Tradition Wealth Management LLC Decreases Stock Holdings in Phillips 66 (NYSE:PSX)

Tradition Wealth Management LLC reduced its position in shares of Phillips 66 (NYSE:PSX) by 12.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,048 shares of the oil and gas company’s stock after selling 301 shares during the quarter. Tradition Wealth Management LLC’s holdings in Phillips 66 were worth $269,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Van ECK Associates Corp lifted its stake in Phillips 66 by 263.3% in the third quarter. Van ECK Associates Corp now owns 83,278 shares of the oil and gas company’s stock worth $10,753,000 after acquiring an additional 60,355 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Phillips 66 in the 2nd quarter worth about $17,670,000. M&G Plc bought a new stake in shares of Phillips 66 during the 2nd quarter valued at about $3,596,000. Mizuho Securities USA LLC grew its holdings in shares of Phillips 66 by 7,549.0% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after acquiring an additional 2,467,316 shares during the period. Finally, Nwam LLC bought a new position in shares of Phillips 66 in the 3rd quarter worth approximately $498,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Up 1.8 %

PSX stock opened at $136.43 on Tuesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The stock has a market capitalization of $56.34 billion, a P/E ratio of 17.51, a P/E/G ratio of 4.37 and a beta of 1.33. The business has a fifty 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 released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating 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 firm had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. During the same period in the prior year, the firm earned $4.63 EPS. The company’s revenue was down 10.3% compared to the same quarter last year. Equities analysts forecast that Phillips 66 will post 7.66 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PSX shares. UBS Group reduced their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Piper Sandler set a $144.00 target price on shares of Phillips 66 in a research report on Thursday, October 17th. TD Cowen lowered their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. JPMorgan Chase & Co. cut their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Finally, Scotiabank lowered their target price on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target 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.