Frank Rimerman Advisors LLC Trims Stake in Phillips 66 (NYSE:PSX)

Frank Rimerman Advisors LLC cut its stake in Phillips 66 (NYSE:PSX) by 2.8% in the third quarter, HoldingsChannel reports. The fund owned 9,866 shares of the oil and gas company’s stock after selling 281 shares during the period. Frank Rimerman Advisors LLC’s holdings in Phillips 66 were worth $1,297,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. grew its position in shares of Phillips 66 by 48.7% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 10,758 shares of the oil and gas company’s stock valued at $1,757,000 after acquiring an additional 3,524 shares during the period. Vicus Capital purchased a new position in Phillips 66 during the first quarter worth approximately $263,000. Founders Financial Securities LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $522,000. LVW Advisors LLC raised its stake in shares of Phillips 66 by 18.9% during the 1st quarter. LVW Advisors LLC now owns 1,908 shares of the oil and gas company’s stock worth $312,000 after buying an additional 303 shares during the period. Finally, Aviance Capital Partners LLC lifted its position in shares of Phillips 66 by 268.2% during the 1st quarter. Aviance Capital Partners LLC now owns 5,828 shares of the oil and gas company’s stock valued at $952,000 after buying an additional 4,245 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.22% of the stock is owned by company insiders.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $128.17 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average price of $132.43 and a 200 day moving average price of $138.85. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The company has a market cap of $54.34 billion, a P/E ratio of 9.86, a PEG ratio of 5.61 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.87 EPS. Research analysts predict that Phillips 66 will post 7.81 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Monday, November 18th. Phillips 66’s payout ratio is 35.38%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PSX shares. Wells Fargo & Company decreased their price objective on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Mizuho lowered their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. dropped their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Barclays cut their price target on Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Finally, Raymond James boosted their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $149.50.

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.