Fisher Asset Management LLC Cuts Holdings in Phillips 66 (NYSE:PSX)

Fisher Asset Management LLC lowered its stake in shares of Phillips 66 (NYSE:PSX) by 7.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,237 shares of the oil and gas company’s stock after selling 409 shares during the period. Fisher Asset Management LLC’s holdings in Phillips 66 were worth $688,000 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. Mizuho Securities USA LLC boosted its position in Phillips 66 by 7,549.0% during the third 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 in the last quarter. ING Groep NV boosted its holdings in shares of Phillips 66 by 123.2% in the 3rd quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock valued at $155,503,000 after buying an additional 653,032 shares in the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of Phillips 66 in the 3rd quarter worth approximately $70,983,000. Bank of New York Mellon Corp raised its stake in shares of Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after acquiring an additional 402,925 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Phillips 66 by 574.0% during the second quarter. Canada Pension Plan Investment Board now owns 443,044 shares of the oil and gas company’s stock valued at $62,545,000 after acquiring an additional 377,314 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the topic of a number of recent analyst reports. UBS Group reduced their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. JPMorgan Chase & Co. reduced their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Wells Fargo & Company lowered their price target on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Barclays cut their price objective on shares of Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Finally, Bank of America started coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 target price for the company. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $149.69.

Phillips 66 Price Performance

NYSE:PSX opened at $133.98 on Friday. The firm’s fifty day moving average is $130.68 and its two-hundred day moving average is $134.92. The firm has a market cap of $55.33 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 4.35 and a beta of 1.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. Phillips 66 has a one year low of $119.77 and a one year high of $174.08.

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 analysts’ consensus estimates of $1.63 by $0.41. The firm had revenue of $36.16 billion for the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company’s revenue was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.63 earnings per share. Research analysts expect that Phillips 66 will post 7.66 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is 59.05%.

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.