SouthState Corp Lowers Stock Holdings in Phillips 66 (NYSE:PSX)

SouthState Corp reduced its holdings in Phillips 66 (NYSE:PSX) by 7.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,710 shares of the oil and gas company’s stock after selling 738 shares during the period. SouthState Corp’s holdings in Phillips 66 were worth $1,106,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bogart Wealth LLC grew its stake in Phillips 66 by 120.0% in the 4th quarter. Bogart Wealth LLC now owns 220 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 120 shares during the period. J.Safra Asset Management Corp acquired a new stake in shares of Phillips 66 in the fourth quarter valued at about $25,000. Stephens Consulting LLC grew its position in shares of Phillips 66 by 83.5% in the fourth quarter. Stephens Consulting LLC now owns 244 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 111 shares during the period. Human Investing LLC acquired a new position in shares of Phillips 66 during the 4th quarter worth about $30,000. Finally, Webster Bank N. A. raised its position in shares of Phillips 66 by 48.4% during the 4th quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 88 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 2.0 %

Shares of NYSE PSX opened at $129.27 on Tuesday. The company has a market capitalization of $52.70 billion, a P/E ratio of 26.17, a P/E/G ratio of 4.84 and a beta of 1.31. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The company has a 50 day simple moving average of $123.11 and a 200-day simple moving average of $125.85. Phillips 66 has a 1 year low of $108.91 and a 1 year high of $174.08.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate 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 last year, the firm posted $3.09 EPS. On average, equities research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were issued a $1.15 dividend. The ex-dividend date was Monday, February 24th. This represents a $4.60 annualized dividend and a yield of 3.56%. Phillips 66’s dividend payout ratio (DPR) is currently 93.12%.

Analyst Ratings Changes

Several research firms have commented on PSX. Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. StockNews.com cut Phillips 66 from a “hold” rating to a “sell” rating in a research report on Sunday, March 2nd. 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. Barclays upped their target price on shares of Phillips 66 from $115.00 to $135.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Mizuho reduced their target price on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $149.43.

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.