Phillips 66 (NYSE:PSX) Announces Quarterly Earnings Results, Beats Expectations By $0.33 EPS

Phillips 66 (NYSE:PSX) issued its earnings results on Tuesday. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.33, Briefing.com reports. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.33% and a return on equity of 16.64%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned $3.87 earnings per share.

Phillips 66 Stock Performance

PSX traded down $4.56 during midday trading on Thursday, reaching $140.92. The company had a trading volume of 3,315,722 shares, compared to its average volume of 2,677,338. Phillips 66 has a 1 year low of $107.41 and a 1 year high of $174.08. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. The company has a market cap of $59.74 billion, a P/E ratio of 10.84, a P/E/G ratio of 2.61 and a beta of 1.34. The business has a 50-day moving average of $139.17 and a two-hundred day moving average of $145.76.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.26%. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

Insider Activity

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the sale, the executive vice president now owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays reduced their price target on shares of Phillips 66 from $142.00 to $136.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 9th. Mizuho lowered their price target on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Scotiabank reduced their price objective on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Piper Sandler lowered their target price on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Finally, StockNews.com lowered shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $157.23.

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.