M&T Bank Corp Sells 26,787 Shares of Phillips 66 (NYSE:PSX)

M&T Bank Corp lowered its position in shares of Phillips 66 (NYSE:PSX) by 4.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 536,667 shares of the oil and gas company’s stock after selling 26,787 shares during the period. M&T Bank Corp owned about 0.12% of Phillips 66 worth $71,452,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC lifted its holdings in Phillips 66 by 4.2% during the 3rd quarter. Barclays PLC now owns 7,760,709 shares of the oil and gas company’s stock worth $932,447,000 after buying an additional 309,239 shares during the period. Morgan Stanley lifted its holdings in Phillips 66 by 2.1% during the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after buying an additional 138,646 shares during the period. Northern Trust Corp lifted its holdings in Phillips 66 by 6.2% during the 3rd quarter. Northern Trust Corp now owns 4,881,094 shares of the oil and gas company’s stock worth $586,463,000 after buying an additional 283,010 shares during the period. Bank of New York Mellon Corp lifted its holdings in Phillips 66 by 12.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,570,590 shares of the oil and gas company’s stock worth $549,156,000 after buying an additional 502,785 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in Phillips 66 by 21.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,946,809 shares of the oil and gas company’s stock worth $233,909,000 after buying an additional 350,211 shares during the period. Institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PSX shares. Mizuho dropped their price objective on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Raymond James boosted their price objective on Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Citigroup started coverage on Phillips 66 in a research note on Wednesday, January 24th. They issued a “buy” rating on the stock. Bank of America boosted their price objective on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Finally, The Goldman Sachs Group boosted 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. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $157.43.

Phillips 66 Stock Down 0.2 %

PSX traded down $0.26 during midday trading on Friday, reaching $143.61. 1,806,203 shares of the company were exchanged, compared to its average volume of 2,353,122. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.02 and a current ratio of 1.17. The company’s fifty day moving average price is $155.55 and its 200 day moving average price is $138.03. The company has a market cap of $60.88 billion, a price-to-earnings ratio of 11.05, a price-to-earnings-growth ratio of 1.82 and a beta of 1.41. Phillips 66 has a one year low of $89.74 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The company had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. During the same period in the prior year, the firm posted $4.21 earnings per share. As a group, analysts expect that Phillips 66 will post 13.17 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a dividend of $1.15 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend is Friday, May 17th. Phillips 66’s payout ratio is currently 32.31%.

Insiders Place Their Bets

In related news, Director Robert W. Pease acquired 682 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $146.58 per share, with a total value of $99,967.56. Following the acquisition, the director now owns 1,900 shares of the company’s stock, valued at approximately $278,502. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other Phillips 66 news, Director Robert W. Pease bought 682 shares of Phillips 66 stock in a transaction dated Thursday, February 15th. The stock was bought at an average cost of $146.58 per share, with a total value of $99,967.56. Following the completion of the acquisition, the director now directly owns 1,900 shares in the company, valued at approximately $278,502. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Joseph Scott Pruitt sold 5,922 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $157.40, for a total value of $932,122.80. Following the completion of the transaction, the vice president now directly owns 6,583 shares of the company’s stock, valued at $1,036,164.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,056 shares of company stock valued at $5,272,681. Corporate insiders own 0.22% of the company’s stock.

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.