Grimes & Company Inc. Purchases 1,554 Shares of Phillips 66 $PSX

Grimes & Company Inc. increased its position in Phillips 66 (NYSE:PSX) by 22.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,340 shares of the oil and gas company’s stock after buying an additional 1,554 shares during the period. Grimes & Company Inc.’s holdings in Phillips 66 were worth $995,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Elliott Investment Management L.P. grew its holdings in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Nuveen LLC bought a new position in Phillips 66 during the first quarter valued at $156,482,000. Price T Rowe Associates Inc. MD grew its stake in shares of Phillips 66 by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after buying an additional 682,459 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Phillips 66 by 15.9% in the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after buying an additional 653,248 shares during the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter valued at about $72,897,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes bought 8,350 shares of the stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the acquisition, the director owned 29,423 shares of the company’s stock, valued at $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the company’s stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the transaction, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company’s stock.

Phillips 66 Trading Down 0.0%

PSX stock opened at $132.97 on Tuesday. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $142.35. The firm’s 50-day moving average is $128.99 and its 200 day moving average is $120.43. The company has a market capitalization of $53.74 billion, a PE ratio of 31.96, a P/E/G ratio of 1.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the previous year, the company earned $2.31 EPS. On average, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Phillips 66’s dividend payout ratio (DPR) is presently 115.38%.

Analyst Ratings Changes

Several equities research analysts have weighed in on PSX shares. Scotiabank reissued a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Raymond James Financial boosted their target price on Phillips 66 from $142.00 to $145.00 and gave the company an “outperform” rating in a research report on Tuesday, September 9th. Wells Fargo & Company decreased their price target on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a report on Wednesday, June 11th. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a research note on Wednesday, June 18th. Finally, Evercore ISI increased their target price on shares of Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $140.19.

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.