Phillips 66 (NYSE:PSX) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lowered its holdings in Phillips 66 (NYSE:PSX) by 18.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,776 shares of the oil and gas company’s stock after selling 1,311 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Phillips 66 were worth $759,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Crewe Advisors LLC acquired a new position in Phillips 66 during the first quarter worth $25,000. Strategic Financial Concepts LLC purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at $26,000. nVerses Capital LLC acquired a new position in Phillips 66 during the 3rd quarter worth about $26,000. Values First Advisors Inc. acquired a new position in Phillips 66 in the 3rd quarter valued at about $30,000. Finally, Bank & Trust Co purchased a new stake in Phillips 66 during the second quarter worth about $31,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 0.1 %

Shares of NYSE:PSX opened at $129.76 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a 50 day simple moving average of $129.68 and a 200-day simple moving average of $136.00. The company has a market capitalization of $53.59 billion, a PE ratio of 16.66, a P/E/G ratio of 4.26 and a beta of 1.33. Phillips 66 has a twelve month low of $111.90 and a twelve month high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The company had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. During the same quarter in the prior year, the firm posted $4.63 earnings per share. Phillips 66’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, equities analysts predict that Phillips 66 will post 7.63 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a yield of 3.55%. Phillips 66’s dividend payout ratio is presently 59.05%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. 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 objective for the company. Morgan Stanley dropped their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Raymond James lifted their target price on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Scotiabank lowered their target price on 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. Finally, TD Cowen reduced their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus target price of $149.69.

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.