Phillips 66 (NYSE:PSX) Position Boosted by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. increased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,884 shares of the oil and gas company's stock after buying an additional 4,620 shares during the quarter. Salem Investment Counselors Inc.'s holdings in Phillips 66 were worth $5,666,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Everhart Financial Group Inc. grew its stake in Phillips 66 by 17.3% during the 1st quarter. Everhart Financial Group Inc. now owns 4,251 shares of the oil and gas company's stock worth $525,000 after buying an additional 628 shares during the last quarter. Paragon Capital Management Ltd boosted its position in Phillips 66 by 27.7% during the 1st quarter. Paragon Capital Management Ltd now owns 3,666 shares of the oil and gas company's stock worth $453,000 after acquiring an additional 795 shares during the period. Verity & Verity LLC boosted its position in Phillips 66 by 15.9% during the 1st quarter. Verity & Verity LLC now owns 104,622 shares of the oil and gas company's stock worth $12,919,000 after acquiring an additional 14,362 shares during the period. NorthCrest Asset Manangement LLC boosted its position in Phillips 66 by 2.5% during the 1st quarter. NorthCrest Asset Manangement LLC now owns 18,877 shares of the oil and gas company's stock worth $2,331,000 after acquiring an additional 463 shares during the period. Finally, Liberty Capital Management Inc. boosted its position in Phillips 66 by 5.9% during the 1st quarter. Liberty Capital Management Inc. now owns 2,772 shares of the oil and gas company's stock worth $342,000 after acquiring an additional 154 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Price Performance

Phillips 66 stock traded up $0.68 during midday trading on Friday, hitting $122.20. The company's stock had a trading volume of 3,074,645 shares, compared to its average volume of 3,030,076. The stock's 50-day moving average price is $109.24 and its 200-day moving average price is $117.65. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $49.79 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 4.84 and a beta of 1.02. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $150.12.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). The company had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same quarter in the previous year, the firm posted $1.90 EPS. Analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.93%. The ex-dividend date was Monday, May 19th. This is an increase from Phillips 66's previous quarterly dividend of $1.15. Phillips 66's payout ratio is presently 109.34%.

Analysts Set New Price Targets

PSX has been the subject of a number of analyst reports. Barclays boosted their price target on Phillips 66 from $106.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Monday, May 12th. TD Cowen boosted their price target on Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Scotiabank reduced their price target on Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating for the company in a research report on Friday, April 11th. Mizuho raised their target price on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company lowered their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus price target of $135.46.

Insiders Place Their Bets

In related news, Director Robert W. Pease acquired 439 shares of the business'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 acquisition, the director now owns 4,091 shares in the company, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.22% of the company's stock.

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.