Grimes & Company Inc. Boosts Stake in Phillips 66 (NYSE:PSX)

Grimes & Company Inc. lifted its stake in shares of Phillips 66 (NYSE:PSX) by 242.3% in the first quarter, HoldingsChannel.com reports. The fund 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 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Wellington Management Group LLP boosted its holdings in shares of Phillips 66 by 20.3% in the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after purchasing an additional 1,842,226 shares in the last quarter. Morgan Stanley boosted its stake in Phillips 66 by 2.1% in the third quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after buying an additional 138,646 shares in the last quarter. Norges Bank bought a new position in Phillips 66 during the fourth quarter valued at approximately $559,435,000. Boston Partners raised its stake in shares of Phillips 66 by 962.0% during the fourth quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after acquiring an additional 3,494,878 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Phillips 66 by 9.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,702,734 shares of the oil and gas company’s stock worth $492,974,000 after acquiring an additional 315,889 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the sale, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at $7,051,617. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.22% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PSX has been the topic of several recent research reports. Scotiabank increased their target price on shares of Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Argus reaffirmed a “buy” rating and set a $167.00 price objective on shares of Phillips 66 in a research note on Thursday, May 30th. StockNews.com lowered Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Mizuho dropped their target price on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a report on Thursday, June 20th. Finally, Barclays decreased their price target on Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $157.79.

Phillips 66 Stock Performance

NYSE:PSX opened at $141.17 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. Phillips 66 has a twelve month low of $93.40 and a twelve month high of $174.08. The stock has a market cap of $59.85 billion, a P/E ratio of 10.86, a price-to-earnings-growth ratio of 2.12 and a beta of 1.37. The firm’s fifty day simple moving average is $142.91 and its 200 day simple moving average is $144.70.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. The company had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same period in the previous year, the firm posted $4.21 EPS. As a group, research analysts predict that Phillips 66 will post 11.08 EPS 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 given a $1.15 dividend. The ex-dividend date of this dividend was Friday, May 17th. This represents a $4.60 annualized dividend and a dividend yield of 3.26%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio 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.