phillips 66 (NYSE:PSX) by 47.5% in the fourth quarter, HoldingsChannel reports. The firm owned 3,528 shares of the oil and gas company’s stock after buying an additional 1,136 shares during the quarter. Zions Bancorporation N.A.’s holdings in Phillips 66 were worth $402,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PSX. Bank of New York Mellon Corp grew its holdings in shares of Phillips 66 by 7.3% during the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock worth $1,064,601,000 after buying an additional 639,323 shares in the last quarter. Amundi grew its stake in Phillips 66 by 25.7% in the 4th quarter. Amundi now owns 3,682,414 shares of the oil and gas company’s stock worth $428,081,000 after acquiring an additional 753,653 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Phillips 66 by 3.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,002,995 shares of the oil and gas company’s stock valued at $342,131,000 after acquiring an additional 101,108 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Phillips 66 during the 4th quarter worth $168,790,000. Finally, National Pension Service lifted its stake in shares of Phillips 66 by 11.9% during the 4th quarter. National Pension Service now owns 1,120,657 shares of the oil and gas company’s stock worth $127,676,000 after purchasing an additional 118,923 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

PSX stock opened at $126.54 on Thursday. The firm has a market cap of $51.59 billion, a P/E ratio of 25.61, a price-to-earnings-growth ratio of 4.84 and a beta of 1.31. 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 has a 1 year low of $108.91 and a 1 year high of $174.08. The stock has a 50-day simple moving average of $124.64 and a 200-day simple moving average of $125.57.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter last year, the company posted $3.09 earnings per share. On average, equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were issued a $1.15 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a yield of 3.64%. Phillips 66’s dividend payout ratio is currently 93.12%.

Analyst Upgrades and Downgrades

PSX has been the subject of several analyst reports. Mizuho dropped their target price on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. Wells Fargo & Company increased their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Barclays boosted their target price on shares of Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a report on Friday, March 14th. Wolfe Research raised shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target on the stock in a research note on Friday, January 3rd. Finally, Piper Sandler cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $147.54.

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.