M&T Bank Corp Trims Stake in Phillips 66 (NYSE:PSX)

M&T Bank Corp cut its holdings in shares of Phillips 66 (NYSE:PSX) by 2.9% in the third quarter, HoldingsChannel.com reports. The firm owned 525,317 shares of the oil and gas company’s stock after selling 15,484 shares during the quarter. M&T Bank Corp’s holdings in Phillips 66 were worth $69,052,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PSX. LRI Investments LLC raised its stake in shares of Phillips 66 by 1,331.4% in the 2nd quarter. LRI Investments LLC now owns 1,231 shares of the oil and gas company’s stock valued at $174,000 after acquiring an additional 1,145 shares during the period. Kanawha Capital Management LLC lifted its position in shares of Phillips 66 by 7.4% during the second quarter. Kanawha Capital Management LLC now owns 2,985 shares of the oil and gas company’s stock worth $421,000 after purchasing an additional 206 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of Phillips 66 by 1.8% in the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company’s stock valued at $616,000 after purchasing an additional 77 shares during the period. Independence Bank of Kentucky grew its holdings in shares of Phillips 66 by 33.7% in the second quarter. Independence Bank of Kentucky now owns 1,071 shares of the oil and gas company’s stock valued at $151,000 after purchasing an additional 270 shares in the last quarter. Finally, AMG National Trust Bank increased its stake in Phillips 66 by 7.7% during the 2nd quarter. AMG National Trust Bank now owns 7,555 shares of the oil and gas company’s stock worth $1,067,000 after buying an additional 540 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Morgan Stanley dropped their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Piper Sandler set a $144.00 price target on Phillips 66 in a report on Thursday, October 17th. Mizuho dropped their price objective on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. Finally, TD Cowen dropped 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 investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $149.00.

Phillips 66 Stock Performance

Shares of PSX opened at $110.37 on Friday. The stock has a market capitalization of $45.58 billion, a P/E ratio of 14.17, a P/E/G ratio of 4.06 and a beta of 1.35. 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 1 year low of $109.39 and a 1 year high of $174.08. The company’s fifty day moving average is $127.59 and its two-hundred day moving average is $132.96.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating 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 for the quarter was down 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $4.63 earnings per share. On average, sell-side analysts predict that Phillips 66 will post 7.56 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were issued a $1.15 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.17%. Phillips 66’s dividend 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.