Associated Banc Corp Reduces Stake in Phillips 66 (NYSE:PSX)

Associated Banc Corp lessened its stake in shares of Phillips 66 (NYSE:PSX) by 2.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Lazard Asset Management LLC grew its holdings in shares of Phillips 66 by 12.7% during the first quarter. Lazard Asset Management LLC now owns 3,998 shares of the oil and gas company’s stock worth $652,000 after purchasing an additional 451 shares in the last quarter. Caxton Associates LP increased its holdings in shares of Phillips 66 by 22.2% in the 1st quarter. Caxton Associates LP now owns 5,630 shares of the oil and gas company’s stock worth $920,000 after buying an additional 1,024 shares during the last quarter. Silvercrest Asset Management Group LLC raised its position in shares of Phillips 66 by 1.6% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 20,955 shares of the oil and gas company’s stock valued at $3,423,000 after buying an additional 325 shares in the last quarter. Icon Wealth Advisors LLC lifted its holdings in shares of Phillips 66 by 3.9% during the 1st quarter. Icon Wealth Advisors LLC now owns 18,391 shares of the oil and gas company’s stock worth $3,004,000 after acquiring an additional 684 shares during the last quarter. Finally, Dynasty Wealth Management LLC bought a new stake in shares of Phillips 66 during the 1st quarter worth $1,259,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Up 1.0 %

Shares of NYSE:PSX traded up $1.28 during midday trading on Monday, hitting $134.55. 149,532 shares of the stock traded hands, compared to its average volume of 2,645,875. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $55.57 billion, a PE ratio of 17.11, a P/E/G ratio of 4.40 and a beta of 1.33. Phillips 66 has a one year low of $117.32 and a one year high of $174.08. The business’s 50 day moving average is $130.28 and its two-hundred day moving average is $135.27.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. During the same quarter last year, the business posted $4.63 EPS. The business’s revenue was down 10.3% on a year-over-year basis. As a group, research analysts forecast that Phillips 66 will post 7.57 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is currently 59.05%.

Analysts Set New Price Targets

A number of research firms have weighed in on PSX. UBS Group lowered their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Scotiabank decreased their price objective on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Mizuho reduced their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. TD Cowen lowered their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Finally, Wells Fargo & Company reduced their target price on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.69.

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.