Frank Rimerman Advisors LLC Has $556,000 Stock Position in Phillips 66 (NYSE:PSX)

Frank Rimerman Advisors LLC lifted its position in shares of Phillips 66 (NYSE:PSX) by 18.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,501 shares of the oil and gas company’s stock after buying an additional 699 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Phillips 66 were worth $556,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Forum Financial Management LP lifted 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 worth $853,000 after buying an additional 77 shares in the last quarter. CWC Advisors LLC. raised its stake in Phillips 66 by 1.0% in the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company’s stock valued at $1,110,000 after purchasing an additional 92 shares in the last quarter. Hager Investment Management Services LLC raised its stake in Phillips 66 by 7.2% in the first quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company’s stock valued at $178,000 after purchasing an additional 96 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Phillips 66 by 14.4% in the first quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company’s stock valued at $95,000 after purchasing an additional 97 shares in the last quarter. Finally, Lantern Wealth Advisors LLC raised its stake in Phillips 66 by 4.7% in the fourth quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company’s stock valued at $253,000 after purchasing an additional 99 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In related news, Director Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the acquisition, the director directly owned 4,091 shares of the company’s stock, valued at approximately $465,760.35. The trade was a 12.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the sale, the executive vice president owned 56,838 shares in the company, valued at $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 1,939 shares of company stock valued at $237,725. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PSX shares. Mizuho boosted their price target on Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. Morgan Stanley boosted their price target on Phillips 66 from $122.00 to $128.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. Piper Sandler reaffirmed a “neutral” rating and issued a $145.00 price target (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Argus raised Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Finally, Evercore ISI began coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an “outperform” rating and a $130.00 target price on the stock. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $136.20.

Phillips 66 Stock Performance

NYSE:PSX opened at $119.14 on Monday. The stock has a market cap of $48.15 billion, a P/E ratio of 28.64, a price-to-earnings-growth ratio of 1.61 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The stock’s 50-day moving average is $123.09 and its 200-day moving average is $118.88. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85.

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

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, August 19th. Phillips 66’s payout ratio is 115.38%.

Phillips 66 Company 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.