Mitsubishi UFJ Asset Management Co. Ltd. Invests $166.16 Million in Phillips 66 $PSX

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Phillips 66 (NYSE:PSX) in the 2nd quarter, Holdings Channel reports. The fund purchased 982,876 shares of the oil and gas company’s stock, valued at approximately $166,156,000.

Several other large investors have also recently added to or reduced their stakes in PSX. OneDigital Investment Advisors LLC acquired a new stake in shares of Phillips 66 during the second quarter worth approximately $4,813,000. Hikari Power Ltd acquired a new position in shares of Phillips 66 in the 2nd quarter worth approximately $26,253,000. Plato Investment Management Ltd acquired a new position in shares of Phillips 66 in the 2nd quarter worth approximately $476,000. Bell Investment Advisors Inc bought a new stake in Phillips 66 during the 2nd quarter worth approximately $53,000. Finally, AMG National Trust Bank bought a new stake in Phillips 66 during the 2nd quarter worth approximately $1,208,000. 76.93% of the stock is owned by institutional investors.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The stock was 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 in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This represents a 11.34% 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. Insiders have sold 100,507 shares of company stock worth $21,770,810 in the last ninety days. 0.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PSX shares. BMO Capital Markets lifted their price objective on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. TD Cowen increased their target price on Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. raised their target price on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Jefferies Financial Group upped their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $206.56.

Phillips 66 Stock Performance

PSX stock opened at $240.50 on Tuesday. The company has a 50 day moving average price of $193.87 and a 200 day moving average price of $176.91. Phillips 66 has a fifty-two week low of $121.24 and a fifty-two week high of $240.67. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock has a market capitalization of $95.96 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.17 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analyst estimates 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 company earned $2.38 EPS. Analysts forecast that Phillips 66 will post 24.44 EPS for the current year.

Phillips 66 declared that its Board of Directors has authorized a stock buyback plan on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors 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 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

Phillips 66 Company 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.