Prestige Wealth Management Group LLC Cuts Holdings in Phillips 66 (NYSE:PSX)

Prestige Wealth Management Group LLC lowered its stake in shares of Phillips 66 (NYSE:PSX) by 35.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 358 shares of the oil and gas company’s stock after selling 200 shares during the period. Prestige Wealth Management Group LLC’s holdings in Phillips 66 were worth $41,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. bought a new position in Phillips 66 in the fourth quarter worth about $168,790,000. Amundi grew its position in shares of Phillips 66 by 25.7% in the 4th quarter. Amundi now owns 3,682,414 shares of the oil and gas company’s stock worth $428,081,000 after buying an additional 753,653 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Phillips 66 by 7.3% during the 4th 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. Bank of Montreal Can lifted its position in Phillips 66 by 63.4% during the third quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock valued at $214,120,000 after acquiring an additional 633,970 shares during the last quarter. Finally, Weiss Asset Management LP acquired a new stake in Phillips 66 in the third quarter valued at approximately $34,042,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PSX. 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 target on Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Wolfe Research upgraded shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price objective on the stock in a report on Friday, January 3rd. Mizuho decreased their price objective 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. Finally, Piper Sandler downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $147.54.

Phillips 66 Stock Down 0.8 %

PSX stock opened at $125.43 on Wednesday. Phillips 66 has a 52 week low of $108.91 and a 52 week high of $174.08. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm has a 50-day simple moving average of $124.49 and a 200-day simple moving average of $125.56. The stock has a market capitalization of $51.14 billion, a P/E ratio of 25.39, a P/E/G ratio of 4.84 and a beta of 1.31.

Phillips 66 (NYSE:PSX) last announced its 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 net margin of 1.46% and a return on equity of 8.58%. During the same period last year, the firm posted $3.09 EPS. Equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were given a dividend of $1.15 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a yield of 3.67%. Phillips 66’s payout ratio is presently 93.12%.

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.