Phillips 66 $PSX Shares Bought by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Phillips 66 by 22.5%, acquiring an additional 11,060 shares during the 2nd quarter, bringing their holdings to $7.19 million.
• The company recently reported earnings per share (EPS) of $2.38, exceeding expectations of $1.79, and had a revenue of $33.77 billion for the quarter.
• Phillips 66 declared a quarterly dividend of $1.20, with an annualized yield of 3.7%, and a payout ratio of 115.38%.

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 22.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,286 shares of the oil and gas company's stock after acquiring an additional 11,060 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Phillips 66 were worth $7,192,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC acquired a new stake in Phillips 66 during the fourth quarter valued at $29,000. Opal Wealth Advisors LLC acquired a new stake in Phillips 66 during the first quarter valued at $29,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Phillips 66 during the first quarter valued at $29,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of analyst reports. Scotiabank restated a "sector perform" rating and set a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Mizuho raised their price objective on Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Monday, September 15th. Wells Fargo & Company dropped their price objective on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research note on Wednesday, June 18th. Finally, Argus raised shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $138.94.

Phillips 66 Trading Down 1.5%

Shares of PSX opened at $129.39 on Friday. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.60. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The firm's fifty day moving average is $127.04 and its two-hundred day moving average is $119.78. The stock has a market cap of $52.29 billion, a PE ratio of 31.10, a price-to-earnings-growth ratio of 1.88 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analysts' expectations 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 prior year, the company earned $2.31 EPS. Research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total value of $593,055.00. Following the completion of the sale, the executive vice president owned 38,980 shares of the company's stock, valued at $5,262,300. This represents a 10.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Gregory Hayes acquired 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the transaction, the director directly owned 29,423 shares of the company's stock, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 9,850 shares of company stock worth $1,188,910. Company insiders own 0.22% of the company's stock.

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.

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