Sumitomo Mitsui Trust Group Inc. Has $112.33 Million Stock Position in Phillips 66 $PSX

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Phillips 66 (NYSE:PSX) by 1.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 941,568 shares of the oil and gas company’s stock after purchasing an additional 17,247 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of Phillips 66 worth $112,329,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Wolff Wiese Magana LLC raised its stake in shares of Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 82 shares in the last quarter. von Borstel & Associates Inc. bought a new stake in Phillips 66 in the first quarter valued at about $27,000. Olde Wealth Management LLC acquired a new position in Phillips 66 in the first quarter worth about $28,000. Smallwood Wealth Investment Management LLC bought a new position in Phillips 66 during the first quarter worth about $29,000. Finally, Pinpoint Asset Management Ltd acquired a new stake in Phillips 66 during the first quarter valued at approximately $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Shares of PSX stock opened at $135.07 on Friday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The firm’s 50 day moving average is $131.51 and its 200-day moving average is $122.00. The firm has a market capitalization of $54.58 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 1.77 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter in the previous year, the company posted $2.31 EPS. Sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio is 115.38%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSX. 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 report on Wednesday, September 3rd. Piper Sandler increased their price objective on Phillips 66 from $154.00 to $155.00 and gave the stock a “neutral” rating in a research note on Monday, September 29th. TD Cowen boosted their target price on shares of Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Citigroup cut shares of Phillips 66 from a “buy” rating to a “neutral” rating and increased their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Finally, Scotiabank restated a “sector perform” rating and issued a $133.00 price target on shares of Phillips 66 in a research report on Friday, July 11th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $141.50.

Insider Transactions at Phillips 66

In other news, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares in the company, valued at $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sigmund L. Cornelius bought 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the purchase, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 9,850 shares of company stock worth $1,188,910 in the last ninety days. 0.22% of the stock is currently owned by insiders.

Phillips 66 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.