Piper Sandler Trims Phillips 66 (NYSE:PSX) Target Price to $151.00

Phillips 66 (NYSE:PSX) had its target price cut by Piper Sandler from $170.00 to $151.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other research firms have also commented on PSX. The Goldman Sachs Group boosted their price target on Phillips 66 from $152.00 to $174.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Mizuho lowered their target price on Phillips 66 from $167.00 to $162.00 and set a neutral rating on the stock in a research note on Friday, April 12th. Raymond James lowered their price target on Phillips 66 from $163.00 to $160.00 and set an outperform rating on the stock in a research report on Thursday, May 30th. Barclays reduced their target price on Phillips 66 from $155.00 to $147.00 and set an equal weight rating for the company in a report on Tuesday, April 30th. Finally, Wells Fargo & Company raised their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $157.57.

Phillips 66 Trading Down 0.7 %

PSX opened at $136.76 on Friday. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The firm has a market cap of $57.98 billion, a P/E ratio of 10.52, a P/E/G ratio of 1.87 and a beta of 1.37. The stock has a 50-day moving average of $147.44 and a 200 day moving average of $144.01.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. During the same quarter in the previous year, the company posted $4.21 earnings per share. As a group, research analysts forecast that Phillips 66 will post 12.16 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 20th were issued a $1.15 dividend. The ex-dividend date was Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.36%. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s payout ratio is 35.38%.

Insider Activity at Phillips 66

In other news, VP Joseph Scott Pruitt sold 7,200 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total value of $1,132,272.00. Following the sale, the vice president now directly owns 6,583 shares in the company, valued at approximately $1,035,242.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares in the company, valued at $7,051,617. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Joseph Scott Pruitt sold 7,200 shares of the firm’s 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 transaction, the vice president now directly owns 6,583 shares in the company, valued at $1,035,242.58. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by company insiders.

Institutional Trading of Phillips 66

A number of hedge funds have recently added to or reduced their stakes in PSX. Vanguard Group Inc. increased its stake in shares of Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after acquiring an additional 1,578,669 shares during the period. Wellington Management Group LLP increased its position in Phillips 66 by 20.3% during the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after buying an additional 1,842,226 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Phillips 66 by 38.0% in the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock valued at $1,309,954,000 after purchasing an additional 2,209,043 shares in the last quarter. Morgan Stanley grew its stake in Phillips 66 by 2.1% in the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after acquiring an additional 138,646 shares during the period. Finally, Boston Partners lifted its position in Phillips 66 by 41.4% during the first quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after buying an additional 1,595,722 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Company Profile

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.