Mirae Asset Global Investments Co. Ltd. Makes New $30.87 Million Investment in Phillips 66 $PSX

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Phillips 66 (NYSE:PSX) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 120,901 shares of the oil and gas company’s stock, valued at approximately $30,867,000.

Several other institutional investors also recently modified their holdings of PSX. BlackRock Inc. bought a new position in shares of Phillips 66 in the 2nd quarter valued at $5,766,779,000. State Street Corp grew its position in Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after acquiring an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Phillips 66 during the 2nd quarter worth $1,093,206,000. Amundi increased its holdings in Phillips 66 by 62.0% in the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after purchasing an additional 1,403,493 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in Phillips 66 by 1.2% in the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after purchasing an additional 35,167 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Down 2.9%

Shares of PSX opened at $274.76 on Tuesday. The stock’s 50-day moving average price is $266.81 and its two-hundred day moving average price is $199.19. Phillips 66 has a 12 month low of $127.16 and a 12 month high of $299.39. The company has a market capitalization of $107.17 billion, a PE ratio of 8.78, a PEG ratio of 0.16 and a beta of 0.71. 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 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 34.36% and a net margin of 7.27%. The company had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $44.91 billion. During the same quarter in the prior year, the firm posted $2.52 earnings per share. On average, analysts anticipate that Phillips 66 will post 33.11 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a $1.33 dividend. The ex-dividend date is Tuesday, November 17th. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 annualized dividend and a yield of 1.9%. Phillips 66’s dividend payout ratio (DPR) is currently 16.99%.

Phillips 66 declared that its board has initiated a stock repurchase plan on Friday, July 31st that permits the company to buy back $10 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 11.8% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have commented on PSX. Wells Fargo & Company increased their target price on Phillips 66 from $345.00 to $346.00 and gave the company an “overweight” rating in a research report on Thursday. The Goldman Sachs Group boosted their price target on Phillips 66 from $245.00 to $274.00 and gave the stock a “neutral” rating in a report on Wednesday, September 30th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $276.00 price objective on shares of Phillips 66 in a research note on Sunday, October 11th. Weiss Ratings upgraded shares of Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Finally, Morgan Stanley raised their price objective on shares of Phillips 66 from $284.00 to $290.00 and gave the company an “overweight” rating in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $269.82.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Morgan Stanley raised its price target to $290 and maintained an “overweight” rating, implying additional upside based on the stock’s recent trading level. Morgan Stanley price target article
• Positive Sentiment: Phillips 66 and Restaurant Technologies agreed to a long-term used-cooking-oil supply arrangement to support sustainable aviation fuel production in California. The deal strengthens PSX’s renewable-fuels feedstock supply and could support its lower-carbon fuels strategy, although the near-term earnings impact was not disclosed. Phillips 66 sustainable aviation fuel article
• Positive Sentiment: Technical momentum has improved: PSX moved above its 20-day moving average, a signal that some traders interpret as a short-term bullish trend. Phillips 66 technical analysis article
• Neutral Sentiment: PSX was included among stocks favored by a DuPont-analysis screen, reflecting its strong profitability metrics. However, screen-based selections do not represent a new company-specific catalyst. DuPont analysis stock picks article
• Negative Sentiment: Freedom Broker upgraded PSX from “sell” to “hold” but set a $258 price target, below the recent trading level. The upgrade reduces outright bearishness, but the target signals limited near-term valuation support. Freedom Broker Phillips 66 rating article
• Negative Sentiment: Oil prices above $100 and tighter physical supply are supporting the energy sector broadly, but higher crude costs can pressure refiners such as Phillips 66 if refined-product prices and margins do not rise enough to offset them. Oil stocks to watch article

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. This represents a 27.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Richard Harbison sold 52,100 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 108,800 shares of company stock worth $25,016,566 over the last quarter. 0.40% of the stock is currently owned by company insiders.

About Phillips 66

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.