Resona Asset Management Co. Ltd. Has $16.19 Million Position in Phillips 66 $PSX

Key Points

• Resona Asset Management trimmed its Phillips 66 stake by 4.3% in the fourth quarter, but still held 125,506 shares valued at about $16.19 million.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating expectations, though revenue of $32.54 billion came in below analysts’ forecasts.
• The company announced a quarterly dividend of $1.27 per share, implying an annualized payout of $5.08 and a 2.8% yield.

Resona Asset Management Co. Ltd. lowered its stake in Phillips 66 (NYSE:PSX - Free Report) by 4.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 125,506 shares of the oil and gas company's stock after selling 5,640 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Phillips 66 were worth $16,185,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Oppenheimer & Co. Inc. increased its holdings in shares of Phillips 66 by 57.4% in the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company's stock valued at $7,734,000 after purchasing an additional 20,742 shares in the last quarter. First National Bank of Omaha acquired a new stake in shares of Phillips 66 in the third quarter valued at approximately $2,357,000. TD Asset Management Inc increased its holdings in shares of Phillips 66 by 15.5% in the third quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock valued at $23,724,000 after purchasing an additional 23,364 shares in the last quarter. Caprock Group LLC acquired a new stake in shares of Phillips 66 in the third quarter valued at approximately $2,412,000. Finally, National Pension Service grew its holdings in Phillips 66 by 3.5% during the 3rd quarter. National Pension Service now owns 602,099 shares of the oil and gas company's stock worth $81,898,000 after acquiring an additional 20,213 shares during the period. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Down 1.6%

PSX opened at $179.54 on Thursday. The stock has a market capitalization of $71.98 billion, a P/E ratio of 17.69, a P/E/G ratio of 0.27 and a beta of 0.70. Phillips 66 has a 12 month low of $109.75 and a 12 month high of $190.61. The firm's fifty day simple moving average is $171.72 and its 200 day simple moving average is $152.86. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. During the same period in the previous year, the firm posted ($0.90) EPS. The company's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, research analysts anticipate that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 2.8%. Phillips 66's payout ratio is 50.05%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Jefferies Financial Group lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. UBS Group lifted their target price on shares of Phillips 66 from $172.00 to $212.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. Mizuho lifted their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a report on Tuesday, March 17th. Finally, TD Cowen lifted their target price on shares of Phillips 66 from $155.00 to $213.00 and gave the stock a "buy" rating in a report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of "Moderate Buy" and an average price target of $187.11.

Insider Buying and Selling

In other news, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the sale, the director owned 8,701 shares in the company, valued at $1,517,193.37. This represents a 30.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 114,029 shares of company stock valued at $19,641,455 in the last ninety days. 0.40% of the stock is owned by company insiders.

Phillips 66 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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