New York State Common Retirement Fund Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

New York State Common Retirement Fund lowered its stake in Phillips 66 (NYSE:PSX) by 11.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 296,647 shares of the oil and gas company’s stock after selling 37,483 shares during the quarter. New York State Common Retirement Fund owned 0.07% of Phillips 66 worth $39,496,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSX. Cornerstone Planning Group LLC boosted its holdings in Phillips 66 by 134.8% in the third quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 151 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Phillips 66 in the fourth quarter worth approximately $36,000. Bell Investment Advisors Inc boosted its holdings in Phillips 66 by 82.1% in the third quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 138 shares during the last quarter. West Branch Capital LLC boosted its holdings in Phillips 66 by 49.5% in the fourth quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 91 shares during the last quarter. Finally, Headinvest LLC purchased a new position in shares of Phillips 66 during the 3rd quarter worth $51,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of NYSE:PSX opened at $157.82 on Thursday. Phillips 66 has a 52 week low of $89.74 and a 52 week high of $174.08. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The firm has a fifty day simple moving average of $155.18 and a two-hundred day simple moving average of $136.46. The stock has a market capitalization of $67.52 billion, a P/E ratio of 10.20, a PEG ratio of 1.95 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.72. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. The firm had revenue of $38.74 billion during the quarter, compared to analysts’ expectations of $34.30 billion. On average, analysts expect that Phillips 66 will post 13.59 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 2.91%. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. Phillips 66’s payout ratio is 27.15%.

Analysts Set New Price Targets

PSX has been the topic of several analyst reports. Scotiabank lifted their price target on shares of Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Bank of America lifted their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Mizuho decreased their price objective on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Barclays raised their price objective on shares of Phillips 66 from $139.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Finally, Raymond James raised their price objective on shares of Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a research report on Thursday, February 1st. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $158.00.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the sale, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the sale, the executive vice president now owns 24,941 shares in the company, valued at approximately $3,648,120.07. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert W. Pease purchased 682 shares of Phillips 66 stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $146.58 per share, with a total value of $99,967.56. Following the acquisition, the director now owns 1,900 shares in the company, valued at approximately $278,502. The disclosure for this purchase can be found here. Insiders sold a total of 35,056 shares of company stock valued at $5,272,681 in the last three months. Company insiders own 0.22% of the company’s stock.

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.