Connecticut Wealth Management LLC Sells 2,400 Shares of Phillips 66 (NYSE:PSX)

Connecticut Wealth Management LLC lessened its position in Phillips 66 (NYSE:PSX - Free Report) by 34.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,561 shares of the oil and gas company's stock after selling 2,400 shares during the period. Connecticut Wealth Management LLC's holdings in Phillips 66 were worth $520,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Phillips 66 by 283.5% during the fourth 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 during the last quarter. Norges Bank purchased a new stake in Phillips 66 in the 4th quarter valued at about $497,648,000. Raymond James Financial Inc. purchased a new stake in Phillips 66 in the 4th quarter valued at about $168,790,000. Capitolis Liquid Global Markets LLC acquired a new position in shares of Phillips 66 during the 4th quarter valued at about $142,185,000. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of Phillips 66 by 157.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock worth $175,593,000 after acquiring an additional 942,922 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Up 1.0%

Shares of PSX stock traded up $1.14 on Tuesday, reaching $114.27. 1,836,266 shares of the company's stock traded hands, compared to its average volume of 3,002,682. The company has a market capitalization of $46.56 billion, a P/E ratio of 23.13, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $150.12. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The business's 50 day moving average price is $110.28 and its two-hundred day moving average price is $118.86.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly 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). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The company had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. During the same period last year, the company earned $1.90 earnings per share. On average, equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business 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. This is a boost from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend is Monday, May 19th. Phillips 66's payout ratio is currently 109.34%.

Analyst Ratings Changes

Several research firms have recently issued reports on PSX. Wells Fargo & Company dropped their price objective on shares of Phillips 66 from $162.00 to $149.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Raymond James decreased their price target on Phillips 66 from $150.00 to $140.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Mizuho upped their price objective on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. dropped their price target 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. Finally, The Goldman Sachs Group cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price objective for the company. in a report on Thursday, March 27th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $137.86.

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.