Phillips 66 $PSX Shares Purchased by Asset Management One Co. Ltd.

Key Points

• Asset Management One increased its Phillips 66 stake by 6.3% in the third quarter, bringing its holdings to 177,429 shares valued at approximately $45.3 million. Institutional investors collectively own 76.93% of PSX.
• Phillips 66 reported quarterly earnings of $14.08 per share, exceeding estimates of $11.73, while revenue reached $50.54 billion versus expectations of $44.91 billion.
• The company raised its quarterly dividend to $1.33 per share and has authorization to repurchase up to $10 billion of stock. Analysts maintain a consensus “Moderate Buy” rating, although recent insider selling and concerns about potentially weaker refining margins present risks.

Asset Management One Co. Ltd. increased its holdings in Phillips 66 (NYSE:PSX - Free Report) by 6.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 177,429 shares of the oil and gas company's stock after purchasing an additional 10,568 shares during the period. Asset Management One Co. Ltd.'s holdings in Phillips 66 were worth $45,299,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PSX. BlackRock Inc. purchased a new position in shares of Phillips 66 in the 2nd quarter worth $5,766,779,000. State Street Corp grew its stake in shares of Phillips 66 by 1.1% during the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company's stock valued at $4,402,856,000 after buying an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp bought a new position in Phillips 66 in the 2nd quarter valued at $1,093,206,000. Amundi grew its holdings in shares of Phillips 66 by 62.0% in the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company's stock worth $668,137,000 after purchasing an additional 1,403,493 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Phillips 66 by 1.2% during the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company's stock worth $541,263,000 after acquiring an additional 35,167 shares during the period. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

PSX stock opened at $273.51 on Thursday. The firm has a market cap of $109.14 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.16 and a beta of 0.71. The firm has a 50-day simple moving average of $264.69 and a two-hundred day simple moving average of $197.13. Phillips 66 has a one year low of $127.16 and a one year high of $299.39. 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 released its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating analysts' consensus estimates of $11.73 by $2.35. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $50.54 billion for the quarter, compared to analysts' expectations of $44.91 billion. During the same period last year, the business earned $2.52 EPS. On average, equities analysts forecast that Phillips 66 will post 31.39 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be given a dividend of $1.33 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This is a positive change from Phillips 66's previous quarterly dividend of $1.27. This represents a $5.32 dividend on an annualized basis and a yield of 1.9%. Phillips 66's dividend payout ratio is currently 30.31%.

Phillips 66 announced that its Board of Directors has approved a stock repurchase plan on Friday, July 31st that allows the company to repurchase $10 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PSX. Citigroup raised their price target on Phillips 66 from $217.00 to $297.00 and gave the company a "neutral" rating in a research note on Tuesday, October 13th. The Goldman Sachs Group lifted their price objective on shares of Phillips 66 from $245.00 to $274.00 and gave the company a "neutral" rating in a report on Wednesday, September 30th. Morgan Stanley lifted their price objective on shares of Phillips 66 from $196.00 to $284.00 and gave the company an "overweight" rating in a report on Monday, September 14th. Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $335.00 to $345.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 14th. Finally, TD Cowen upped their target price on Phillips 66 from $295.00 to $308.00 and gave the stock a "buy" rating in a report on Thursday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $269.88.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the sale, the executive vice president owned 61,595 shares of the company's stock, valued at $16,326,370.70. This represents a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Richard Harbison sold 52,100 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 108,800 shares of company stock valued at $25,016,566 in the last three months. 0.40% of the stock is currently owned by corporate insiders.

More Phillips 66 News

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

• Positive Sentiment: Record profit and earnings beat: Phillips 66 reported approximately $5.6 billion in adjusted third-quarter earnings, or $14.08 per diluted share, versus consensus estimates near $11.7–$12.0 per share and $2.52 a year earlier. Revenue also exceeded expectations at $50.54 billion. Phillips 66 beats quarterly profit estimates as refining margins soar
• Positive Sentiment: Refining strength drove the result: Refining earnings nearly doubled sequentially to $6.03 billion, supported by wider margins, higher volumes and 98% utilization. Record Central Corridor processed-input volume and stronger fuel-export demand linked to Middle East tensions further supported profitability. Phillips 66 Q3 Earnings Beat Estimates on Strong Refining Margins
• Positive Sentiment: Cash generation and balance-sheet improvement: Operating cash flow totaled roughly $7.3 billion. The company returned $2.8 billion through dividends and share repurchases and reduced total debt by about $2 billion to $18.5 billion, strengthening the shareholder-return story. Phillips 66: 3 Key Takeaways for Long-Term Investors
• Neutral Sentiment: Strong results may reflect peak-cycle conditions: The quarter benefited from unusually favorable refining margins, while midstream volumes also remained solid. Investors will likely focus on whether these conditions persist into the fourth quarter.
• Negative Sentiment: Margin and valuation risks remain: Gasoline prices and expectations for increased fuel supply had raised concerns that refining margins could cool. Analysts had also warned that much of the sector’s earnings recovery was already reflected in share prices, potentially limiting further upside after the rebound. Phillips 66 Slides as Traders Reassess Refining Upside Ahead of Earnings

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips' downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.

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