Daiichi Life Insurance Co. Ltd. Makes New Investment in Phillips 66 $PSX

Daiichi Life Insurance Co. Ltd. purchased a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 17,016 shares of the oil and gas company’s stock, valued at approximately $2,877,000.

Several other hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC raised its holdings in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after buying an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its stake in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after buying an additional 10,089 shares during the period. Sei Investments Co. grew its holdings in shares of Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after buying an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Phillips 66 by 9.1% during the second 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 buying an additional 28,988 shares during the last quarter. Finally, Glenview Trust co increased its position in shares of Phillips 66 by 2.6% in 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. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Up 0.2%

NYSE:PSX opened at $243.34 on Monday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The company’s fifty day moving average price is $198.87 and its 200-day moving average price is $179.70. Phillips 66 has a 1-year low of $124.88 and a 1-year high of $246.95. The firm has a market capitalization of $97.10 billion, a P/E ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating 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 company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period in the prior year, the company earned $2.38 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its board has authorized a stock repurchase plan on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Phillips 66 Announces Dividend

The business also recently disclosed 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. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s payout ratio is 28.95%.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the transaction, the executive vice president directly owned 27,537 shares of the company’s stock, valued at $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PSX. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Morgan Stanley boosted their price target on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Raymond James Financial increased their price objective on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Wells Fargo & Company raised their price objective on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Finally, Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.

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.