Allspring Global Investments Holdings LLC Lowers Stake in Phillips 66 (NYSE:PSX)

Allspring Global Investments Holdings LLC reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 35.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 152,700 shares of the oil and gas company's stock after selling 85,406 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Phillips 66 were worth $20,330,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. First Capital Advisors Group LLC. acquired a new stake in shares of Phillips 66 during the 2nd quarter worth $25,000. Cornerstone Planning Group LLC boosted its stake in Phillips 66 by 134.8% in the third quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company's stock valued at $32,000 after buying an additional 151 shares in the last quarter. Worth Asset Management LLC acquired a new stake in Phillips 66 in the first quarter valued at about $32,000. Bruce G. Allen Investments LLC acquired a new stake in Phillips 66 in the fourth quarter valued at about $36,000. Finally, Bell Investment Advisors Inc boosted its stake in Phillips 66 by 82.1% in the third quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company's stock valued at $37,000 after buying an additional 138 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research analyst reports. The Goldman Sachs Group raised their price objective on Phillips 66 from $152.00 to $174.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. Raymond James increased their target price on Phillips 66 from $140.00 to $155.00 and gave the company an "outperform" rating in a research report on Thursday, February 1st. JPMorgan Chase & Co. increased their target price on Phillips 66 from $149.00 to $167.00 and gave the company an "overweight" rating in a research report on Monday, April 1st. Citigroup assumed coverage on Phillips 66 in a research report on Wednesday, January 24th. They issued a "buy" rating for the company. Finally, Mizuho dropped their target price on Phillips 66 from $167.00 to $162.00 and set a "neutral" rating for the company in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and a consensus target price of $156.86.

Insider Buying and Selling at Phillips 66

In related news, Director Robert W. Pease bought 682 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average price of $146.58 per share, with a total value of $99,967.56. Following the completion of the transaction, the director now directly owns 1,900 shares in the company, valued at $278,502. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Joseph Scott Pruitt sold 5,922 shares of Phillips 66 stock in a transaction on Monday, March 18th. The stock was sold at an average price of $157.40, for a total transaction of $932,122.80. Following the sale, the vice president now directly owns 6,583 shares in the company, valued at $1,036,164.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert W. Pease purchased 682 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the acquisition, the director now directly owns 1,900 shares of the company's stock, valued at approximately $278,502. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 35,056 shares of company stock valued at $5,272,681. Company insiders own 4.57% of the company's stock.

Phillips 66 Trading Down 1.8 %

PSX stock traded down $2.92 during mid-day trading on Friday, reaching $162.49. The company's stock had a trading volume of 2,002,433 shares, compared to its average volume of 2,862,291. The company has a market cap of $69.52 billion, a price-to-earnings ratio of 10.50, a price-to-earnings-growth ratio of 2.05 and a beta of 1.37. The business's 50 day moving average price is $153.37 and its 200 day moving average price is $134.25. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, beating analysts' consensus estimates of $2.37 by $0.72. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. The firm had revenue of $38.74 billion during the quarter, compared to analysts' expectations of $34.30 billion. On average, equities research analysts predict that Phillips 66 will post 13.2 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Friday, May 17th. This is a boost from Phillips 66's previous quarterly dividend of $1.05. Phillips 66's dividend payout ratio (DPR) is 27.15%.

Phillips 66 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.