Resona Asset Management Co. Ltd. Sells 10,036 Shares of Phillips 66 $PSX

Resona Asset Management Co. Ltd. decreased its position in Phillips 66 (NYSE:PSX) by 7.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 116,844 shares of the oil and gas company’s stock after selling 10,036 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Phillips 66 were worth $19,879,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after purchasing an additional 205,480 shares in the last quarter. State Street Corp raised its stake in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after purchasing an additional 175,616 shares in the last quarter. Geode Capital Management LLC lifted its position in Phillips 66 by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after purchasing an additional 45,340 shares during the period. Norges Bank bought a new position in Phillips 66 in the fourth quarter worth $640,206,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Phillips 66 by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock worth $509,006,000 after buying an additional 89,621 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

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 transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 in the last three months. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group boosted their price target 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. Barclays raised their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Scotiabank lifted their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company upped their target price on shares of Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, UBS Group increased their price target on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. One 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Stock Performance

NYSE:PSX opened at $233.29 on Friday. The stock has a market capitalization of $93.09 billion, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 0.17 and a beta of 0.68. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Phillips 66 has a 1 year low of $121.24 and a 1 year high of $236.14. The firm has a 50 day moving average of $192.72 and a 200-day moving average of $175.95.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 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 business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the company earned $2.38 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 24.44 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has authorized a share buyback program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.2%. Phillips 66’s payout ratio is currently 28.95%.

Phillips 66 News Summary

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Takeover talks highlight strategic value. Phillips 66 and Marathon Petroleum reportedly discussed a potential combination valued at roughly $180 billion. Although the talks did not result in a deal, the discussions underscore PSX’s scale and could renew speculation about consolidation among U.S. refiners. Phillips 66 and Marathon Petroleum held takeover talks
• Positive Sentiment: Refining margins and shareholder returns remain supportive. Supply disruptions linked to the Iran conflict have lifted fuel margins, helping major refiners generate strong profits and increase buybacks and dividends. Phillips 66 has authorized a $10 billion repurchase program and pays a quarterly dividend of $1.27 per share. U.S. refiners ramp up buybacks as Iran war boosts fuel margins
• Positive Sentiment: Infrastructure expansion adds a longer-term growth angle. PSX, Kinder Morgan and HF Sinclair are advancing the approximately $5 billion Western Gateway refined-products pipeline, which is expected to improve market access and logistics flexibility. Phillips 66 and partners advance Western Gateway pipeline project
• Neutral Sentiment: Merger failure limits the immediate upside from consolidation. Antitrust concerns and operational complexity reportedly derailed the proposed Marathon Petroleum transaction. The outcome removes a near-term transformational catalyst, while the broader energy-sector rally and PSX’s premium valuation leave the stock more exposed to a reversal in refining margins. Reported Phillips 66 and Marathon Petroleum merger analysis
• Negative Sentiment: Heavy insider selling may weigh on sentiment. EVP Richard Harbison sold 52,100 shares for approximately $11.7 million, while EVP Brian Mandell sold 33,300 shares for about $7.2 million. The trades may be profit-taking after PSX’s strong rally, but they reduce insiders’ holdings and could raise short-term concerns about valuation. Richard Harbison sells Phillips 66 shares

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.