RNC Capital Management LLC Reduces Holdings in Phillips 66 (NYSE:PSX)

RNC Capital Management LLC reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 30.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 271,338 shares of the oil and gas company’s stock after selling 121,522 shares during the period. RNC Capital Management LLC owned approximately 0.06% of Phillips 66 worth $18,977,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PSX. JPMorgan Chase & Co. grew its position in Phillips 66 by 48.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,997,564 shares of the oil and gas company’s stock worth $365,202,000 after purchasing an additional 2,286,501 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Phillips 66 by 3.5% in the third quarter. BlackRock Inc. now owns 30,418,422 shares of the oil and gas company’s stock valued at $1,576,891,000 after purchasing an additional 1,019,044 shares during the period. Ceredex Value Advisors LLC acquired a new stake in shares of Phillips 66 in the third quarter valued at about $50,622,000. Morgan Stanley lifted its stake in shares of Phillips 66 by 25.5% in the third quarter. Morgan Stanley now owns 4,065,585 shares of the oil and gas company’s stock valued at $210,759,000 after purchasing an additional 825,030 shares during the period. Finally, Neuberger Berman Group LLC lifted its stake in shares of Phillips 66 by 80.7% in the second quarter. Neuberger Berman Group LLC now owns 1,600,283 shares of the oil and gas company’s stock valued at $115,042,000 after purchasing an additional 714,717 shares during the period. 65.91% of the stock is currently owned by institutional investors.

PSX stock traded down $1.97 during trading on Wednesday, hitting $71.77. 2,489,355 shares of the company’s stock traded hands, compared to its average volume of 3,385,487. The company has a quick ratio of 0.73, a current ratio of 1.25 and a debt-to-equity ratio of 0.54. Phillips 66 has a 52 week low of $40.04 and a 52 week high of $106.66. The stock has a fifty day moving average price of $68.45 and a two-hundred day moving average price of $60.85. The stock has a market capitalization of $31.35 billion, a price-to-earnings ratio of -25.91, a price-to-earnings-growth ratio of 34.44 and a beta of 1.53.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, November 4th. The oil and gas company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.80) by $0.79. Phillips 66 had a negative net margin of 1.32% and a positive return on equity of 8.76%. The firm had revenue of $16.30 billion during the quarter, compared to analyst estimates of $17.15 billion. During the same quarter in the previous year, the firm earned $3.11 earnings per share. As a group, equities research analysts expect that Phillips 66 will post -0.18 EPS for the current fiscal year.

Several analysts recently commented on the stock. Mizuho reduced their price objective on shares of Phillips 66 from $92.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, October 22nd. Barclays dropped their target price on shares of Phillips 66 from $73.00 to $64.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. Wolfe Research upgraded shares of Phillips 66 from a “market perform” rating to an “outperform” rating and set a $63.00 target price for the company in a report on Thursday, November 5th. Cowen raised their target price on shares of Phillips 66 from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, December 15th. Finally, Morgan Stanley raised their target price on shares of Phillips 66 from $63.00 to $82.00 and gave the company an “overweight” rating in a report on Friday, December 11th. Two research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Phillips 66 currently has a consensus rating of “Buy” and an average target price of $71.76.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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