Phillips 66 $PSX Stock Sold by Hikari Power Ltd

Hikari Power Ltd lessened its stake in shares of Phillips 66 (NYSE:PSX) by 78.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,020 shares of the oil and gas company’s stock after selling 121,280 shares during the quarter. Phillips 66 comprises about 2.0% of Hikari Power Ltd’s holdings, making the stock its 5th biggest holding. Hikari Power Ltd’s holdings in Phillips 66 were worth $8,686,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. BlackRock Inc. purchased a new position in shares of Phillips 66 in the 2nd quarter valued at $5,766,779,000. State Street Corp raised its stake in Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after acquiring an additional 271,841 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Phillips 66 during the 2nd quarter worth $1,093,206,000. Amundi raised its stake in Phillips 66 by 62.0% during the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after acquiring an additional 1,403,493 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in Phillips 66 by 1.2% in the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock valued at $541,263,000 after acquiring an additional 35,167 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Key Headlines Impacting Phillips 66

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

• Positive Sentiment: Analyst support: Morgan Stanley issued a Buy rating and raised its price target to $290, implying about 6.7% upside from the cited $271.86 share price. Morgan Stanley Issues a Buy Rating on Phillips 66 (PSX)
• Positive Sentiment: Refining momentum: Zacks included PSX among energy stocks showing momentum after October’s rally, pointing to strong quarterly earnings, favorable refining conditions and improving growth prospects. Buy 3 Energy Stocks as November Momentum Builds Up Post Choppy October
• Positive Sentiment: Renewable-fuels opportunity: Phillips 66’s long-term agreement with Restaurant Technologies will supply traceable used cooking oil for renewable fuel production in California, supporting feedstock availability for sustainable aviation fuel. The longer-term commercial potential may help diversify growth, though the articles provide no financial impact estimate. From Fryer to Flyer: Converting Used Cooking Oil into Sustainable Aviation Fuel
• Neutral Sentiment: Technical signal: Zacks noted PSX moved above its 20-day moving average, a short-term bullish indicator, but this chart signal does not establish a change in the company’s fundamentals. Phillips 66 (PSX) Just Flashed Golden Cross Signal: Do You Buy?
• Negative Sentiment: More cautious rating: Freedom Broker upgraded PSX from Sell to Hold and lifted its target to $258, which remains below the cited share price and signals limited near-term upside in its view. Freedom Broker recommendations

Phillips 66 Stock Performance

Shares of PSX opened at $271.86 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.49. The firm has a market cap of $106.05 billion, a PE ratio of 8.68, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69. The company’s 50 day simple moving average is $267.41 and its 200-day simple moving average is $199.84. Phillips 66 has a 12-month low of $127.16 and a 12-month high of $299.39.

Phillips 66 (NYSE:PSX) last announced its 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 33.12%. The business had revenue of $50.54 billion for the quarter, compared to analysts’ expectations of $44.91 billion. During the same period in the previous year, the company posted $2.52 EPS. As a group, equities analysts predict that Phillips 66 will post 33.22 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be given a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, November 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s payout ratio is 16.22%.

Phillips 66 announced that its board has approved a stock buyback plan on Friday, July 31st that authorizes the company to repurchase $10 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 11.8% of its stock through open market purchases. Share buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

PSX has been the subject of several research analyst reports. Piper Sandler upped their price objective on shares of Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a research note on Thursday, October 29th. Freedom Broker raised Phillips 66 from a “sell” rating to a “hold” rating and raised their price objective for the stock from $173.00 to $258.00 in a report on Friday, October 30th. Barclays lifted their target price on Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a research report on Monday, October 12th. BMO Capital Markets lifted their target price on Phillips 66 from $260.00 to $310.00 and gave the stock an “outperform” rating in a research report on Thursday, September 17th. Finally, Citigroup boosted their target price on Phillips 66 from $217.00 to $297.00 and gave the company a “neutral” rating in a report on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of $269.82.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard Harbison sold 52,100 shares of Phillips 66 stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. This represents a 32.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 108,800 shares of company stock worth $25,016,566 over the last three months. 0.40% of the stock is currently owned by insiders.

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.