Fiduciary Trust Co Increases Stock Position in Phillips 66 (NYSE:PSX)

Fiduciary Trust Co boosted its position in Phillips 66 (NYSE:PSX) by 2.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,453 shares of the oil and gas company’s stock after acquiring an additional 265 shares during the quarter. Fiduciary Trust Co’s holdings in Phillips 66 were worth $1,505,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Strategic Financial Concepts LLC acquired a new position in shares of Phillips 66 in the 2nd quarter valued at about $26,000. nVerses Capital LLC purchased a new position in Phillips 66 in the third quarter valued at approximately $26,000. Values First Advisors Inc. acquired a new position in Phillips 66 during the third quarter valued at approximately $30,000. Bank & Trust Co purchased a new stake in Phillips 66 during the second quarter worth approximately $31,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Phillips 66 during the second quarter worth approximately $34,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX stock opened at $134.02 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average of $130.68 and a two-hundred day moving average of $134.99. The company has a market cap of $55.35 billion, a P/E ratio of 17.20, a PEG ratio of 4.35 and a beta of 1.33. Phillips 66 has a 52 week low of $119.77 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The firm had revenue of $36.16 billion for the quarter, compared to analyst estimates of $36.31 billion. During the same period last year, the company earned $4.63 earnings per share. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. As a group, analysts anticipate that Phillips 66 will post 7.66 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.43%. Phillips 66’s dividend payout ratio is presently 59.05%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PSX shares. Wells Fargo & Company reduced 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. Mizuho reduced their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Barclays lowered their price target on shares of Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Piper Sandler set a $144.00 target price on Phillips 66 in a research note on Thursday, October 17th. Finally, TD Cowen lowered their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $149.69.

About Phillips 66

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.