Hikari Tsushin Inc. Sells 6,817 Shares of Phillips 66 $PSX

Key Points

• Hikari Tsushin Inc. cut its Phillips 66 stake by 5.5% in the fourth quarter, selling 6,817 shares and leaving it with 118,202 shares valued at about $15.25 million.
• Phillips 66 reported better-than-expected quarterly earnings of $0.49 per share, though revenue came in below analyst estimates at $32.54 billion.
• The company recently paid a quarterly dividend of $1.27 per share, equal to an annualized yield of 2.9%, while analysts currently rate the stock a Moderate Buy with an average target price of $191.44.

Hikari Tsushin Inc. lowered its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 5.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 118,202 shares of the oil and gas company's stock after selling 6,817 shares during the period. Phillips 66 comprises about 1.0% of Hikari Tsushin Inc.'s investment portfolio, making the stock its 13th biggest position. Hikari Tsushin Inc.'s holdings in Phillips 66 were worth $15,253,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PSX. Vanguard Group Inc. grew its holdings in shares of Phillips 66 by 11.6% during the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company's stock valued at $7,035,574,000 after purchasing an additional 5,356,558 shares during the last quarter. Norges Bank bought a new position in shares of Phillips 66 during the 4th quarter valued at $640,206,000. M&T Bank Corp grew its holdings in shares of Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock valued at $352,007,000 after purchasing an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock valued at $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Phillips 66 during the 2nd quarter valued at $107,967,000. Institutional investors own 76.93% of the company's stock.

Insider Activity

In related news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares of the company's stock, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 45,629 shares of company stock valued at $8,071,540. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $178.23 on Friday. The firm has a market cap of $71.46 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 0.27 and a beta of 0.68. Phillips 66 has a 12-month low of $118.00 and a 12-month high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The company's fifty day simple moving average is $172.41 and its two-hundred day simple moving average is $157.59.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company's revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.90) EPS. As a group, equities analysts expect that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is 50.05%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Scotiabank increased their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a report on Wednesday, May 27th. Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Morgan Stanley reaffirmed an "overweight" rating and set a $180.00 target price on shares of Phillips 66 in a report on Thursday, April 30th. Finally, Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and raised their price target for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and an average target price of $191.44.

About Phillips 66

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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