Associated Banc Corp Has $12.13 Million Holdings in Phillips 66 (NYSE:PSX)

Associated Banc Corp lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 3.2% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 106,424 shares of the oil and gas company’s stock after selling 3,552 shares during the quarter. Associated Banc Corp’s holdings in Phillips 66 were worth $12,125,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its stake in Phillips 66 by 10.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock worth $5,349,000 after buying an additional 4,515 shares during the period. Flavin Financial Services Inc. acquired a new stake in shares of Phillips 66 in the 4th quarter valued at about $1,190,000. Everence Capital Management Inc. acquired a new stake in shares of Phillips 66 in the 4th quarter valued at about $3,033,000. Donoghue Forlines LLC acquired a new stake in shares of Phillips 66 in the 4th quarter valued at about $1,438,000. Finally, Mizuho Securities USA LLC raised its stake in shares of 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 valued at $328,625,000 after purchasing an additional 2,467,316 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Mizuho dropped their price target on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Wolfe Research raised Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target on the stock in a research note on Friday, January 3rd. Wells Fargo & Company raised their price objective on Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. StockNews.com cut Phillips 66 from a “hold” rating to a “sell” rating in a report on Sunday, March 2nd. Finally, Piper Sandler cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $149.43.

Phillips 66 Trading Up 3.5 %

Phillips 66 stock opened at $126.84 on Friday. Phillips 66 has a 52 week low of $108.91 and a 52 week high of $174.08. 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 stock has a market capitalization of $51.71 billion, a P/E ratio of 25.68, a PEG ratio of 4.84 and a beta of 1.31. The stock has a 50-day simple moving average of $122.82 and a 200 day simple moving average of $126.03.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same period in the prior year, the firm posted $3.09 EPS. Analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend was Monday, February 24th. Phillips 66’s dividend payout ratio is presently 93.12%.

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.