Mirae Asset Global Investments Co. Ltd. Grows Stake in Phillips 66 $PSX

Key Points

• Mirae Asset Global Investments boosted its stake in Phillips 66 by 21.4% to 70,339 shares (about $9.08M), joining other large institutional buyers—Vanguard and AQR among them—while institutions now own roughly 76.9% of the stock.
• Phillips 66 declared a quarterly dividend of $1.27 (annualized $5.08), yielding about 3.2%; the ex-dividend date is May 18 and the payment is scheduled for June 1.
• Mixed signals: Phillips 66 beat Q4 EPS estimates at $2.47 vs. $2.15, but disclosed roughly $900M of pre-tax mark-to-market hedge losses and related collateral outflows that triggered a selloff, leaving analysts split with a consensus "Hold" and an average price target near $180.72.

Mirae Asset Global Investments Co. Ltd. grew its holdings in Phillips 66 (NYSE:PSX - Free Report) by 21.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 70,339 shares of the oil and gas company's stock after acquiring an additional 12,381 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Phillips 66 were worth $9,077,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PSX. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 11.6% in 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 acquiring an additional 5,356,558 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Phillips 66 by 424.7% in 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 acquiring an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new position in shares of Phillips 66 in the 2nd quarter valued at about $107,967,000. Holocene Advisors LP boosted its stake in Phillips 66 by 2,433.1% in the second quarter. Holocene Advisors LP now owns 711,599 shares of the oil and gas company's stock valued at $84,894,000 after acquiring an additional 683,507 shares in the last quarter. Finally, Ossiam purchased a new position in shares of Phillips 66 during the third quarter worth about $43,306,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 News Summary

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

• Positive Sentiment: Board declared a quarterly cash dividend of $1.27 per share, supporting the stock’s income profile and signaling continued capital return to shareholders. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Wells Fargo reaffirmed its Buy rating, providing some analyst support amid volatility. Wells Fargo Reaffirms Their Buy Rating on Phillips 66 (PSX)
• Positive Sentiment: CEO comments that global oil supply “will not snap back quickly” after the Iran conflict imply sustained tightness in product markets, which can support refining and marketing margins over time. Global oil supply will not snap back quickly after Iran war, Phillips 66 CEO Lashier says
• Neutral Sentiment: Recent pullback has attracted valuation checks: PSX is down over the past month but shows strong 3‑month and 1‑year returns — a reminder that near-term volatility may be a buying opportunity for longer-term holders. Phillips 66 (PSX) Valuation Check After Recent Share Price Pullback And Strong Longer Term Returns
• Negative Sentiment: Phillips 66 disclosed roughly $900M of pre-tax mark-to-market losses on commodity hedges for Q1, plus related collateral outflows and quarter-specific operational headwinds — a major driver of today’s selloff as investors reprice near-term cash flow risk. Phillips 66 slides as investors weigh $900M hedge mark-to-market hit and Q1 volatility ahead of earnings
• Negative Sentiment: Broader energy group weakness after reports the Strait of Hormuz was open reduced wartime risk premia in oil markets, pressuring refiners and integrated oil names including PSX. Energy Stocks Lose Wartime Gains
• Negative Sentiment: Jefferies cut PSX to Hold — another headwind for sentiment amid the recent volatility and earnings uncertainty. Phillips 66 NYSE: PSX Cut to "Hold" at Jefferies Financial Group

Insider Transactions at Phillips 66

In other news, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction that occurred on Tuesday, March 17th. The stock was purchased at an average price of $173.20 per share, for a total transaction of $30,310.00. Following the completion of the transaction, the director directly owned 16,624 shares in the company, valued at approximately $2,879,276.80. This trade represents a 1.06% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Don Baldridge sold 7,500 shares of the firm's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the executive vice president owned 38,488 shares of the company's stock, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,923 shares of company stock valued at $16,399,619 over the last 90 days. Insiders own 0.40% of the company's stock.

Phillips 66 Price Performance

Shares of PSX opened at $156.44 on Monday. Phillips 66 has a fifty-two week low of $95.70 and a fifty-two week high of $190.61. The company has a market capitalization of $62.69 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 0.28 and a beta of 0.76. The firm has a 50-day simple moving average of $166.55 and a 200-day simple moving average of $147.17. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The business had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. On average, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be given a $1.27 dividend. The ex-dividend date is Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 3.2%. Phillips 66's dividend payout ratio (DPR) is presently 46.95%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. raised their price objective on Phillips 66 from $161.00 to $188.00 and gave the stock an "overweight" rating in a report on Wednesday, April 8th. Citigroup raised their price objective on Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Jefferies Financial Group lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Piper Sandler raised their price objective on Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a report on Wednesday, April 8th. Finally, Barclays raised their price objective on Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 8th. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $180.72.

Phillips 66 Company Profile

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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