Phillips 66 (NYSE:PSX) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its stake in shares of Phillips 66 (NYSE:PSX) by 58.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 20,022 shares of the oil and gas company’s stock after selling 28,260 shares during the period. Cresset Asset Management LLC’s holdings in Phillips 66 were worth $2,281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital Advantage Inc. purchased a new stake in Phillips 66 during the fourth quarter valued at about $317,000. Capitolis Liquid Global Markets LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at about $142,185,000. Cercano Management LLC purchased a new stake in shares of Phillips 66 during the 4th quarter worth about $4,439,000. Blue Capital Inc. acquired a new stake in Phillips 66 during the 4th quarter worth approximately $231,000. Finally, Captrust Financial Advisors raised its holdings in Phillips 66 by 1.9% in the fourth quarter. Captrust Financial Advisors now owns 126,177 shares of the oil and gas company’s stock valued at $14,375,000 after buying an additional 2,325 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 1.5 %

Shares of NYSE:PSX opened at $110.86 on Friday. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $150.12. 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 firm has a market cap of $45.17 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01. The company has a fifty day simple moving average of $111.61 and a 200 day simple moving average of $119.37.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). The company had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter last year, the company posted $1.90 EPS. On average, equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be given a $1.20 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date is Monday, May 19th. This represents a $4.80 annualized dividend and a dividend yield of 4.33%. Phillips 66’s dividend payout ratio (DPR) is presently 109.34%.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research reports. TD Cowen decreased their price objective on shares of Phillips 66 from $127.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Morgan Stanley decreased their price target on shares of Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating for the company in a research report on Thursday, April 24th. Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. Barclays decreased their target price on Phillips 66 from $135.00 to $106.00 and set an “equal weight” rating for the company in a research report on Thursday, April 10th. Finally, Wells Fargo & Company dropped their target price on Phillips 66 from $162.00 to $149.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $136.36.

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.