New York Life Investment Management LLC Cuts Stock Position in Phillips 66 (NYSE:PSX)

New York Life Investment Management LLC lessened its stake in shares of Phillips 66 (NYSE:PSX) by 0.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,480 shares of the oil and gas company’s stock after selling 296 shares during the quarter. New York Life Investment Management LLC’s holdings in Phillips 66 were worth $6,321,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of PSX. Bank of New York Mellon Corp raised its position in Phillips 66 by 7.3% in the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock worth $1,064,601,000 after acquiring an additional 639,323 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Phillips 66 by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,901,887 shares of the oil and gas company’s stock worth $381,453,000 after acquiring an additional 16,941 shares in the last quarter. Mizuho Securities USA LLC raised its position in Phillips 66 by 7,549.0% in the third 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. Bank of Montreal Can raised its position in Phillips 66 by 63.4% in the third quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock worth $214,120,000 after acquiring an additional 633,970 shares in the last quarter. Finally, ING Groep NV raised its position in 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 acquiring an additional 653,032 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

PSX has been the subject of several research analyst reports. Piper Sandler cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. StockNews.com raised Phillips 66 from a “sell” rating to a “hold” rating in a report on Saturday, February 22nd. Wells Fargo & Company upped their target price on Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Barclays lowered their target price on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Finally, Mizuho lowered their target price on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $148.00.

Phillips 66 Stock Up 1.9 %

Shares of NYSE:PSX opened at $129.81 on Friday. The stock’s 50-day moving average price is $120.60 and its two-hundred day moving average price is $126.86. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. Phillips 66 has a 12-month low of $108.90 and a 12-month high of $174.08. The firm has a market cap of $52.92 billion, a price-to-earnings ratio of 26.28, a PEG ratio of 4.84 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data 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 previous year, the company earned $3.09 earnings per share. On average, research analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th will be issued a $1.15 dividend. The ex-dividend date is Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.54%. Phillips 66’s dividend payout ratio (DPR) is 93.12%.

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.