Tradition Capital Management LLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 51.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,806 shares of the oil and gas company’s stock after selling 10,219 shares during the quarter. Tradition Capital Management LLC’s holdings in Phillips 66 were worth $1,101,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PSX. Cornerstone Wealth Management LLC lifted its stake in shares of Phillips 66 by 11,191.1% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 887,030 shares of the oil and gas company’s stock worth $8,019,000 after purchasing an additional 879,174 shares during the last quarter. Prudential Financial Inc. lifted its stake in shares of Phillips 66 by 106.2% during the 1st quarter. Prudential Financial Inc. now owns 1,308,086 shares of the oil and gas company’s stock worth $125,471,000 after purchasing an additional 673,671 shares during the last quarter. Bahl & Gaynor Inc. lifted its stake in shares of Phillips 66 by 1,141.7% during the 1st quarter. Bahl & Gaynor Inc. now owns 491,923 shares of the oil and gas company’s stock worth $47,185,000 after purchasing an additional 452,306 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Phillips 66 by 107.2% during the 1st quarter. Millennium Management LLC now owns 704,972 shares of the oil and gas company’s stock worth $67,621,000 after purchasing an additional 364,782 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. lifted its stake in shares of Phillips 66 by 3,264.6% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 368,528 shares of the oil and gas company’s stock worth $19,322,000 after purchasing an additional 357,575 shares during the last quarter. Hedge funds and other institutional investors own 69.69% of the company’s stock.

Shares of NYSE:PSX opened at $115.44 on Friday. Phillips 66 has a 1 year low of $80.73 and a 1 year high of $123.97. The stock has a market cap of $56.91 billion, a P/E ratio of 26.36, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. The company has a current ratio of 1.24, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, July 27th. The oil and gas company reported $2.80 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.16 by $0.64. Phillips 66 had a return on equity of 12.87% and a net margin of 5.34%. The company had revenue of $29.74 billion for the quarter, compared to analyst estimates of $29.40 billion. During the same period in the prior year, the company posted $1.09 EPS. research analysts expect that Phillips 66 will post 7.57 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Tuesday, August 21st will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend is Monday, August 20th. Phillips 66’s dividend payout ratio is currently 73.06%.

A number of brokerages recently weighed in on PSX. Citigroup upped their price objective on Phillips 66 from $124.00 to $126.00 and gave the stock a “neutral” rating in a research note on Wednesday. Mizuho began coverage on Phillips 66 in a research note on Wednesday, August 1st. They set a “neutral” rating and a $124.00 price objective for the company. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $137.00 price objective for the company in a research note on Wednesday, August 1st. JPMorgan Chase & Co. upped their price objective on Phillips 66 from $127.00 to $132.00 and gave the stock a “neutral” rating in a research note on Monday, June 4th. Finally, Credit Suisse Group upped their price objective on Phillips 66 from $110.00 to $115.00 and gave the stock a “neutral” rating in a research note on Monday, April 30th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $113.70.

About Phillips 66

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, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and 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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