Nippon Life Global Investors Americas Inc. Buys New Shares in Phillips 66 $PSX

Key Points

• Nippon Life Global Investors Americas initiated a Phillips 66 position by purchasing 4,320 shares valued at approximately $730,000. Institutional investors and hedge funds collectively own 76.93% of PSX.
• Phillips 66 insiders sold 100,507 shares worth about $21.8 million over the past three months, while Wall Street maintains a “Moderate Buy” consensus with an average price target of $206.56.
• PSX shares reached $240.50, near a 52-week high, after the company exceeded quarterly earnings expectations and authorized a $10 billion share-repurchase program. Phillips 66 also declared a quarterly dividend of $1.27 per share.

Nippon Life Global Investors Americas Inc. acquired a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 4,320 shares of the oil and gas company's stock, valued at approximately $730,000.

Several other large investors also recently made changes to their positions in PSX. MUFG Securities EMEA plc raised its position in shares of Phillips 66 by 113.5% during the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company's stock worth $2,131,000 after purchasing an additional 8,783 shares during the period. Horizon Investments LLC grew its position in Phillips 66 by 478.4% in the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company's stock valued at $8,167,000 after purchasing an additional 52,348 shares during the period. Truist Financial Corp grew its position in Phillips 66 by 1.6% in the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company's stock valued at $87,113,000 after purchasing an additional 10,585 shares during the period. Fifth Third Bancorp increased its stake 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 valued at $23,348,000 after purchasing an additional 108,248 shares in the last quarter. Finally, National Pension Service raised its holdings in Phillips 66 by 2.0% during the fourth quarter. National Pension Service now owns 614,059 shares of the oil and gas company's stock worth $79,238,000 after buying an additional 11,960 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Brian Mandell sold 30,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard G. Harbison sold 52,100 shares of the company'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 completion of the sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 over the last three months. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Citigroup reaffirmed a "neutral" rating on shares of Phillips 66 in a research note on Thursday, August 6th. The Goldman Sachs Group boosted their target price on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. Scotiabank upped their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Guggenheim upgraded Phillips 66 to an "outperform" rating in a research note on Wednesday, May 27th. Finally, Barclays boosted their price objective on Phillips 66 from $183.00 to $216.00 and gave the stock an "equal weight" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $206.56.

Phillips 66 Stock Up 2.9%

PSX stock opened at $240.50 on Tuesday. The stock has a fifty day moving average of $193.87 and a 200-day moving average of $176.91. Phillips 66 has a fifty-two week low of $121.24 and a fifty-two week high of $240.67. The company has a market capitalization of $95.96 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.17 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion for the quarter, compared to analysts' expectations of $43.60 billion. During the same quarter in the previous year, the firm posted $2.38 EPS. As a group, equities research analysts predict that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 declared that its Board of Directors has initiated a stock repurchase program on Friday, July 31st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is 28.95%.

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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