Verus Capital Partners LLC Sells 2,210 Shares of Phillips 66 (NYSE:PSX)

Verus Capital Partners LLC decreased its holdings in shares of Phillips 66 (NYSE:PSX) by 57.9% in the third quarter, HoldingsChannel reports. The fund owned 1,609 shares of the oil and gas company’s stock after selling 2,210 shares during the quarter. Verus Capital Partners LLC’s holdings in Phillips 66 were worth $212,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Phillips 66 by 28.6% during the third quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 2,143 shares of the oil and gas company’s stock valued at $282,000 after purchasing an additional 477 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Phillips 66 in the third quarter worth about $817,000. WCM Investment Management LLC lifted its position in shares of Phillips 66 by 310.4% during the 3rd quarter. WCM Investment Management LLC now owns 9,890 shares of the oil and gas company’s stock valued at $1,296,000 after buying an additional 7,480 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of Phillips 66 by 5.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 44,312 shares of the oil and gas company’s stock valued at $5,825,000 after acquiring an additional 2,361 shares during the period. Finally, Jupiter Wealth Management LLC increased its holdings in Phillips 66 by 9.3% in the 3rd quarter. Jupiter Wealth Management LLC now owns 8,154 shares of the oil and gas company’s stock worth $1,072,000 after acquiring an additional 695 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PSX. TD Cowen lowered their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Mizuho lowered 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 note on Monday, September 16th. Wolfe Research initiated coverage on shares of Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Piper Sandler set a $144.00 target price on shares of Phillips 66 in a report on Thursday, October 17th. Finally, Morgan Stanley dropped their target price on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $149.69.

Phillips 66 Stock Up 1.7 %

PSX opened at $129.92 on Thursday. The firm has a 50-day simple moving average of $129.73 and a two-hundred day simple moving average of $136.04. Phillips 66 has a 52 week low of $111.90 and a 52 week high of $174.08. The company has a market capitalization of $53.66 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 4.18 and a beta of 1.33. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.41. The firm had revenue of $36.16 billion for the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.63 EPS. Analysts forecast that Phillips 66 will post 7.63 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.54%. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

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.