Resona Asset Management Co. Ltd. Buys 9,108 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Resona Asset Management Co. Ltd. has increased its holdings in Phillips 66 by 6.8%, acquiring a total of 142,764 shares valued at approximately $17.6 million.
• Phillips 66 announced a quarterly dividend of $1.20 per share, with a yield of 4.0%, to be paid on September 2nd to shareholders on record as of August 19th.
• The company reported better-than-expected earnings of $2.38 per share for the last quarter, exceeding analyst estimates, and generating revenues of $33.77 billion.

Resona Asset Management Co. Ltd. grew its stake in Phillips 66 (NYSE:PSX - Free Report) by 6.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,764 shares of the oil and gas company's stock after purchasing an additional 9,108 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Phillips 66 were worth $17,592,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of PSX. Pacific Center for Financial Services bought a new stake in Phillips 66 during the fourth quarter worth $27,000. von Borstel & Associates Inc. bought a new stake in Phillips 66 during the first quarter worth $27,000. Olde Wealth Management LLC bought a new stake in Phillips 66 during the first quarter worth $28,000. Wood Tarver Financial Group LLC bought a new stake in Phillips 66 during the fourth quarter worth $29,000. Finally, Opal Wealth Advisors LLC bought a new stake in Phillips 66 during the first quarter worth $29,000. Institutional investors own 76.93% of the company's stock.

Insider Transactions at Phillips 66

In other news, Director Michael A. Heim acquired 1,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average cost 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 $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the transaction, the executive vice president owned 43,373 shares of the company's stock, valued at $5,638,490. The trade was a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders bought 10,289 shares of company stock worth $1,238,890. Company insiders own 0.22% of the company's stock.

Phillips 66 Price Performance

Phillips 66 stock traded up $0.89 during midday trading on Friday, hitting $123.62. 2,302,957 shares of the company's stock were exchanged, compared to its average volume of 2,434,668. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.85. The stock has a 50-day moving average price of $123.85 and a two-hundred day moving average price of $118.91. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The company has a market cap of $49.96 billion, a P/E ratio of 29.72, a PEG ratio of 1.69 and a beta of 1.09.

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

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders 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 dividend yield of 3.9%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays lifted their price target on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Scotiabank reiterated a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. UBS Group boosted their target price on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Cantor Fitzgerald started coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a "neutral" rating on the stock. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and an average price target 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.