Sumitomo Mitsui Trust Group Inc. Buys 17,247 Shares of Phillips 66 $PSX

Sumitomo Mitsui Trust Group Inc. grew its stake in Phillips 66 (NYSE:PSX) by 1.9% in the second quarter, HoldingsChannel.com reports. The fund owned 941,568 shares of the oil and gas company’s stock after acquiring an additional 17,247 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Phillips 66 were worth $112,329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Wolff Wiese Magana LLC increased its stake in Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 82 shares in the last quarter. von Borstel & Associates Inc. acquired a new position in shares of Phillips 66 in the 1st quarter valued at $27,000. Olde Wealth Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter valued at $28,000. Smallwood Wealth Investment Management LLC acquired a new stake in Phillips 66 during the 1st quarter worth $29,000. Finally, Pinpoint Asset Management Ltd bought a new position in Phillips 66 during the first quarter worth about $29,000. Institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In related news, Director Michael A. Heim purchased 1,000 shares of Phillips 66 stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the transaction, the director owned 12,043 shares of the company’s stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was bought at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the purchase, the director owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 9,850 shares of company stock worth $1,188,910 in the last three months. Insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PSX shares. UBS Group increased their price target on Phillips 66 from $143.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and increased their target price for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Wells Fargo & Company began coverage on shares of Phillips 66 in a report on Friday, October 17th. They set an “overweight” rating and a $154.00 target price on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $150.00 price target (up previously from $145.00) on shares of Phillips 66 in a research note on Friday, October 17th. Finally, TD Cowen increased their price objective on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Three research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $141.50.

Phillips 66 Price Performance

NYSE PSX opened at $135.07 on Friday. The firm’s 50 day moving average is $131.51 and its 200-day moving average is $122.00. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $54.58 billion, a PE ratio of 32.47, a price-to-earnings-growth ratio of 1.77 and a beta of 1.11. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter last year, the firm earned $2.31 earnings per share. Equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. Phillips 66’s dividend payout ratio (DPR) is presently 115.38%.

About Phillips 66

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.