Daiichi Life Insurance Co. Ltd. Acquires Shares of 17,016 Phillips 66 $PSX

Daiichi Life Insurance Co. Ltd. acquired a new position in Phillips 66 (NYSE:PSX) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 17,016 shares of the oil and gas company’s stock, valued at approximately $2,877,000.

Several other hedge funds have also modified their holdings of PSX. Key Client Fiduciary Advisors LLC increased its stake in shares of Phillips 66 by 3.5% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares in the last quarter. Threadgill Financial LLC raised its holdings in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after purchasing an additional 58 shares during the period. Calamos Wealth Management LLC boosted its position in Phillips 66 by 2.0% during the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock worth $521,000 after purchasing an additional 60 shares in the last quarter. Somerset Trust Co grew its holdings in Phillips 66 by 0.3% in the second quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after purchasing an additional 63 shares during the period. Finally, Clifford Group LLC grew its holdings in Phillips 66 by 2.0% in the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after purchasing an additional 64 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $243.34 on Monday. The stock has a market capitalization of $97.10 billion, a P/E ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. The business has a 50 day simple moving average of $198.87 and a two-hundred day simple moving average of $179.70. Phillips 66 has a 12 month low of $124.88 and a 12 month high of $246.95. 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 (NYSE:PSX) 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, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The firm had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the previous year, the company posted $2.38 earnings per share. As a group, analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 announced that its board has approved a share buyback plan on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is presently 28.95%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. Piper Sandler lifted their price target on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. TD Cowen boosted their price target on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Finally, The Goldman Sachs Group increased their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. One equities 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. Based on data from MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $206.56.

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.