Phillips 66 (NYSE:PSX) Shares Acquired by Grove Bank & Trust

Grove Bank & Trust boosted its stake in shares of Phillips 66 (NYSE:PSX) by 23.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,348 shares of the oil and gas company’s stock after purchasing an additional 260 shares during the quarter. Grove Bank & Trust’s holdings in Phillips 66 were worth $166,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PSX. Forum Financial Management LP boosted its holdings in shares of Phillips 66 by 1.0% during the fourth quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company’s stock valued at $853,000 after acquiring an additional 77 shares during the period. NewEdge Wealth LLC increased its holdings in shares of Phillips 66 by 0.5% in the 4th quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company’s stock worth $1,732,000 after acquiring an additional 81 shares during the period. JBR Co Financial Management Inc lifted its position in Phillips 66 by 0.9% in the 4th quarter. JBR Co Financial Management Inc now owns 9,520 shares of the oil and gas company’s stock valued at $1,085,000 after purchasing an additional 85 shares during the last quarter. Nwam LLC boosted its stake in Phillips 66 by 2.2% during the 4th quarter. Nwam LLC now owns 3,876 shares of the oil and gas company’s stock valued at $442,000 after purchasing an additional 85 shares during the period. Finally, PFG Private Wealth Management LLC grew its position in Phillips 66 by 7.7% in the 4th quarter. PFG Private Wealth Management LLC now owns 1,233 shares of the oil and gas company’s stock worth $140,000 after purchasing an additional 88 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Up 0.8%

Shares of PSX stock opened at $124.65 on Wednesday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. The business’s fifty day moving average is $110.89 and its 200-day moving average is $117.33. The stock has a market cap of $50.79 billion, a PE ratio of 28.39, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period in the prior year, the business earned $1.90 EPS. Equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $1.20 dividend. The ex-dividend date was Monday, May 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.85%. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s payout ratio is currently 109.34%.

Analyst Upgrades and Downgrades

Several brokerages have commented on PSX. Barclays raised their price target on shares of Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Mizuho increased their price objective on Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Wells Fargo & Company cut their target price on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 11th. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $138.00 to $131.00 and set an “overweight” rating for the company in a research report on Tuesday, April 29th. Finally, Scotiabank decreased their price target on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $135.46.

Insider Buying and Selling

In other Phillips 66 news, Director Robert W. Pease purchased 439 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were purchased at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director now owns 4,091 shares in the company, valued at $465,760.35. This represents a 12.02% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.22% of the company’s stock.

Phillips 66 Profile

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.