Sumitomo Mitsui Trust Group Inc. Raises Stock Position in Phillips 66 $PSX

Sumitomo Mitsui Trust Group Inc. grew its stake in Phillips 66 (NYSE:PSX) by 0.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 949,127 shares of the oil and gas company’s stock after purchasing an additional 7,559 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Phillips 66 worth $129,100,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after buying an additional 5,978,841 shares in the last quarter. Elliott Investment Management L.P. grew its holdings in shares of Phillips 66 by 22.4% during the 2nd 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 period. Geode Capital Management LLC raised its position in shares of Phillips 66 by 17.4% in the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after acquiring an additional 1,532,967 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Phillips 66 by 6.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after purchasing an additional 537,245 shares during the period. Finally, Norges Bank bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $523,755,000. Institutional investors own 76.93% of the company’s stock.

Insider Activity

In related news, EVP Brian Mandell sold 26,200 shares of the stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at $7,825,455.84. This represents a 31.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $145.00, for a total transaction of $637,130.00. Following the completion of the sale, the executive vice president owned 30,193 shares in the company, valued at $4,377,985. This represents a 12.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 86,094 shares of company stock valued at $11,955,366 over the last three months. Insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX opened at $137.95 on Wednesday. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $145.68. The company has a market capitalization of $55.58 billion, a P/E ratio of 37.69, a price-to-earnings-growth ratio of 0.38 and a beta of 0.90. The firm has a 50 day moving average of $135.92 and a 200 day moving average of $131.66. The company has a quick ratio of 0.87, a current ratio of 1.23 and a debt-to-equity ratio of 0.68.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The company had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same period last year, the firm posted $2.04 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PSX shares. Wall Street Zen downgraded Phillips 66 from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Barclays upped their target price on shares of Phillips 66 from $141.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Monday. Evercore ISI lifted their price target on shares of Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a research report on Friday, September 19th. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 18th. Finally, Piper Sandler set a $153.00 target price on shares of Phillips 66 in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average price target of $149.06.

Phillips 66 Company 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.