The Manufacturers Life Insurance Company Trims Stake in Phillips 66 (NYSE:PSX)

The Manufacturers Life Insurance Company lowered its position in Phillips 66 (NYSE:PSX) by 3.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 311,180 shares of the oil and gas company’s stock after selling 11,927 shares during the period. The Manufacturers Life Insurance Company’s holdings in Phillips 66 were worth $40,905,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Mitchell & Pahl Private Wealth LLC increased its stake in Phillips 66 by 0.4% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock worth $2,519,000 after buying an additional 74 shares during the period. Catalyst Financial Partners LLC increased its stake in Phillips 66 by 5.1% in the 2nd quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock worth $214,000 after buying an additional 74 shares during the period. Advisory Alpha LLC increased its stake in Phillips 66 by 4.8% in the 2nd quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company’s stock worth $233,000 after buying an additional 76 shares during the period. Pinnacle Wealth Management Advisory Group LLC increased its stake in Phillips 66 by 1.8% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company’s stock worth $616,000 after buying an additional 77 shares during the period. Finally, Krane Funds Advisors LLC increased its stake in Phillips 66 by 3.6% in the 3rd quarter. Krane Funds Advisors LLC now owns 2,350 shares of the oil and gas company’s stock worth $309,000 after buying an additional 82 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PSX shares. Mizuho reduced their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. dropped their target price on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Bank of America assumed coverage on shares of Phillips 66 in a report on Thursday, October 17th. They set a “buy” rating and a $156.00 target price on the stock. Scotiabank dropped their target price on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Wells Fargo & Company dropped their target price on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.69.

Phillips 66 Stock Down 0.7 %

NYSE:PSX opened at $133.35 on Friday. Phillips 66 has a fifty-two week low of $117.74 and a fifty-two week high of $174.08. The stock has a market capitalization of $55.07 billion, a P/E ratio of 17.12, a P/E/G ratio of 4.40 and a beta of 1.33. 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 company’s 50-day simple moving average is $130.60 and its 200-day simple moving average is $135.06.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. Phillips 66’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period last year, the business earned $4.63 EPS. On average, equities analysts anticipate that Phillips 66 will post 7.57 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

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.