Lokken Investment Group LLC Increases Holdings in Phillips 66 (NYSE:PSX)

Lokken Investment Group LLC lifted its holdings in Phillips 66 (NYSE:PSX) by 9.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,354 shares of the oil and gas company’s stock after acquiring an additional 723 shares during the period. Lokken Investment Group LLC’s holdings in Phillips 66 were worth $1,179,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PSX. Gryphon Financial Partners LLC grew its holdings in Phillips 66 by 11.4% during the 4th quarter. Gryphon Financial Partners LLC now owns 4,166 shares of the oil and gas company’s stock valued at $546,000 after buying an additional 426 shares in the last quarter. Brown Advisory Inc. grew its stake in Phillips 66 by 1.8% during the fourth quarter. Brown Advisory Inc. now owns 57,201 shares of the oil and gas company’s stock valued at $7,616,000 after acquiring an additional 984 shares in the last quarter. TrinityPoint Wealth LLC lifted its stake in Phillips 66 by 14.9% in the 4th quarter. TrinityPoint Wealth LLC now owns 5,170 shares of the oil and gas company’s stock worth $688,000 after purchasing an additional 672 shares in the last quarter. Balentine LLC grew its position in shares of Phillips 66 by 1.3% during the fourth quarter. Balentine LLC now owns 6,778 shares of the oil and gas company’s stock valued at $902,000 after purchasing an additional 88 shares in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Phillips 66 by 55.1% in the fourth quarter. Clearbridge Investments LLC now owns 33,625 shares of the oil and gas company’s stock worth $4,477,000 after purchasing an additional 11,945 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on PSX shares. JPMorgan Chase & Co. cut their price target on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Raymond James increased their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. TD Cowen decreased their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Barclays boosted their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company increased their price target on Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 3rd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $155.29.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $128.30 on Wednesday. The firm has a market capitalization of $53.70 billion, a P/E ratio of 9.87, a PEG ratio of 4.53 and a beta of 1.33. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. 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 $135.53 and a 200 day moving average price of $143.96.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The firm had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.87 earnings per share. Sell-side analysts expect that Phillips 66 will post 9.25 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

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.