Sumitomo Mitsui Trust Group Inc. Reduces Holdings in Phillips 66 $PSX

Key Points

• Sumitomo Mitsui Trust Group cut its Phillips 66 stake by 5% in the first quarter, though it still held 862,141 shares worth about $157.1 million at the time of filing.
• Phillips 66 reported Q1 EPS of $0.49, beating estimates, while revenue came in below expectations at $32.54 billion; revenue still rose 6.9% year over year.
• The company declared a quarterly dividend of $1.27 per share, and analysts remain generally constructive with a consensus rating of Moderate Buy and an average price target of $193.94.

Sumitomo Mitsui Trust Group Inc. decreased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 5.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 862,141 shares of the oil and gas company's stock after selling 44,989 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.22% of Phillips 66 worth $157,065,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of PSX. Brighton Jones LLC lifted its holdings in Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after buying an additional 7,214 shares during the period. Woodline Partners LP grew its holdings in shares of Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after acquiring an additional 10,089 shares during the period. Sei Investments Co. grew its holdings in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after acquiring an additional 34,698 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after acquiring an additional 28,988 shares in the last quarter. Finally, Glenview Trust co raised its position in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after acquiring an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

PSX opened at $189.83 on Friday. The firm has a market cap of $76.11 billion, a PE ratio of 18.70, a P/E/G ratio of 0.25 and a beta of 0.69. The stock has a 50-day moving average price of $176.08 and a 200-day moving average price of $162.78. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $190.66. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.90) EPS. Sell-side analysts predict that Phillips 66 will post 19.27 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.7%. Phillips 66's dividend payout ratio is presently 50.05%.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 600 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $16,705,826.56. This represents a 0.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin Omar Meyers bought 175 shares of the business's stock in a transaction on Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group lifted their price target on Phillips 66 from $192.00 to $207.00 and gave the company a "neutral" rating in a research report on Tuesday, May 19th. Wells Fargo & Company raised their price objective on Phillips 66 from $163.00 to $201.00 and gave the company an "overweight" rating in a research report on Tuesday, March 31st. UBS Group reissued a "buy" rating and set a $212.00 price objective on shares of Phillips 66 in a research report on Monday, June 15th. Zacks Research downgraded shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Monday. Finally, TD Cowen increased their price target on shares of Phillips 66 from $213.00 to $220.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $193.94.

More Phillips 66 News

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

• Positive Sentiment: Phillips 66 declared a quarterly dividend of $1.27 per share, reinforcing its shareholder-return story and likely supporting demand for the stock. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Rising crude prices and renewed geopolitical risk in the Middle East have lifted the broader energy complex, and Phillips 66 is benefiting from expectations that tighter fuel supplies could improve refining margins. Phillips 66 (PSX) Could Be 3% Undervalued After Oil Spiked On Middle East Tensions
• Positive Sentiment: Analysts have been highlighting Phillips 66 as a strong long-term momentum name, while Barclays also recently raised its price target to $183, keeping attention on the stock’s valuation and earnings power. Why Phillips 66 (PSX) is a Top Momentum Stock for the Long-Term
• Neutral Sentiment: Commentary on Phillips 66 being on the S&P 500 radar and other momentum-focused articles are adding visibility, but do not appear to reflect a material company-specific catalyst. What Puts Phillips 66 NYSE: PSX on the S&P 500 Radar?
• Negative Sentiment: Some headline risk remains from higher crude costs after U.S. strikes on Iran, which could pressure refining economics if feedstock prices rise faster than product prices. Phillips 66 (PSX) Stock Faces Higher Crude Costs After U.S. Strikes On Iran
• Negative Sentiment: Barclays’ updated target of $183 sits below the current share price, suggesting limited near-term upside from that firm’s perspective. Barclays price target update

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.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.