Patten & Patten Inc. TN Has $2.27 Million Stock Position in Phillips 66 (NYSE:PSX)

Patten & Patten Inc. TN reduced its stake in Phillips 66 (NYSE:PSX) by 1.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,923 shares of the oil and gas company’s stock after selling 218 shares during the quarter. Patten & Patten Inc. TN’s holdings in Phillips 66 were worth $2,270,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Mizuho Securities USA LLC lifted its holdings in shares of Phillips 66 by 7,549.0% during the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after buying an additional 2,467,316 shares in the last quarter. Raymond James Financial Inc. bought a new position in Phillips 66 during the fourth quarter worth about $168,790,000. Amundi raised 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 purchasing an additional 753,653 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock valued at $1,064,601,000 after purchasing an additional 639,323 shares during the period. Finally, Bank of Montreal Can grew its position in shares of Phillips 66 by 63.4% during the 3rd quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock worth $214,120,000 after purchasing an additional 633,970 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PSX shares. Wolfe Research upgraded Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target for the company in a research note on Friday, January 3rd. Mizuho cut their target price on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. StockNews.com cut Phillips 66 from a “hold” rating to a “sell” rating in a research report on Sunday, March 2nd. Barclays upped their price objective on shares of Phillips 66 from $115.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, Wells Fargo & Company raised their target price on shares of Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.43.

Phillips 66 Stock Up 3.5 %

Shares of PSX opened at $126.84 on Friday. 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 52 week low of $108.91 and a 52 week high of $174.08. The stock has a market capitalization of $51.71 billion, a price-to-earnings ratio of 25.68, a PEG ratio of 4.84 and a beta of 1.31. The stock has a fifty day moving average of $122.82 and a 200-day moving average of $125.97.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the business earned $3.09 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were given a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend was Monday, February 24th. Phillips 66’s dividend payout ratio (DPR) is currently 93.12%.

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.