Trustmark National Bank Trust Department Cuts Stake in Phillips 66 (NYSE:PSX)

Trustmark National Bank Trust Department cut its stake in shares of Phillips 66 (NYSE:PSX) by 10.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,504 shares of the oil and gas company’s stock after selling 831 shares during the quarter. Trustmark National Bank Trust Department’s holdings in Phillips 66 were worth $986,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in PSX. Van ECK Associates Corp raised its stake in shares of Phillips 66 by 263.3% during the third quarter. Van ECK Associates Corp now owns 83,278 shares of the oil and gas company’s stock valued at $10,753,000 after purchasing an additional 60,355 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Phillips 66 during the second quarter valued at about $17,670,000. M&G Plc acquired a new stake in Phillips 66 in the 2nd quarter valued at about $3,596,000. Mizuho Securities USA LLC lifted its holdings in Phillips 66 by 7,549.0% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after acquiring an additional 2,467,316 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in Phillips 66 by 318.9% in the 1st quarter. Cetera Investment Advisers now owns 142,548 shares of the oil and gas company’s stock valued at $23,284,000 after acquiring an additional 108,515 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PSX has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Barclays reduced their price objective on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. Morgan Stanley reduced their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Raymond James raised their target price on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, Mizuho lowered their target price on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Price Performance

PSX stock opened at $131.90 on Friday. Phillips 66 has a 52 week low of $114.94 and a 52 week high of $174.08. The firm has a market capitalization of $54.47 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 4.29 and a beta of 1.33. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The company has a fifty day simple moving average of $130.15 and a two-hundred day simple moving average of $135.50.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.41. The company had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The firm’s quarterly revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $4.63 EPS. Analysts anticipate that Phillips 66 will post 7.63 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.49%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is 59.05%.

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.