Nuveen Asset Management LLC Sells 366,743 Shares of Phillips 66 (NYSE:PSX)

Nuveen Asset Management LLC reduced its holdings in Phillips 66 (NYSE:PSX - Free Report) by 27.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 955,230 shares of the oil and gas company's stock after selling 366,743 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.23% of Phillips 66 worth $108,829,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PSX. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 valued at $686,618,000 after purchasing an additional 4,455,220 shares during the last quarter. Norges Bank acquired a new stake in Phillips 66 during the fourth quarter worth approximately $497,648,000. Raymond James Financial Inc. bought a new stake in Phillips 66 in the fourth quarter worth approximately $168,790,000. Capitolis Liquid Global Markets LLC acquired a new position in Phillips 66 in the fourth quarter valued at approximately $142,185,000. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Phillips 66 by 157.6% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock valued at $175,593,000 after buying an additional 942,922 shares during the period. 76.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on PSX. UBS Group decreased their target price on Phillips 66 from $144.00 to $140.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Wells Fargo & Company lowered their price objective on shares of Phillips 66 from $162.00 to $149.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. StockNews.com upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Barclays increased their target price on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Finally, TD Cowen boosted their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $137.86.

Phillips 66 Stock Performance

NYSE:PSX traded down $1.37 on Tuesday, reaching $120.81. 2,831,022 shares of the company's stock were exchanged, compared to its average volume of 2,963,953. 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 has a market cap of $49.22 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 4.84 and a beta of 1.01. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The stock has a fifty day simple moving average of $111.57 and a 200-day simple moving average of $119.22.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The firm had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. During the same quarter last year, the business posted $1.90 earnings per share. As a group, sell-side analysts predict that Phillips 66 will post 6.8 earnings per share for the current 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 given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date is Monday, May 19th. This is an increase from Phillips 66's previous quarterly dividend of $1.15. Phillips 66's dividend payout ratio (DPR) 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.