Hikari Tsushin Inc. Trims Stake in Phillips 66 $PSX

Hikari Tsushin Inc. decreased its position in shares of Phillips 66 (NYSE:PSX) by 5.5% during the fourth quarter, Holdings Channel reports. The fund owned 118,202 shares of the oil and gas company’s stock after selling 6,817 shares during the period. Phillips 66 makes up about 1.0% of Hikari Tsushin Inc.’s holdings, making the stock its 13th biggest holding. Hikari Tsushin Inc.’s holdings in Phillips 66 were worth $15,253,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of PSX. Brighton Jones LLC lifted its position in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after acquiring an additional 7,214 shares during the period. Woodline Partners LP lifted its position in Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 10,089 shares during the period. Sei Investments Co. lifted its position in Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after acquiring an additional 34,698 shares during the period. The Manufacturers Life Insurance Company lifted its position in Phillips 66 by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after acquiring an additional 28,988 shares during the period. Finally, Glenview Trust co lifted its position in Phillips 66 by 2.6% during the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after acquiring an additional 229 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 600 shares of Phillips 66 stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,705,826.56. The trade was a 0.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 45,629 shares of company stock valued at $8,071,540 over the last quarter. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PSX. Wells Fargo & Company lifted their price target on shares of Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 31st. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. Argus raised their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Jefferies Financial Group lifted their target price on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $180.00 target price on shares of Phillips 66 in a report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.44.

Phillips 66 Stock Down 1.9%

Shares of Phillips 66 stock opened at $178.23 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The stock has a market capitalization of $71.46 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 0.27 and a beta of 0.68. Phillips 66 has a 52-week low of $118.00 and a 52-week high of $190.61. The company has a 50-day simple moving average of $172.41 and a two-hundred day simple moving average of $157.59.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.90) earnings per share. On average, analysts anticipate that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. Phillips 66’s payout ratio is currently 50.05%.

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.