CCM Investment Advisers LLC Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

CCM Investment Advisers LLC trimmed its position in shares of Phillips 66 (NYSE:PSX) by 10.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,781 shares of the oil and gas company’s stock after selling 11,369 shares during the quarter. CCM Investment Advisers LLC’s holdings in Phillips 66 were worth $10,685,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Strategic Financial Concepts LLC purchased a new stake in Phillips 66 in the 2nd quarter worth $26,000. Daiwa Securities Group Inc. increased its holdings in Phillips 66 by 5.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 55,025 shares of the oil and gas company’s stock worth $7,768,000 after acquiring an additional 2,689 shares in the last quarter. MGO One Seven LLC increased its holdings in Phillips 66 by 4.8% in the 2nd quarter. MGO One Seven LLC now owns 6,853 shares of the oil and gas company’s stock worth $967,000 after acquiring an additional 316 shares in the last quarter. LPL Financial LLC increased its holdings in Phillips 66 by 2.6% in the 2nd quarter. LPL Financial LLC now owns 664,044 shares of the oil and gas company’s stock worth $93,743,000 after acquiring an additional 16,619 shares in the last quarter. Finally, Linscomb Wealth Inc. increased its holdings in Phillips 66 by 1.8% in the 2nd quarter. Linscomb Wealth Inc. now owns 5,199 shares of the oil and gas company’s stock worth $734,000 after acquiring an additional 93 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 2.4 %

Shares of PSX stock traded down $2.82 during trading hours on Friday, reaching $113.43. 1,415,036 shares of the stock were exchanged, compared to its average volume of 2,305,634. The business’s fifty day moving average is $123.22 and its two-hundred day moving average is $130.67. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. Phillips 66 has a 12-month low of $108.90 and a 12-month high of $174.08. The firm has a market capitalization of $46.85 billion, a P/E ratio of 14.56, a P/E/G ratio of 4.06 and a beta of 1.38.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The firm had revenue of $36.16 billion for the quarter, compared to analyst estimates of $36.31 billion. During the same period in the prior year, the firm earned $4.63 earnings per share. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. As a group, research analysts expect that Phillips 66 will post 7.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PSX. Bank of America started coverage on shares of Phillips 66 in a report on Thursday, October 17th. They issued a “buy” rating and a $156.00 price target for the company. Piper Sandler set a $144.00 target price on shares of Phillips 66 in a research note on Thursday, October 17th. Wells Fargo & Company lowered their target price on shares of Phillips 66 from $167.00 to $161.00 and set an “overweight” rating on the stock in a research note on Monday, December 9th. Barclays lowered their target price on shares of Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $148.57.

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.