Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in Phillips 66 (NYSE:PSX)

Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Phillips 66 (NYSE:PSX) by 20.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 520,500 shares of the oil and gas company’s stock after buying an additional 88,160 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Phillips 66 were worth $85,018,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Keener Financial Planning LLC purchased a new stake in shares of Phillips 66 in the first quarter worth about $26,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Phillips 66 in the first quarter worth about $28,000. Ruedi Wealth Management Inc. lifted its holdings in shares of Phillips 66 by 102.1% in the first quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock worth $31,000 after buying an additional 96 shares in the last quarter. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Phillips 66 in the fourth quarter worth about $27,000. Finally, First United Bank & Trust purchased a new stake in shares of Phillips 66 in the fourth quarter worth about $31,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PSX shares. Piper Sandler lowered their price target on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. StockNews.com downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. The Goldman Sachs Group raised their target price on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Scotiabank lowered their target price on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $155.86.

Insider Transactions at Phillips 66

In other news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total value of $5,502,783.60. Following the transaction, the executive vice president now owns 48,365 shares in the company, valued at $7,051,617. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX stock traded down $3.04 during trading hours on Thursday, hitting $137.70. 2,404,852 shares of the company’s stock were exchanged, compared to its average volume of 2,707,806. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. Phillips 66 has a 12-month low of $101.13 and a 12-month high of $174.08. The company has a market capitalization of $58.38 billion, a PE ratio of 10.83, a PEG ratio of 2.24 and a beta of 1.34. The business’s 50 day simple moving average is $140.06 and its 200-day simple moving average is $145.23.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The firm had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. During the same quarter in the prior year, the business posted $4.21 EPS. On average, equities research analysts anticipate that Phillips 66 will post 10.41 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th will be issued a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Tuesday, August 20th. Phillips 66’s dividend payout ratio is 35.38%.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.