Grimes & Company Inc. Buys 4,561 Shares of Phillips 66 (NYSE:PSX)

Grimes & Company Inc. boosted its stake in Phillips 66 (NYSE:PSX) by 242.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,443 shares of the oil and gas company’s stock after acquiring an additional 4,561 shares during the quarter. Grimes & Company Inc.’s holdings in Phillips 66 were worth $1,052,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. acquired a new position in shares of Phillips 66 during the fourth quarter worth about $27,000. First United Bank & Trust acquired a new position in Phillips 66 during the 4th quarter worth approximately $31,000. Signature Resources Capital Management LLC bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $33,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $36,000. Finally, Gladius Capital Management LP bought a new stake in shares of Phillips 66 in the fourth quarter worth $36,000. 76.93% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on PSX shares. Barclays decreased their target price on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 30th. JPMorgan Chase & Co. upped their target price on Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a report on Monday, April 1st. Bank of America increased their price target on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. StockNews.com lowered Phillips 66 from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Finally, TD Cowen cut their price objective on Phillips 66 from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, June 21st. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $157.79.

Insider Activity

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of Phillips 66 stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares in the company, valued at approximately $7,051,617. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Stock Performance

Shares of PSX stock opened at $141.17 on Friday. Phillips 66 has a 52 week low of $93.40 and a 52 week high of $174.08. The company has a market capitalization of $59.85 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 2.12 and a beta of 1.37. The company has a 50-day simple moving average of $142.91 and a 200 day simple moving average of $144.70. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The firm 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 quarter in the prior year, the firm earned $4.21 EPS. On average, sell-side analysts predict that Phillips 66 will post 11.08 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were issued a dividend of $1.15 per share. The ex-dividend date was Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.26%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio (DPR) is currently 35.38%.

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.