Paloma Partners Management Co Reduces Stock Position in Phillips 66 (NYSE:PSX)

Paloma Partners Management Co trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 51.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,638 shares of the oil and gas company’s stock after selling 16,796 shares during the period. Paloma Partners Management Co’s holdings in Phillips 66 were worth $2,056,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in Phillips 66 by 5.0% in the second 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 purchasing an additional 402,925 shares in the last quarter. Legal & General Group Plc lifted its position in shares of Phillips 66 by 0.5% during the 2nd 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 last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of 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 valued at $514,253,000 after buying an additional 111,261 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of 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 last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in Phillips 66 by 2.9% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,813,579 shares of the oil and gas company’s stock worth $397,193,000 after acquiring an additional 79,301 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

Shares of PSX stock opened at $133.98 on Monday. 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 stock has a 50 day simple moving average of $130.68 and a 200-day simple moving average of $134.84. The company has a market cap of $55.33 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 4.37 and a beta of 1.33. Phillips 66 has a 12-month low of $119.77 and a 12-month high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. During the same quarter last year, the company earned $4.63 earnings per share. Phillips 66’s quarterly revenue was down 10.3% compared to the same quarter last year. On average, equities analysts forecast that Phillips 66 will post 7.66 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid 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%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PSX. Barclays decreased their target price on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. TD Cowen lowered their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Mizuho reduced their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. 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 price objective on the stock. Finally, Wells Fargo & Company decreased their target price 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. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.