Hikari Power Ltd Increases Stake in Phillips 66 (PSX)
Hikari Power Ltd grew its position in shares of Phillips 66 (NYSE:PSX) by 5.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 215,700 shares of the oil and gas company’s stock after buying an additional 11,400 shares during the quarter. Phillips 66 makes up about 2.4% of Hikari Power Ltd’s investment portfolio, making the stock its 11th largest holding. Hikari Power Ltd’s holdings in Phillips 66 were worth $17,836,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Phillips 66 by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 31,695,502 shares of the oil and gas company’s stock worth $2,510,918,000 after purchasing an additional 780,469 shares during the last quarter. BlackRock Inc. lifted its holdings in Phillips 66 by 2,329.3% in the 1st quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock worth $2,204,052,000 after purchasing an additional 26,676,647 shares during the last quarter. State Street Corp lifted its holdings in Phillips 66 by 4.0% in the 1st quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock worth $1,908,079,000 after purchasing an additional 921,895 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Phillips 66 by 4.3% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,349,815 shares of the oil and gas company’s stock worth $1,136,792,000 after purchasing an additional 585,176 shares during the last quarter. Finally, OppenheimerFunds Inc. lifted its holdings in Phillips 66 by 599.8% in the 1st quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock worth $364,472,000 after purchasing an additional 3,943,299 shares during the last quarter. Institutional investors and hedge funds own 69.53% of the company’s stock.
Several equities research analysts recently weighed in on the company. Scotiabank upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $89.00 to $98.00 in a report on Saturday. Howard Weil upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $86.00 to $98.00 in a report on Thursday. Piper Jaffray Companies restated a “buy” rating and issued a $98.00 target price on shares of Phillips 66 in a report on Tuesday, September 26th. Jefferies Group LLC restated a “hold” rating and issued a $78.00 target price on shares of Phillips 66 in a report on Tuesday, September 5th. Finally, BidaskClub lowered Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $87.11.
Phillips 66 (NYSE PSX) opened at 91.61 on Friday. The firm has a market capitalization of $46.86 billion, a price-to-earnings ratio of 27.41 and a beta of 1.20. Phillips 66 has a one year low of $75.14 and a one year high of $92.07. The stock’s 50 day moving average price is $84.43 and its 200-day moving average price is $80.63.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.07. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. The company had revenue of $24.58 billion during the quarter, compared to analysts’ expectations of $25.14 billion. During the same period last year, the firm posted $0.94 earnings per share. On average, equities research analysts expect that Phillips 66 will post $4.33 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were given a $0.70 dividend. The ex-dividend date was Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.06%. Phillips 66’s payout ratio is 83.58%.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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