Norinchukin Bank The Buys 4,227 Shares of Phillips 66 $PSX

Key Points

• Norinchukin Bank The increased its holdings in Phillips 66 by 18.5% during the first quarter, owning a total of 27,039 shares valued at approximately $3.34 million.
• Phillips 66 reported a strong quarterly earnings of $2.38 EPS, surpassing analysts' expectations by $0.59 and achieving revenues of $33.77 billion.
• The company announced a quarterly dividend of $1.20 per share, resulting in an annualized dividend yield of 3.9%, with a payout ratio of 115.38%.

Norinchukin Bank The grew its position in Phillips 66 (NYSE:PSX - Free Report) by 18.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,039 shares of the oil and gas company's stock after purchasing an additional 4,227 shares during the period. Norinchukin Bank The's holdings in Phillips 66 were worth $3,339,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. CW Advisors LLC boosted its position in Phillips 66 by 29.6% in the first quarter. CW Advisors LLC now owns 84,805 shares of the oil and gas company's stock valued at $10,478,000 after buying an additional 19,362 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Phillips 66 by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after acquiring an additional 682,459 shares in the last quarter. Crossingbridge Advisors LLC acquired a new position in shares of Phillips 66 in the 1st quarter worth approximately $1,235,000. Capital Analysts LLC increased its holdings in Phillips 66 by 9.1% during the 1st quarter. Capital Analysts LLC now owns 2,236 shares of the oil and gas company's stock valued at $276,000 after purchasing an additional 186 shares in the last quarter. Finally, Level Four Advisory Services LLC increased its holdings in Phillips 66 by 15.6% during the 1st quarter. Level Four Advisory Services LLC now owns 43,307 shares of the oil and gas company's stock valued at $5,348,000 after purchasing an additional 5,849 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Up 4.3%

Shares of PSX traded up $5.3520 on Friday, reaching $129.8020. 2,674,005 shares of the company's stock were exchanged, compared to its average volume of 2,179,068. The business has a 50 day moving average price of $124.31 and a two-hundred day moving average price of $119.01. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.85. The stock has a market capitalization of $52.46 billion, a P/E ratio of 31.20, a price-to-earnings-growth ratio of 1.76 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the previous year, the business earned $2.31 EPS. Research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the acquisition, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 9,850 shares of company stock valued at $1,188,910 in the last ninety days. 0.22% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on PSX shares. Barclays raised their target price on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Mizuho upped their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Finally, Cantor Fitzgerald began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $136.20.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.