Phillips 66 $PSX Stock Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. decreased its position in Phillips 66 (NYSE:PSX) by 2.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 829,995 shares of the oil and gas company’s stock after selling 23,724 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Phillips 66 were worth $211,906,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PSX. BlackRock Inc. bought a new stake in shares of Phillips 66 during the 2nd quarter valued at $5,766,779,000. State Street Corp raised its position in shares of Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock valued at $4,402,856,000 after buying an additional 271,841 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Phillips 66 during the 2nd quarter valued at $1,093,206,000. Amundi lifted its holdings in shares of Phillips 66 by 62.0% during the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after acquiring an additional 1,403,493 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Phillips 66 by 1.2% in the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after acquiring an additional 35,167 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

More Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn’t Care
• Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
• Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
• Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued

Phillips 66 Trading Up 0.1%

Phillips 66 stock opened at $283.18 on Monday. The business’s fifty day moving average is $266.19 and its 200 day moving average is $198.51. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04. The stock has a market capitalization of $110.46 billion, a PE ratio of 9.04, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69. Phillips 66 has a one year low of $127.16 and a one year high of $299.39.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating analysts’ consensus estimates of $11.73 by $2.35. The business had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. During the same period in the previous year, the business earned $2.52 EPS. On average, sell-side analysts predict that Phillips 66 will post 33.11 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.32 dividend on an annualized basis and a yield of 1.9%. Phillips 66’s payout ratio is 16.22%.

Phillips 66 announced that its Board of Directors has initiated a share buyback program on Friday, July 31st that allows the company to repurchase $10 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Wells Fargo & Company upped their price objective on Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a report on Thursday. Mizuho downgraded shares of Phillips 66 from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $220.00 to $300.00 in a research note on Thursday, October 8th. TD Cowen increased their price objective on Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Finally, UBS Group boosted their price target on Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $270.19.

Insiders Place Their Bets

In related news, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 23,400 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the sale, the executive vice president owned 61,595 shares in the company, valued at $16,326,370.70. This represents a 27.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 108,800 shares of company stock worth $25,016,566. 0.40% of the stock is currently owned by insiders.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.