Wellington Management Group LLP Lowers Stake in Phillips 66 (NYSE:PSX)

Wellington Management Group LLP decreased its position in shares of Phillips 66 (NYSE:PSX) by 67.3% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 4,178,787 shares of the oil and gas company’s stock after selling 8,619,165 shares during the quarter. Wellington Management Group LLP’s holdings in Phillips 66 were worth $549,302,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp raised 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 valued at $1,189,035,000 after acquiring an additional 402,925 shares during the last quarter. Legal & General Group Plc lifted its position in Phillips 66 by 0.5% during the second quarter. Legal & General Group Plc now owns 3,699,370 shares of the oil and gas company’s stock worth $522,240,000 after buying an additional 18,238 shares during the period. Dimensional Fund Advisors LP boosted its stake in Phillips 66 by 3.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,643,264 shares of the oil and gas company’s stock worth $514,253,000 after buying an additional 111,261 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Phillips 66 by 0.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,901,887 shares of the oil and gas company’s stock valued at $381,453,000 after buying an additional 16,941 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Phillips 66 by 2.9% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,813,579 shares of the oil and gas company’s stock valued at $397,193,000 after buying an additional 79,301 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX stock opened at $128.68 on Friday. 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 $53.14 billion, a price-to-earnings ratio of 16.52, a PEG ratio of 4.30 and a beta of 1.35. Phillips 66 has a one year low of $119.77 and a one year high of $174.08. The company’s 50-day simple moving average is $130.88 and its 200-day simple moving average is $134.62.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business’s revenue was down 10.3% on a year-over-year basis. During the same quarter last year, the firm earned $4.63 EPS. Equities analysts anticipate that Phillips 66 will post 7.59 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a dividend of $1.15 per share. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.57%. Phillips 66’s dividend payout ratio (DPR) is 59.05%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Piper Sandler set a $144.00 price target on Phillips 66 in a research note on Thursday, October 17th. TD Cowen cut their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Bank of America started coverage on shares of Phillips 66 in a report on Thursday, October 17th. They issued a “buy” rating and a $156.00 price target on the stock. Finally, Scotiabank decreased their price objective on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.