SBI Okasan Asset Management Co.Ltd. Acquires New Stake in Phillips 66 $PSX

Key Points

• SBI Okasan Asset Management disclosed a new stake in Phillips 66 during the fourth quarter, buying 7,000 shares worth about $900,000.
• Phillips 66 has seen continued institutional and insider activity, with hedge funds owning 76.93% of the stock and insiders both buying and selling shares in recent months.
• The company reported better-than-expected earnings for the latest quarter, and it also announced a quarterly dividend of $1.27 per share, implying a 2.9% annual yield.

SBI Okasan Asset Management Co.Ltd. acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,000 shares of the oil and gas company's stock, valued at approximately $900,000.

Other institutional investors have also recently made changes to their positions in the company. Board of the Pension Protection Fund purchased a new stake in shares of Phillips 66 during the fourth quarter worth $26,000. Accordant Advisory Group Inc raised its position in shares of Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after buying an additional 180 shares in the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Phillips 66 in the fourth quarter worth $27,000. Stephens Consulting LLC raised its position in shares of Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock worth $29,000 after buying an additional 90 shares in the last quarter. Finally, Dorato Capital Management purchased a new stake in shares of Phillips 66 in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Buying and Selling

In related news, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lisa Ann Davis sold 3,800 shares of the firm's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total value of $662,606.00. Following the transaction, the director directly owned 8,701 shares in the company, valued at $1,517,193.37. This trade represents a 30.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 114,029 shares of company stock valued at $19,641,455 over the last three months. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PSX shares. Wells Fargo & Company increased their price objective on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Raymond James Financial increased their price objective on Phillips 66 from $205.00 to $215.00 in a research report on Thursday, April 30th. Argus increased their price objective on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. BMO Capital Markets increased their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Finally, Jefferies Financial Group increased their price objective on Phillips 66 from $173.00 to $191.00 and gave the stock a "hold" rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $191.28.

Phillips 66 Stock Down 0.5%

PSX opened at $175.79 on Friday. The stock has a market cap of $70.48 billion, a PE ratio of 17.32, a P/E/G ratio of 0.26 and a beta of 0.70. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. Phillips 66 has a 52 week low of $111.19 and a 52 week high of $190.61. The business's fifty day simple moving average is $172.38 and its 200 day simple moving average is $154.66.

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

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66's dividend payout ratio is currently 50.05%.

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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