120,901 Shares of Phillips 66 $PSX Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Phillips 66 (NYSE:PSX) in the 3rd quarter, Holdings Channel reports. The fund bought 120,901 shares of the oil and gas company’s stock, valued at approximately $30,867,000.

Other hedge funds have also added to or reduced their stakes in the company. Grandfield & Dodd LLC bought a new stake in shares of Phillips 66 in the 3rd quarter valued at $293,000. Investment Partners LTD. boosted its stake in Phillips 66 by 76.6% during the third quarter. Investment Partners LTD. now owns 2,744 shares of the oil and gas company’s stock worth $701,000 after acquiring an additional 1,190 shares in the last quarter. Unison Advisors LLC boosted its stake in Phillips 66 by 0.7% during the third quarter. Unison Advisors LLC now owns 23,159 shares of the oil and gas company’s stock worth $5,913,000 after acquiring an additional 154 shares in the last quarter. Moss Adams Wealth Advisors LLC boosted its stake in Phillips 66 by 6.6% during the third quarter. Moss Adams Wealth Advisors LLC now owns 2,049 shares of the oil and gas company’s stock worth $523,000 after acquiring an additional 126 shares in the last quarter. Finally, Americana Partners LLC grew its holdings in Phillips 66 by 8.0% in the third quarter. Americana Partners LLC now owns 26,946 shares of the oil and gas company’s stock worth $6,880,000 after purchasing an additional 1,985 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on PSX shares. Jefferies Financial Group reaffirmed a “hold” rating and issued a $276.00 price target on shares of Phillips 66 in a research note on Sunday, October 11th. TD Cowen increased their price objective on shares of Phillips 66 from $295.00 to $308.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Morgan Stanley raised their target price on Phillips 66 from $284.00 to $290.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Raymond James Financial reaffirmed an “outperform” rating and issued a $335.00 target price on shares of Phillips 66 in a research report on Monday, October 19th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.82.

Phillips 66 Price Performance

Shares of PSX opened at $274.76 on Tuesday. The business’s fifty day moving average is $266.81 and its 200 day moving average is $199.19. Phillips 66 has a 12-month low of $127.16 and a 12-month high of $299.39. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The stock has a market cap of $107.17 billion, a P/E ratio of 8.78, a P/E/G ratio of 0.16 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, beating analysts’ consensus estimates of $11.73 by $2.35. Phillips 66 had a net margin of 7.27% and a return on equity of 34.36%. The business had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. During the same quarter in the previous year, the business posted $2.52 EPS. Sell-side analysts anticipate that Phillips 66 will post 33.11 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, November 17th. Phillips 66’s dividend payout ratio is 16.99%.

Phillips 66 declared that its board has authorized a share buyback plan on Friday, July 31st that authorizes the company to buy back $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Phillips 66

In other news, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 completion of the sale, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 108,800 shares of company stock valued at $25,016,566 over the last quarter. Corporate insiders own 0.40% of the company’s stock.

Key Stories Impacting Phillips 66

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

• Positive Sentiment: Morgan Stanley raised its price target to $290 and maintained an “overweight” rating, implying additional upside based on the stock’s recent trading level. Morgan Stanley price target article
• Positive Sentiment: Phillips 66 and Restaurant Technologies agreed to a long-term used-cooking-oil supply arrangement to support sustainable aviation fuel production in California. The deal strengthens PSX’s renewable-fuels feedstock supply and could support its lower-carbon fuels strategy, although the near-term earnings impact was not disclosed. Phillips 66 sustainable aviation fuel article
• Positive Sentiment: Technical momentum has improved: PSX moved above its 20-day moving average, a signal that some traders interpret as a short-term bullish trend. Phillips 66 technical analysis article
• Neutral Sentiment: PSX was included among stocks favored by a DuPont-analysis screen, reflecting its strong profitability metrics. However, screen-based selections do not represent a new company-specific catalyst. DuPont analysis stock picks article
• Negative Sentiment: Freedom Broker upgraded PSX from “sell” to “hold” but set a $258 price target, below the recent trading level. The upgrade reduces outright bearishness, but the target signals limited near-term valuation support. Freedom Broker Phillips 66 rating article
• Negative Sentiment: Oil prices above $100 and tighter physical supply are supporting the energy sector broadly, but higher crude costs can pressure refiners such as Phillips 66 if refined-product prices and margins do not rise enough to offset them. Oil stocks to watch article

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.