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

Sumitomo Mitsui Trust Group Inc. lowered its stake in Phillips 66 (NYSE:PSX) by 2.8% during the third quarter, according to 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 period. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Phillips 66 worth $211,906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in PSX. Proficio Capital Partners LLC purchased a new stake in Phillips 66 in the second quarter valued at $384,000. BlackRock Inc. purchased a new stake in shares of Phillips 66 during the second quarter worth approximately $5,766,779,000. Fifth Third Bancorp raised its position in Phillips 66 by 543.7% during the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after buying an additional 108,248 shares during the last quarter. West Family Investments Inc. purchased a new position in Phillips 66 during the 2nd quarter worth $724,000. Finally, Stack Financial Management Inc acquired a new stake in shares of Phillips 66 in the 2nd quarter worth $36,317,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $283.18 on Monday. Phillips 66 has a 1 year low of $127.16 and a 1 year high of $299.39. The company has a market cap of $110.46 billion, a price-to-earnings ratio of 9.04, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.04 and a current ratio of 1.34. The firm has a fifty day moving average of $266.19 and a 200-day moving average of $198.51.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, beating the consensus estimate of $11.73 by $2.35. The firm had revenue of $50.54 billion for the quarter, compared to analysts’ expectations of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. During the same quarter last year, the company earned $2.52 EPS. As a group, equities analysts anticipate that Phillips 66 will post 33.11 earnings per share for the current year.

Phillips 66 Increases Dividend

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

Phillips 66 declared that its board has approved a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PSX shares. Weiss Ratings upgraded Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Barclays raised their target price on shares of Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a research report on Monday, October 12th. UBS Group upped their price objective on shares of Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, September 8th. TD Cowen raised their target price on shares of Phillips 66 from $295.00 to $308.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Finally, Mizuho lowered shares of Phillips 66 from an “outperform” rating to a “neutral” rating and upped their price target for the stock from $220.00 to $300.00 in a research report on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $270.19.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at $16,326,370.70. This represents a 27.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 108,800 shares of company stock worth $25,016,566. 0.40% of the stock is currently owned by company insiders.

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 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.