Integrated Wealth Concepts LLC Reduces Stock Position in Phillips 66 (NYSE:PSX)

Integrated Wealth Concepts LLC trimmed its holdings in Phillips 66 (NYSE:PSX) by 1.0% in the third quarter, Holdings Channel reports. The institutional investor owned 9,769 shares of the oil and gas company’s stock after selling 97 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Phillips 66 were worth $1,284,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Strategic Financial Concepts LLC purchased a new position in shares of Phillips 66 in the second quarter worth $26,000. nVerses Capital LLC purchased a new stake in Phillips 66 in the third quarter worth about $26,000. Values First Advisors Inc. bought a new stake in shares of Phillips 66 during the third quarter valued at approximately $30,000. Kings Path Partners LLC purchased a new stake in shares of Phillips 66 in the 2nd quarter worth about $38,000. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in Phillips 66 in the second quarter worth about $40,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Bank of America began coverage on shares of Phillips 66 in a 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 price objective on shares of Phillips 66 in a research report on Thursday, October 17th. Scotiabank lowered 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. Wells Fargo & Company decreased their price objective on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Finally, Morgan Stanley lowered their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. 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 presently has an average rating of “Moderate Buy” and an average price target of $149.69.

Phillips 66 Stock Performance

Shares of PSX stock opened at $128.68 on Monday. 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 has a market cap of $53.14 billion, a PE ratio of 16.52, a P/E/G ratio of 4.30 and a beta of 1.35. Phillips 66 has a 1 year low of $119.77 and a 1 year high of $174.08. The stock has a fifty day moving average price of $130.84 and a 200 day moving average price of $134.38.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The firm had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. During the same period in the prior year, the company earned $4.63 EPS. The firm’s revenue was down 10.3% on a year-over-year basis. Sell-side analysts forecast that Phillips 66 will post 7.59 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were given a $1.15 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.57%. Phillips 66’s dividend payout ratio is currently 59.05%.

Phillips 66 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.