M&T Bank Corp Sells 3,927 Shares of Phillips 66 (NYSE:PSX)

M&T Bank Corp reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 521,390 shares of the oil and gas company’s stock after selling 3,927 shares during the quarter. M&T Bank Corp’s holdings in Phillips 66 were worth $59,403,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PSX. Mizuho Securities USA LLC increased its holdings in Phillips 66 by 7,549.0% during 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 during the last quarter. ING Groep NV increased its stake in shares of Phillips 66 by 123.2% during the 3rd quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock worth $155,503,000 after purchasing an additional 653,032 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock worth $1,064,601,000 after purchasing an additional 639,323 shares during the period. Bank of Montreal Can lifted its stake in Phillips 66 by 63.4% in the third quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock valued at $214,120,000 after purchasing an additional 633,970 shares during the last quarter. Finally, Mizuho Markets Americas LLC bought a new position in Phillips 66 during the third quarter valued at $70,983,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on PSX shares. Piper Sandler lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. Barclays dropped their target price on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Monday, January 13th. Wolfe Research raised Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target for the company in a report on Friday, January 3rd. StockNews.com cut Phillips 66 from a “hold” rating to a “sell” rating in a report on Sunday. Finally, Wells Fargo & Company lifted their target price on Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.00.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $122.48 on Wednesday. The business has a fifty day moving average price of $121.11 and a 200-day moving average price of $126.51. 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 company has a market capitalization of $49.93 billion, a PE ratio of 24.79, a PEG ratio of 4.84 and a beta of 1.37. Phillips 66 has a 1-year low of $108.90 and a 1-year high of $174.08.

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

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Investors of record on Monday, February 24th will be issued a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.76%. The ex-dividend date of this dividend is Monday, February 24th. Phillips 66’s payout ratio is currently 93.12%.

Phillips 66 Company 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.