Phillips 66 (NYSE:PSX) Shares Sold by FineMark National Bank & Trust

FineMark National Bank & Trust cut its holdings in shares of Phillips 66 (NYSE:PSX) by 7.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,414 shares of the oil and gas company’s stock after selling 505 shares during the period. FineMark National Bank & Trust’s holdings in Phillips 66 were worth $731,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Modern Wealth Management LLC raised its stake in Phillips 66 by 103.2% in the fourth quarter. Modern Wealth Management LLC now owns 3,099 shares of the oil and gas company’s stock valued at $383,000 after buying an additional 1,574 shares during the last quarter. CoreFirst Bank & Trust acquired a new position in shares of Phillips 66 during the fourth quarter valued at about $359,000. Hirtle Callaghan & Co LLC raised its position in shares of Phillips 66 by 35.1% in the 4th quarter. Hirtle Callaghan & Co LLC now owns 2,188 shares of the oil and gas company’s stock valued at $249,000 after purchasing an additional 568 shares during the last quarter. Congress Wealth Management LLC DE boosted its stake in Phillips 66 by 5.0% in the 4th quarter. Congress Wealth Management LLC DE now owns 65,443 shares of the oil and gas company’s stock worth $7,456,000 after purchasing an additional 3,092 shares in the last quarter. Finally, Mountain Hill Investment Partners Corp. purchased a new stake in Phillips 66 during the 4th quarter worth approximately $4,935,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 0.8 %

PSX opened at $125.43 on Wednesday. The company has a fifty day moving average of $124.49 and a two-hundred day moving average of $125.56. The stock has a market capitalization of $51.14 billion, a price-to-earnings ratio of 25.39, a PEG ratio of 4.84 and a beta of 1.31. Phillips 66 has a fifty-two week low of $108.91 and a fifty-two week high of $174.08. 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 (NYSE:PSX) last announced its quarterly earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the previous year, the business posted $3.09 earnings per share. On average, research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were given a $1.15 dividend. The ex-dividend date was Monday, February 24th. This represents a $4.60 annualized dividend and a dividend yield of 3.67%. Phillips 66’s dividend payout ratio (DPR) is 93.12%.

Wall Street Analyst Weigh In

PSX has been the subject of several research reports. Piper Sandler downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Barclays boosted their price target on Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a research note on Friday, March 14th. Wells Fargo & Company raised their price objective on Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. StockNews.com lowered Phillips 66 from a “hold” rating to a “sell” rating in a research report on Sunday, March 2nd. Finally, Wolfe Research upgraded shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target on the stock in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $147.54.

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.