StockNews.com Lowers Phillips 66 (NYSE:PSX) to Hold

StockNews.com lowered shares of Phillips 66 (NYSE:PSX) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

A number of other brokerages also recently weighed in on PSX. Raymond James boosted their target price on Phillips 66 from $140.00 to $155.00 and gave the stock an outperform rating in a research note on Thursday, February 1st. Citigroup initiated coverage on Phillips 66 in a research note on Wednesday, January 24th. They issued a buy rating for the company. Bank of America raised their target price on Phillips 66 from $150.00 to $180.00 and gave the company a neutral rating in a research report on Friday, March 15th. Mizuho cut their price target on shares of Phillips 66 from $167.00 to $162.00 and set a neutral rating on the stock in a report on Friday, April 12th. Finally, Piper Sandler raised their price objective on shares of Phillips 66 from $169.00 to $187.00 and gave the stock an overweight rating in a report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $157.43.

Phillips 66 Trading Up 0.5 %

NYSE PSX opened at $147.72 on Monday. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. The business has a fifty day simple moving average of $155.60 and a 200 day simple moving average of $138.84. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The firm has a market capitalization of $62.63 billion, a P/E ratio of 11.36, a PEG ratio of 1.82 and a beta of 1.41.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. The firm had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter in the prior year, the company earned $4.21 EPS. On average, analysts predict that Phillips 66 will post 13.17 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a $1.15 dividend. The ex-dividend date is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a yield of 3.11%. Phillips 66’s dividend payout ratio (DPR) is 32.31%.

Insider Activity at Phillips 66

In other Phillips 66 news, VP Joseph Scott Pruitt sold 7,200 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the sale, the vice president now owns 6,583 shares in the company, valued at $1,035,242.58. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Joseph Scott Pruitt sold 7,200 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the sale, the vice president now owns 6,583 shares in the company, valued at $1,035,242.58. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,056 shares of company stock worth $5,272,681. Corporate insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PSX. Wellington Management Group LLP raised its holdings in shares of Phillips 66 by 20.3% in the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after acquiring an additional 1,842,226 shares in the last quarter. Bank of New York Mellon Corp grew its position in Phillips 66 by 38.0% in the first quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock worth $1,309,954,000 after acquiring an additional 2,209,043 shares in the last quarter. Barclays PLC increased its stake in Phillips 66 by 4.2% in the third quarter. Barclays PLC now owns 7,760,709 shares of the oil and gas company’s stock valued at $932,447,000 after acquiring an additional 309,239 shares during the last quarter. Morgan Stanley raised its position in Phillips 66 by 2.1% during the third quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock valued at $813,291,000 after purchasing an additional 138,646 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Phillips 66 by 6.2% during the third quarter. Northern Trust Corp now owns 4,881,094 shares of the oil and gas company’s stock worth $586,463,000 after purchasing an additional 283,010 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.