Raymond James Financial Services Advisors Inc. Has $114.68 Million Position in Phillips 66 (NYSE:PSX)

Raymond James Financial Services Advisors Inc. cut its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 702,096 shares of the oil and gas company's stock after selling 62,666 shares during the quarter. Raymond James Financial Services Advisors Inc. owned 0.16% of Phillips 66 worth $114,680,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sutton Place Investors LLC increased its holdings in Phillips 66 by 42.2% in the 1st quarter. Sutton Place Investors LLC now owns 6,281 shares of the oil and gas company's stock valued at $1,026,000 after buying an additional 1,865 shares during the period. Wendell David Associates Inc. bought a new stake in Phillips 66 in the first quarter valued at about $213,000. PFG Investments LLC increased its stake in Phillips 66 by 378.3% in the first quarter. PFG Investments LLC now owns 14,190 shares of the oil and gas company's stock valued at $2,318,000 after acquiring an additional 11,223 shares during the period. Raymond James & Associates raised its position in Phillips 66 by 2.3% in the first quarter. Raymond James & Associates now owns 762,302 shares of the oil and gas company's stock worth $124,514,000 after purchasing an additional 17,261 shares in the last quarter. Finally, Accordant Advisory Group Inc bought a new position in Phillips 66 during the first quarter worth about $1,082,000. 76.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Phillips 66

In other news, EVP Richard G. Harbison sold 21,934 shares of the firm's stock in a transaction on Monday, February 12th. The stock was sold at an average price of $146.27, for a total value of $3,208,286.18. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $3,648,120.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the company's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the sale, the executive vice president now owns 24,941 shares of the company's stock, valued at $3,648,120.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert W. Pease bought 682 shares of the business's stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the acquisition, the director now owns 1,900 shares of the company's stock, valued at approximately $278,502. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 35,056 shares of company stock worth $5,272,681. Insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent research reports. Raymond James increased their target price on Phillips 66 from $140.00 to $155.00 and gave the stock an "outperform" rating in a report on Thursday, February 1st. Citigroup initiated coverage on shares of Phillips 66 in a research note on Wednesday, January 24th. They issued a "buy" rating on the stock. Mizuho lowered their target price on shares of Phillips 66 from $167.00 to $162.00 and set a "neutral" rating on the stock in a report on Friday, April 12th. Barclays cut their price target on shares of Phillips 66 from $155.00 to $147.00 and set an "equal weight" rating for the company in a report on Tuesday. Finally, JPMorgan Chase & Co. upped their price objective on shares of Phillips 66 from $149.00 to $167.00 and gave the stock an "overweight" rating in a research note on Monday, April 1st. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $157.43.

Phillips 66 Trading Down 2.1 %

Phillips 66 stock traded down $3.04 during mid-day trading on Wednesday, hitting $140.17. The stock had a trading volume of 2,537,074 shares, compared to its average volume of 2,978,453. The stock has a 50-day simple moving average of $155.67 and a two-hundred day simple moving average of $137.76. The stock has a market capitalization of $59.97 billion, a PE ratio of 10.78, a P/E/G ratio of 1.83 and a beta of 1.37. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) 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 19.07%. The business had revenue of $36.44 billion for the quarter, compared to analyst estimates of $35.87 billion. During the same quarter in the previous year, the company posted $4.21 earnings per share. As a group, sell-side analysts forecast that Phillips 66 will post 13.77 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a dividend of $1.15 per share. This is a boost from Phillips 66's previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Friday, May 17th. This represents a $4.60 annualized dividend and a dividend yield of 3.28%. Phillips 66's payout ratio is presently 32.31%.

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.

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