FineMark National Bank & Trust Reduces Holdings in Phillips 66 (NYSE:PSX)

FineMark National Bank & Trust lowered its position in Phillips 66 (NYSE:PSX) by 7.3% during the fourth quarter, according to its most recent filing with the SEC. 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 institutional investors and hedge funds also recently added to or reduced their stakes in the business. NewEdge Wealth LLC boosted its position in shares of Phillips 66 by 0.5% during the 4th quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company’s stock worth $1,732,000 after purchasing an additional 81 shares in the last quarter. JBR Co Financial Management Inc raised its position in shares of Phillips 66 by 0.9% during the 4th quarter. JBR Co Financial Management Inc now owns 9,520 shares of the oil and gas company’s stock worth $1,085,000 after purchasing an additional 85 shares during the last quarter. Nwam LLC raised its holdings in shares of Phillips 66 by 2.2% in the fourth quarter. Nwam LLC now owns 3,876 shares of the oil and gas company’s stock worth $442,000 after acquiring an additional 85 shares during the last quarter. Webster Bank N. A. lifted its position in shares of Phillips 66 by 48.4% in the fourth quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 88 shares in the last quarter. Finally, PFG Private Wealth Management LLC boosted its stake in shares of Phillips 66 by 7.7% during the fourth quarter. PFG Private Wealth Management LLC now owns 1,233 shares of the oil and gas company’s stock valued at $140,000 after acquiring an additional 88 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PSX. Wells Fargo & Company upped their target price on shares of Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. StockNews.com downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Sunday, March 2nd. Wolfe Research raised shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 target price for the company in a research note on Friday, January 3rd. Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Finally, Mizuho dropped their target price on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research note on Monday, December 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $147.54.

Phillips 66 Price Performance

Phillips 66 stock opened at $125.43 on Wednesday. The firm has a fifty day moving average of $124.49 and a 200-day moving average of $125.56. Phillips 66 has a 52-week low of $108.91 and a 52-week high of $174.08. 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 firm has a market capitalization of $51.14 billion, a P/E ratio of 25.39, a PEG ratio of 4.84 and a beta of 1.31.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) EPS 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 earned $3.09 earnings per share. As a group, analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

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

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.