Payden & Rygel Has $526,000 Stock Position in Phillips 66 (NYSE:PSX)

Payden & Rygel lessened its holdings in Phillips 66 (NYSE:PSX) by 96.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,000 shares of the oil and gas company’s stock after selling 109,100 shares during the quarter. Payden & Rygel’s holdings in Phillips 66 were worth $526,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Moors & Cabot Inc. raised its holdings in Phillips 66 by 4.1% during the third quarter. Moors & Cabot Inc. now owns 12,012 shares of the oil and gas company’s stock worth $1,579,000 after acquiring an additional 472 shares in the last quarter. Ontario Teachers Pension Plan Board acquired a new stake in Phillips 66 in the third quarter valued at $489,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Phillips 66 by 113.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,703 shares of the oil and gas company’s stock worth $750,000 after purchasing an additional 3,030 shares during the last quarter. Commerce Bank grew its holdings in Phillips 66 by 1.6% during the third quarter. Commerce Bank now owns 55,553 shares of the oil and gas company’s stock worth $7,302,000 after purchasing an additional 874 shares during the period. Finally, Strategy Asset Managers LLC raised its stake in Phillips 66 by 65.1% in the third quarter. Strategy Asset Managers LLC now owns 6,459 shares of the oil and gas company’s stock valued at $849,000 after buying an additional 2,547 shares during the period. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the topic of several research analyst reports. TD Cowen dropped their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Scotiabank dropped their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Mizuho decreased their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Barclays dropped their target price on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a report on Monday, November 11th. Finally, Piper Sandler set a $144.00 price target on shares of Phillips 66 in a research note on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Trading Up 0.4 %

Shares of PSX stock opened at $131.41 on Thursday. Phillips 66 has a fifty-two week low of $114.94 and a fifty-two week high of $174.08. The stock’s fifty day moving average price is $130.03 and its two-hundred day moving average price is $135.52. 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 company has a market cap of $54.27 billion, a PE ratio of 16.87, a P/E/G ratio of 4.29 and a beta of 1.33.

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

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio is 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.