Corebridge Financial Inc. Sells 5,893 Shares of Phillips 66 (NYSE:PSX)

Corebridge Financial Inc. cut its stake in shares of Phillips 66 (NYSE:PSX) by 5.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,917 shares of the oil and gas company’s stock after selling 5,893 shares during the period. Corebridge Financial Inc.’s holdings in Phillips 66 were worth $10,814,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PSX. Raymond James Financial Inc. purchased a new position in Phillips 66 during the fourth quarter worth about $168,790,000. Amundi boosted its stake in shares of Phillips 66 by 25.7% in the 4th quarter. Amundi now owns 3,682,414 shares of the oil and gas company’s stock worth $428,081,000 after buying an additional 753,653 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Phillips 66 by 7.3% in the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock valued at $1,064,601,000 after acquiring an additional 639,323 shares in the last quarter. Weiss Asset Management LP purchased a new stake in shares of Phillips 66 during the third quarter valued at approximately $34,042,000. Finally, OFI Invest Asset Management bought a new stake in Phillips 66 during the fourth quarter worth $23,170,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent analyst reports. Piper Sandler downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. StockNews.com lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Sunday, March 2nd. Barclays lifted their price objective on shares of Phillips 66 from $115.00 to $135.00 and gave the stock an “equal weight” rating in a research report on Friday, March 14th. Mizuho reduced their target price on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. Finally, Wells Fargo & Company lifted their price target on shares of Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $147.54.

Phillips 66 Trading Up 0.8 %

Shares of PSX stock opened at $126.54 on Thursday. Phillips 66 has a 1 year low of $108.91 and a 1 year high of $174.08. The company’s fifty day simple moving average is $124.64 and its two-hundred day simple moving average is $125.57. 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 $51.59 billion, a price-to-earnings ratio of 25.61, a PEG ratio of 4.84 and a beta of 1.31.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same period in the previous year, the firm posted $3.09 EPS. As a group, analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were paid a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.64%. The ex-dividend date was Monday, February 24th. Phillips 66’s dividend payout ratio is presently 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.