Asahi Life Asset Management CO. LTD. Makes New $439,000 Investment in Phillips 66 $PSX

Asahi Life Asset Management CO. LTD. acquired a new stake in Phillips 66 (NYSE:PSX) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,227 shares of the oil and gas company’s stock, valued at approximately $439,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Elliott Investment Management L.P. increased its stake in shares of Phillips 66 by 22.4% in the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after acquiring an additional 3,526,000 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in Phillips 66 by 57.4% during the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock valued at $7,734,000 after purchasing an additional 20,742 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in Phillips 66 by 5.0% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock valued at $28,523,000 after purchasing an additional 10,000 shares in the last quarter. Vanguard Group Inc. increased its position in Phillips 66 by 14.8% in the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after purchasing an additional 5,978,841 shares during the last quarter. Finally, California Public Employees Retirement System raised its stake in shares of Phillips 66 by 3.9% during the 2nd quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock worth $83,102,000 after purchasing an additional 26,238 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of research reports. Scotiabank restated a “sector perform” rating and issued a $140.00 price objective on shares of Phillips 66 in a report on Friday, January 16th. Piper Sandler raised their price target on shares of Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Mizuho upped their price objective on shares of Phillips 66 from $150.00 to $152.00 and gave the stock a “neutral” rating in a report on Monday, January 12th. Morgan Stanley increased their target price on shares of Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 5th. Finally, Argus raised their price objective on Phillips 66 from $152.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Ten research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $160.11.

Phillips 66 Trading Up 0.2%

Shares of PSX stock opened at $155.72 on Friday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $163.79. The firm’s fifty day simple moving average is $141.98 and its 200 day simple moving average is $135.98. The firm has a market capitalization of $62.74 billion, a P/E ratio of 14.39, a price-to-earnings-growth ratio of 0.54 and a beta of 0.90. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. The firm had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.28%. During the same period in the prior year, the firm earned ($0.15) EPS. As a group, sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be paid a $1.27 dividend. The ex-dividend date is Monday, February 23rd. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 3.3%. Phillips 66’s dividend payout ratio is 44.36%.

Insider Activity at Phillips 66

In other news, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the sale, the executive vice president owned 38,488 shares of the company’s stock, valued at approximately $6,158,080. This trade represents a 16.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 25,500 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $140.04, for a total value of $3,571,020.00. Following the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,959,593.52. This represents a 30.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 41,788 shares of company stock worth $6,067,250 over the last three months. Company insiders own 0.22% of the company’s stock.

About Phillips 66

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.