Huntington National Bank Decreases Position in Phillips 66 (NYSE:PSX)

Huntington National Bank lowered its position in Phillips 66 (NYSE:PSX) by 1.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 38,930 shares of the oil and gas company’s stock after selling 756 shares during the quarter. Huntington National Bank’s holdings in Phillips 66 were worth $5,117,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Partners boosted its stake in shares of Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after purchasing an additional 1,595,722 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock valued at $6,741,218,000 after buying an additional 1,578,669 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Phillips 66 by 96.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,863,603 shares of the oil and gas company’s stock worth $467,743,000 after acquiring an additional 1,408,954 shares during the last quarter. Bank of New York Mellon Corp grew its stake 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 acquiring an additional 402,925 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in Phillips 66 by 1,087.3% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 432,003 shares of the oil and gas company’s stock valued at $70,563,000 after acquiring an additional 395,617 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $129.76 on Friday. The company has a market capitalization of $53.59 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 4.26 and a beta of 1.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. Phillips 66 has a 1-year low of $111.90 and a 1-year high of $174.08. The business has a 50-day moving average of $129.68 and a 200-day moving average of $136.00.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The firm had revenue of $36.16 billion during 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%. Phillips 66’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.63 EPS. On average, equities analysts anticipate that Phillips 66 will post 7.63 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is 59.05%.

Analyst Ratings Changes

Several research firms have recently issued reports on PSX. Bank of America initiated coverage on Phillips 66 in a report on Thursday, October 17th. They set a “buy” rating and a $156.00 price objective on the stock. UBS Group decreased their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Morgan Stanley lowered their price target on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Wells Fargo & Company cut their price objective 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. Finally, Piper Sandler set a $144.00 target price on shares of Phillips 66 in a report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Company 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.