Resona Asset Management Co. Ltd. Sells 6,969 Shares of Phillips 66 $PSX

Resona Asset Management Co. Ltd. lowered its stake in shares of Phillips 66 (NYSE:PSX) by 5.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 131,146 shares of the oil and gas company’s stock after selling 6,969 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Phillips 66 were worth $17,872,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. Elliott Investment Management L.P. increased its holdings 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 valued at $2,296,644,000 after purchasing an additional 3,526,000 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Phillips 66 by 5.0% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock worth $28,523,000 after buying an additional 10,000 shares in the last quarter. Vanguard Group Inc. boosted 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 valued at $5,531,702,000 after buying an additional 5,978,841 shares during the last quarter. Edgestream Partners L.P. acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at $4,952,000. Finally, Thrivent Financial for Lutherans increased its stake in shares of Phillips 66 by 81.1% in the 2nd quarter. Thrivent Financial for Lutherans now owns 42,205 shares of the oil and gas company’s stock valued at $5,035,000 after buying an additional 18,895 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the sale, the chief financial officer owned 89,771 shares of the company’s stock, valued at approximately $12,388,398. This trade represents a 25.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $145.00, for a total value of $637,130.00. Following the transaction, the executive vice president owned 30,193 shares in the company, valued at approximately $4,377,985. This represents a 12.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 86,094 shares of company stock valued at $11,955,366 over the last three months. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Stock Performance

Shares of PSX stock opened at $141.51 on Monday. The stock has a market cap of $57.02 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 0.40 and a beta of 0.90. The stock has a 50-day moving average of $136.13 and a 200-day moving average of $132.45. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87. Phillips 66 has a one year low of $91.01 and a one year high of $146.88.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.38. The business had revenue of $33.69 billion for the quarter, compared to analyst estimates of $32.29 billion. Phillips 66 had a net margin of 1.12% and a return on equity of 5.53%. During the same quarter last year, the firm earned $2.04 EPS. As a group, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on PSX shares. Morgan Stanley upped their price target on Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a research note on Friday, October 3rd. Wells Fargo & Company upped their target price on shares of Phillips 66 from $154.00 to $162.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Wall Street Zen lowered shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. BMO Capital Markets boosted their price target on shares of Phillips 66 from $152.00 to $160.00 in a research note on Tuesday, November 11th. Finally, UBS Group restated a “buy” rating on shares of Phillips 66 in a report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has an average rating of “Hold” and an average target price of $153.53.

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.