Resona Asset Management Co. Ltd. Has $19.88 Million Stock Holdings in Phillips 66 $PSX

Key Points

• Resona Asset Management reduced its Phillips 66 stake by 7.9% in the second quarter, selling 10,036 shares and retaining 116,844 shares valued at approximately $19.88 million. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, exceeding the $7.50 consensus estimate, while revenue reached $52.04 billion. The company also declared a $1.27 quarterly dividend and authorized a $10 billion share-repurchase program.
• Shares opened at $233.29, near their 52-week high, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $206.56. Recent insider selling and the stock’s premium valuation could temper upside if refining margins weaken.

Resona Asset Management Co. Ltd. trimmed its holdings in Phillips 66 (NYSE:PSX - Free Report) by 7.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,844 shares of the oil and gas company's stock after selling 10,036 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Phillips 66 were worth $19,879,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. NFSG Corp lifted its stake in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new stake in Phillips 66 in the first quarter worth $27,000. SWAN Capital LLC increased its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after buying an additional 190 shares during the last quarter. Agman Capital LLC raised its holdings in Phillips 66 by 832.1% during the second quarter. Agman Capital LLC now owns 183,634 shares of the oil and gas company's stock valued at $31,000 after buying an additional 163,932 shares in the last quarter. Finally, Sfam LLC bought a new position in Phillips 66 during the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Up 0.3%

Phillips 66 stock opened at $233.29 on Friday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a fifty-two week low of $121.24 and a fifty-two week high of $236.14. The firm has a fifty day moving average price of $192.72 and a two-hundred day moving average price of $175.95. The firm has a market cap of $93.09 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 0.17 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period last year, the business posted $2.38 earnings per share. As a group, analysts forecast that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.2%. Phillips 66's dividend payout ratio is presently 28.95%.

Phillips 66 announced that its Board of Directors has authorized a share repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PSX shares. TD Cowen boosted their price target on Phillips 66 from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Guggenheim raised Phillips 66 to an "outperform" rating in a report on Wednesday, May 27th. UBS Group raised their price objective on Phillips 66 from $212.00 to $235.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Raymond James Financial boosted their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Finally, Argus upped their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $206.56.

Phillips 66 News Roundup

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

• Positive Sentiment: Takeover talks highlight strategic value. Phillips 66 and Marathon Petroleum reportedly discussed a potential combination valued at roughly $180 billion. Although the talks did not result in a deal, the discussions underscore PSX’s scale and could renew speculation about consolidation among U.S. refiners. Phillips 66 and Marathon Petroleum held takeover talks
• Positive Sentiment: Refining margins and shareholder returns remain supportive. Supply disruptions linked to the Iran conflict have lifted fuel margins, helping major refiners generate strong profits and increase buybacks and dividends. Phillips 66 has authorized a $10 billion repurchase program and pays a quarterly dividend of $1.27 per share. U.S. refiners ramp up buybacks as Iran war boosts fuel margins
• Positive Sentiment: Infrastructure expansion adds a longer-term growth angle. PSX, Kinder Morgan and HF Sinclair are advancing the approximately $5 billion Western Gateway refined-products pipeline, which is expected to improve market access and logistics flexibility. Phillips 66 and partners advance Western Gateway pipeline project
• Neutral Sentiment: Merger failure limits the immediate upside from consolidation. Antitrust concerns and operational complexity reportedly derailed the proposed Marathon Petroleum transaction. The outcome removes a near-term transformational catalyst, while the broader energy-sector rally and PSX’s premium valuation leave the stock more exposed to a reversal in refining margins. Reported Phillips 66 and Marathon Petroleum merger analysis
• Negative Sentiment: Heavy insider selling may weigh on sentiment. EVP Richard Harbison sold 52,100 shares for approximately $11.7 million, while EVP Brian Mandell sold 33,300 shares for about $7.2 million. The trades may be profit-taking after PSX’s strong rally, but they reduce insiders’ holdings and could raise short-term concerns about valuation. Richard Harbison sells Phillips 66 shares

Insiders Place Their Bets

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the company's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. Corporate insiders own 0.40% of the company's stock.

About Phillips 66

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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