The Manufacturers Life Insurance Company Lowers Position in Phillips 66 (NYSE:PSX)

The Manufacturers Life Insurance Company lessened its stake in shares of Phillips 66 (NYSE:PSX) by 3.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 311,180 shares of the oil and gas company’s stock after selling 11,927 shares during the period. The Manufacturers Life Insurance Company owned 0.08% of Phillips 66 worth $40,905,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSX. Mizuho Securities USA LLC increased its holdings in Phillips 66 by 7,549.0% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after acquiring an additional 2,467,316 shares in the last quarter. ING Groep NV increased its stake in shares of Phillips 66 by 123.2% in the third quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock worth $155,503,000 after purchasing an additional 653,032 shares in the last quarter. Bank of Montreal Can raised 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 valued at $214,120,000 after purchasing an additional 633,970 shares during the period. Mizuho Markets Americas LLC purchased a new position in shares of Phillips 66 during the 3rd quarter valued at $70,983,000. Finally, Bank of New York Mellon Corp boosted its holdings in Phillips 66 by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after buying an additional 402,925 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

PSX has been the topic of a number of recent analyst reports. TD Cowen decreased their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Barclays lowered their price target on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. UBS Group cut their price objective on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a report on Monday, November 4th. JPMorgan Chase & Co. lowered their target price on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, Bank of America began coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They set a “buy” rating and a $156.00 target price for the company. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $149.69.

Phillips 66 Price Performance

PSX stock opened at $133.35 on Friday. Phillips 66 has a 52 week low of $117.74 and a 52 week high of $174.08. 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 company has a fifty day simple moving average of $130.60 and a two-hundred day simple moving average of $135.06. The firm has a market capitalization of $55.07 billion, a P/E ratio of 17.12, a price-to-earnings-growth ratio of 4.40 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. During the same quarter last year, the business earned $4.63 earnings per share. Phillips 66’s quarterly revenue was down 10.3% compared to the same quarter last year. Analysts anticipate that Phillips 66 will post 7.57 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 paid a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.45%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio is currently 59.05%.

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.