CCM Investment Advisers LLC Sells 11,369 Shares of Phillips 66 (NYSE:PSX)

CCM Investment Advisers LLC lessened its position in Phillips 66 (NYSE:PSX) by 10.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 93,781 shares of the oil and gas company’s stock after selling 11,369 shares during the period. CCM Investment Advisers LLC’s holdings in Phillips 66 were worth $10,685,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PSX. Legal & General Group Plc raised its holdings in shares of Phillips 66 by 0.5% during the second quarter. Legal & General Group Plc now owns 3,699,370 shares of the oil and gas company’s stock valued at $522,240,000 after purchasing an additional 18,238 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Phillips 66 by 3.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,643,264 shares of the oil and gas company’s stock valued at $514,253,000 after purchasing an additional 111,261 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Phillips 66 by 0.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,901,887 shares of the oil and gas company’s stock valued at $381,453,000 after buying an additional 16,941 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Phillips 66 by 2.9% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,813,579 shares of the oil and gas company’s stock valued at $397,193,000 after buying an additional 79,301 shares during the last quarter. Finally, Mizuho Securities USA LLC boosted its position in shares of Phillips 66 by 7,549.0% in 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 purchasing an additional 2,467,316 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 2.4 %

Shares of NYSE:PSX traded down $2.82 during trading on Friday, reaching $113.43. The stock had a trading volume of 1,415,036 shares, compared to its average volume of 2,305,634. Phillips 66 has a one year low of $108.90 and a one year high of $174.08. The company has a market capitalization of $46.85 billion, a P/E ratio of 14.56, a PEG ratio of 4.06 and a beta of 1.38. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $123.22 and its 200 day simple moving average is $130.67.

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. As a group, research analysts expect that Phillips 66 will post 7.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PSX shares. Wells Fargo & Company dropped their price target on shares of Phillips 66 from $167.00 to $161.00 and set an “overweight” rating for the company in a research report on Monday, December 9th. UBS Group dropped their target price on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, November 4th. JPMorgan Chase & Co. dropped their target price on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Scotiabank dropped their target price on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Mizuho dropped their target price on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $148.57.

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.