Comerica Bank Has $17.18 Million Stock Holdings in Phillips 66 (NYSE:PSX)

Comerica Bank lessened its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 3.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 150,786 shares of the oil and gas company's stock after selling 6,076 shares during the period. Comerica Bank's holdings in Phillips 66 were worth $17,179,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock worth $686,618,000 after purchasing an additional 4,455,220 shares in the last quarter. Norges Bank acquired a new position in shares of Phillips 66 in the fourth quarter worth about $497,648,000. Raymond James Financial Inc. purchased a new position in shares of Phillips 66 in the fourth quarter worth approximately $168,790,000. Amundi raised its holdings in shares of Phillips 66 by 25.7% during the fourth quarter. Amundi now owns 3,682,414 shares of the oil and gas company's stock valued at $428,081,000 after acquiring an additional 753,653 shares during the period. Finally, National Bank of Canada FI lifted its position in shares of Phillips 66 by 166.7% in the 4th quarter. National Bank of Canada FI now owns 1,134,582 shares of the oil and gas company's stock valued at $129,266,000 after acquiring an additional 709,219 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PSX. StockNews.com upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. The Goldman Sachs Group downgraded Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price objective for the company. in a research note on Thursday, March 27th. TD Cowen lowered their target price on Phillips 66 from $127.00 to $114.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Scotiabank reduced their price target on shares of Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating for the company in a research report on Friday, April 11th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Phillips 66 from $138.00 to $131.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 29th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $136.36.

Phillips 66 Stock Performance

NYSE:PSX traded up $3.62 during midday trading on Friday, reaching $107.08. The stock had a trading volume of 2,587,177 shares, compared to its average volume of 2,896,890. The stock has a market capitalization of $43.63 billion, a P/E ratio of 21.68, a PEG ratio of 4.84 and a beta of 1.17. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. 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 firm's fifty day simple moving average is $113.45 and its 200-day simple moving average is $120.05.

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

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be issued a dividend of $1.20 per share. The ex-dividend date is Monday, May 19th. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.48%. Phillips 66's payout ratio is 109.34%.

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.