Spring Capital Management LLC Makes New Investment in Phillips 66 (NYSE:PSX)

Spring Capital Management LLC purchased a new position in shares of Phillips 66 (NYSE:PSX) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,767 shares of the oil and gas company’s stock, valued at approximately $201,000.

Several other institutional investors also recently modified their holdings of PSX. Mizuho Securities USA LLC lifted its holdings in Phillips 66 by 7,549.0% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after buying an additional 2,467,316 shares during the period. ING Groep NV raised its position in shares of Phillips 66 by 123.2% during the third quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock worth $155,503,000 after acquiring an additional 653,032 shares during the last quarter. Bank of Montreal Can lifted its stake in shares of Phillips 66 by 63.4% in the third quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock worth $214,120,000 after acquiring an additional 633,970 shares during the period. Mizuho Markets Americas LLC bought a new stake in Phillips 66 in the third quarter valued at approximately $70,983,000. Finally, Canada Pension Plan Investment Board increased its position in Phillips 66 by 574.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 443,044 shares of the oil and gas company’s stock valued at $62,545,000 after purchasing an additional 377,314 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

PSX stock opened at $120.64 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The business has a 50-day simple moving average of $122.59 and a two-hundred day simple moving average of $129.88. The company has a market capitalization of $49.82 billion, a P/E ratio of 15.49, a price-to-earnings-growth ratio of 3.17 and a beta of 1.38. Phillips 66 has a 52-week low of $108.90 and a 52-week high of $174.08.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating 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 return on equity of 13.12% and a net margin of 2.24%. During the same quarter in the previous year, the firm earned $4.63 earnings per share. Phillips 66’s quarterly revenue was down 10.3% on a year-over-year basis. Research analysts expect that Phillips 66 will post 7.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PSX shares. UBS Group reduced their price objective on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Wells Fargo & Company lowered their price objective on Phillips 66 from $167.00 to $161.00 and set an “overweight” rating for the company in a research report on Monday, December 9th. Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. Bank of America started coverage on Phillips 66 in a report on Thursday, October 17th. They issued a “buy” rating and a $156.00 target price for the company. Finally, Wolfe Research upgraded Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target on the stock in a report on Friday, January 3rd. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $147.93.

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.