PNC Financial Services Group Inc. Purchases 149 Shares of Phillips 66 (NYSE:PSX)

PNC Financial Services Group Inc. grew its position in Phillips 66 (NYSE:PSX) by 0.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 810,412 shares of the oil and gas company’s stock after purchasing an additional 149 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Phillips 66 were worth $106,529,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Van ECK Associates Corp lifted its holdings in shares of 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 buying an additional 60,355 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Phillips 66 in the second quarter worth $17,670,000. M&G Plc purchased a new position in shares of Phillips 66 in the second quarter worth $3,596,000. Mizuho Securities USA LLC lifted its holdings in shares of Phillips 66 by 7,549.0% in the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after buying an additional 2,467,316 shares in the last quarter. Finally, Cetera Investment Advisers lifted its holdings in shares of Phillips 66 by 318.9% in the first quarter. Cetera Investment Advisers now owns 142,548 shares of the oil and gas company’s stock worth $23,284,000 after buying an additional 108,515 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PSX. Piper Sandler set a $144.00 target price on shares of Phillips 66 in a report on Thursday, October 17th. Bank of America assumed coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They set a “buy” rating and a $156.00 price target on the stock. TD Cowen decreased their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, Mizuho decreased 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 note on Monday, September 16th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $149.69.

Phillips 66 Price Performance

PSX stock opened at $130.93 on Wednesday. Phillips 66 has a 12 month low of $114.94 and a 12 month high of $174.08. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average price of $129.90 and a 200 day moving average price of $135.55. The stock has a market cap of $54.07 billion, a PE ratio of 16.81, a P/E/G ratio of 4.29 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The firm had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.63 EPS. Equities research analysts anticipate that Phillips 66 will post 7.63 earnings per share for the current year.

Phillips 66 Announces Dividend

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 $1.15 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.51%. Phillips 66’s dividend payout ratio (DPR) is 59.05%.

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.