Associated Banc Corp Sells 3,220 Shares of Phillips 66 (NYSE:PSX)

Associated Banc Corp lowered its position in Phillips 66 (NYSE:PSX) by 2.8% in the 3rd quarter, Holdings Channel reports. The fund owned 109,976 shares of the oil and gas company’s stock after selling 3,220 shares during the quarter. Associated Banc Corp’s holdings in Phillips 66 were worth $14,456,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Estate Counselors LLC raised its holdings in Phillips 66 by 7.2% in the third quarter. Estate Counselors LLC now owns 13,525 shares of the oil and gas company’s stock worth $1,778,000 after purchasing an additional 910 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Phillips 66 by 13.1% in the 3rd quarter. Daiwa Securities Group Inc. now owns 62,260 shares of the oil and gas company’s stock worth $8,184,000 after acquiring an additional 7,235 shares in the last quarter. Marco Investment Management LLC lifted its position in Phillips 66 by 2.4% during the 3rd quarter. Marco Investment Management LLC now owns 77,922 shares of the oil and gas company’s stock valued at $10,243,000 after acquiring an additional 1,802 shares during the period. Summit Trail Advisors LLC boosted its stake in Phillips 66 by 18.0% during the third quarter. Summit Trail Advisors LLC now owns 9,604 shares of the oil and gas company’s stock worth $1,262,000 after acquiring an additional 1,464 shares in the last quarter. Finally, Cahill Financial Advisors Inc. grew its holdings in Phillips 66 by 7.8% in the third quarter. Cahill Financial Advisors Inc. now owns 1,734 shares of the oil and gas company’s stock worth $228,000 after purchasing an additional 126 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

PSX traded up $1.28 during mid-day trading on Monday, reaching $134.55. 149,532 shares of the company traded hands, compared to its average volume of 2,645,875. The company’s fifty day moving average price is $130.28 and its 200-day moving average price is $135.27. The stock has a market capitalization of $55.57 billion, a P/E ratio of 17.11, a P/E/G ratio of 4.40 and a beta of 1.33. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. Phillips 66 has a 52-week low of $117.32 and a 52-week high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data 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. The company had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. Phillips 66’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.63 earnings per share. On average, sell-side analysts expect that Phillips 66 will post 7.57 EPS 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 dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s dividend payout ratio is presently 59.05%.

Analysts Set New Price Targets

Several research firms have recently issued reports on PSX. Mizuho lowered their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. dropped their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Bank of America assumed coverage on Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 target price on the stock. Wells Fargo & Company lowered their price target on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Finally, UBS Group cut their price objective on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 currently has an average 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.