Sompo Asset Management Co. Ltd. Raises Stake in Phillips 66 (NYSE:PSX)

Sompo Asset Management Co. Ltd. raised its stake in shares of Phillips 66 (NYSE:PSX) by 3.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,190 shares of the oil and gas company’s stock after buying an additional 130 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Phillips 66 were worth $551,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Van ECK Associates Corp grew its stake in Phillips 66 by 263.3% during the third quarter. Van ECK Associates Corp now owns 83,278 shares of the oil and gas company’s stock valued at $10,753,000 after acquiring an additional 60,355 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Phillips 66 in the second quarter worth $17,670,000. M&G Plc purchased a new stake in shares of Phillips 66 in the second quarter worth $3,596,000. Mizuho Securities USA LLC boosted its stake in Phillips 66 by 7,549.0% during the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after buying an additional 2,467,316 shares during the period. Finally, Cetera Investment Advisers grew its position in Phillips 66 by 318.9% during the first quarter. Cetera Investment Advisers now owns 142,548 shares of the oil and gas company’s stock worth $23,284,000 after buying an additional 108,515 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Performance

NYSE PSX opened at $133.27 on Monday. The firm has a market cap of $55.04 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 4.40 and a beta of 1.33. The company has a 50-day simple moving average of $130.28 and a two-hundred day simple moving average of $135.27. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. Phillips 66 has a 12-month low of $117.32 and a 12-month high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The business had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business’s quarterly revenue was down 10.3% on a year-over-year basis. During the same period in the previous year, the firm earned $4.63 EPS. On average, equities analysts forecast that Phillips 66 will post 7.57 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Monday, November 18th. Phillips 66’s payout ratio is 59.05%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PSX shares. UBS Group lowered their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a report on Monday, November 4th. TD Cowen dropped their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Bank of America began coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 price target for the company. Raymond James raised their price objective on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Finally, Piper Sandler set a $144.00 target price on shares of Phillips 66 in a research report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $149.69.

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.