Kentucky Retirement Systems Insurance Trust Fund Lowers Holdings in Phillips 66 (NYSE:PSX)

Kentucky Retirement Systems Insurance Trust Fund reduced its position in shares of Phillips 66 (NYSE:PSX) by 9.4% in the third quarter, Holdings Channel reports. The firm owned 12,393 shares of the oil and gas company’s stock after selling 1,281 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Phillips 66 were worth $1,629,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PSX. Crewe Advisors LLC purchased a new position in Phillips 66 during the first quarter worth about $25,000. Strategic Financial Concepts LLC purchased a new position in shares of Phillips 66 during the second quarter worth about $26,000. nVerses Capital LLC purchased a new position in shares of Phillips 66 during the third quarter worth about $26,000. Values First Advisors Inc. bought a new position in shares of Phillips 66 in the third quarter worth approximately $30,000. Finally, Bank & Trust Co purchased a new stake in Phillips 66 in the second quarter valued at approximately $31,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of research analyst reports. UBS Group cut their target price on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Raymond James upped their target price on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Mizuho reduced their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company lowered their price target on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, Bank of America began coverage on Phillips 66 in a report on Thursday, October 17th. They set a “buy” rating and a $156.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Stock Up 0.9 %

Shares of NYSE PSX opened at $130.91 on Friday. The firm has a fifty day simple moving average of $129.75 and a two-hundred day simple moving average of $135.76. Phillips 66 has a 12 month low of $111.90 and a 12 month high of $174.08. 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 market capitalization of $54.06 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 4.29 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $36.31 billion. During the same quarter in the previous year, the company earned $4.63 earnings per share. Phillips 66’s quarterly revenue was down 10.3% on a year-over-year basis. Equities analysts expect that Phillips 66 will post 7.63 earnings per share for the current year.

Phillips 66 Dividend Announcement

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 paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is presently 59.05%.

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.