Mitsubishi UFJ Asset Management Co. Ltd. Has $111.27 Million Stock Position in Phillips 66 $PSX

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Phillips 66 (NYSE:PSX) by 5.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 818,025 shares of the oil and gas company’s stock after purchasing an additional 39,592 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Phillips 66 were worth $111,268,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Phillips 66 by 11.6% in the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock worth $7,035,574,000 after buying an additional 5,356,558 shares during the last quarter. Elliott Investment Management L.P. grew its position in Phillips 66 by 22.4% in the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after acquiring an additional 3,526,000 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Phillips 66 by 17.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after purchasing an additional 1,532,967 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Phillips 66 by 6.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock worth $1,120,794,000 after purchasing an additional 537,245 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Phillips 66 during the 2nd quarter valued at $523,755,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on PSX shares. Piper Sandler upped their price objective on shares of Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Barclays set a $158.00 price target on Phillips 66 in a research report on Friday, February 20th. TD Cowen reissued a “buy” rating on shares of Phillips 66 in a report on Friday, February 6th. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Wells Fargo & Company upped their target price on Phillips 66 from $162.00 to $163.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $160.11.

Phillips 66 Stock Up 0.3%

PSX opened at $152.44 on Friday. The business has a 50 day moving average of $143.55 and a 200-day moving average of $136.90. The stock has a market capitalization of $61.09 billion, a price-to-earnings ratio of 14.09, a P/E/G ratio of 0.53 and a beta of 0.90. The company has a current ratio of 1.30, a quick ratio of 0.87 and a debt-to-equity ratio of 0.62. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $163.79.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The firm had revenue of $32.16 billion during the quarter, compared to analysts’ expectations of $33.81 billion. During the same period in the prior year, the company earned ($0.15) EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be given a dividend of $1.27 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is currently 46.95%.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the sale, the executive vice president directly owned 25,799 shares of the company’s stock, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 25,500 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $140.04, for a total value of $3,571,020.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,959,593.52. This trade represents a 30.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 41,788 shares of company stock worth $6,067,250. Company insiders own 0.22% 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.