Salem Investment Counselors Inc. Reduces Position in Phillips 66 (NYSE:PSX)

Salem Investment Counselors Inc. reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 17.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 41,264 shares of the oil and gas company's stock after selling 8,648 shares during the quarter. Salem Investment Counselors Inc.'s holdings in Phillips 66 were worth $4,701,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. Capital Investment Advisors LLC raised its holdings in Phillips 66 by 41.3% in the 4th quarter. Capital Investment Advisors LLC now owns 4,145 shares of the oil and gas company's stock worth $472,000 after purchasing an additional 1,211 shares during the period. Fiduciary Alliance LLC bought a new stake in Phillips 66 during the fourth quarter valued at about $861,000. Czech National Bank raised its holdings in Phillips 66 by 5.0% during the fourth quarter. Czech National Bank now owns 89,493 shares of the oil and gas company's stock valued at $10,196,000 after acquiring an additional 4,227 shares during the period. Hilltop National Bank raised its holdings in Phillips 66 by 28.0% during the fourth quarter. Hilltop National Bank now owns 9,006 shares of the oil and gas company's stock valued at $1,026,000 after acquiring an additional 1,968 shares during the period. Finally, ST Germain D J Co. Inc. raised its holdings in Phillips 66 by 25.8% during the fourth quarter. ST Germain D J Co. Inc. now owns 1,705 shares of the oil and gas company's stock valued at $194,000 after acquiring an additional 350 shares during the period. 76.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSX. Morgan Stanley cut their price objective on Phillips 66 from $150.00 to $144.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. Mizuho cut their price objective on Phillips 66 from $150.00 to $147.00 and set a "neutral" rating for the company in a research report on Monday, December 16th. Bank of America assumed coverage on Phillips 66 in a research report on Thursday, October 17th. They set a "buy" rating and a $156.00 price objective for the company. JPMorgan Chase & Co. dropped their price target on Phillips 66 from $160.00 to $141.00 and set an "overweight" rating for the company in a research report on Wednesday, October 2nd. Finally, Scotiabank dropped their price target on Phillips 66 from $145.00 to $136.00 and set a "sector outperform" rating for the company in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $147.93.

Phillips 66 Stock Up 1.8 %

NYSE:PSX traded up $2.09 during trading hours on Monday, reaching $116.02. The company's stock had a trading volume of 4,153,585 shares, compared to its average volume of 3,021,681. The company has a market capitalization of $47.91 billion, a P/E ratio of 14.89, a price-to-earnings-growth ratio of 4.06 and a beta of 1.38. Phillips 66 has a 12 month low of $108.90 and a 12 month high of $174.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The stock has a 50 day moving average price of $123.00 and a two-hundred day moving average price of $130.20.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.41. The business had revenue of $36.16 billion for the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business's quarterly revenue was down 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $4.63 earnings per share. Equities analysts predict that Phillips 66 will post 7.56 EPS for the current fiscal year.

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.