BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 11,196 Shares of Phillips 66 (NYSE:PSX)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lessened its holdings in Phillips 66 (NYSE:PSX) by 13.7% in the third quarter, HoldingsChannel reports. The fund owned 70,758 shares of the oil and gas company’s stock after selling 11,196 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Phillips 66 were worth $9,301,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. DNB Asset Management AS bought a new position in shares of Phillips 66 during the second quarter worth approximately $249,000. Bank & Trust Co acquired a new stake in Phillips 66 during the second quarter worth approximately $31,000. Douglas Lane & Associates LLC increased its stake in Phillips 66 by 6.6% during the 2nd quarter. Douglas Lane & Associates LLC now owns 2,091 shares of the oil and gas company’s stock worth $295,000 after acquiring an additional 130 shares during the period. Mather Group LLC. lifted its position in shares of Phillips 66 by 143.5% during the 2nd quarter. Mather Group LLC. now owns 22,995 shares of the oil and gas company’s stock valued at $3,246,000 after acquiring an additional 13,551 shares during the period. Finally, Fulton Bank N.A. grew its holdings in shares of Phillips 66 by 6.4% during the 2nd quarter. Fulton Bank N.A. now owns 5,455 shares of the oil and gas company’s stock worth $770,000 after purchasing an additional 328 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PSX. Barclays dropped their price target on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Wells Fargo & Company lowered their price objective on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Scotiabank decreased their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Mizuho dropped their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, TD Cowen reduced their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note 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, the company has a consensus rating of “Moderate Buy” and an average price target of $149.69.

Phillips 66 Stock Performance

PSX stock opened at $133.98 on Monday. The firm has a market cap of $55.33 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 4.37 and a beta of 1.33. 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 moving average price of $130.68 and a 200-day moving average price of $134.84. Phillips 66 has a 1-year low of $119.77 and a 1-year high of $174.08.

Phillips 66 (NYSE:PSX) last issued 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. The firm had revenue of $36.16 billion for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $4.63 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 7.66 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.43%. The ex-dividend date is Monday, November 18th. Phillips 66’s payout ratio is 59.05%.

About Phillips 66

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.