Meiji Yasuda Asset Management Co Ltd. Invests $431,000 in Phillips 66 $PSX

Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of Phillips 66 (NYSE:PSX) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,548 shares of the oil and gas company’s stock, valued at approximately $431,000.

Several other large investors also recently bought and sold shares of the business. BlackRock Inc. bought a new position in Phillips 66 during the second quarter valued at $5,766,779,000. State Street Corp raised its position in shares of Phillips 66 by 0.8% during the 4th 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 buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after buying an additional 45,340 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Phillips 66 in the 2nd quarter valued at about $1,093,206,000. Finally, Norges Bank purchased a new position in Phillips 66 in the fourth quarter worth about $640,206,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of NYSE:PSX opened at $237.00 on Wednesday. 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 12 month low of $126.74 and a 12 month high of $246.95. The company has a market capitalization of $94.57 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.18 and a beta of 0.68. The firm’s 50-day moving average is $201.55 and its 200 day moving average is $180.94.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter last year, the firm earned $2.38 earnings per share. Research analysts predict that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio is presently 28.95%.

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

Analyst Upgrades and Downgrades

PSX has been the topic of several analyst reports. Jefferies Financial Group boosted their price objective on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research note on Wednesday, August 12th. Barclays lifted their target price on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Piper Sandler increased their price target on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a report on Monday, August 10th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 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 owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This represents a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 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.