Phillips 66 (NYSE:PSX) PT Lowered to $176.00 at Wells Fargo & Company

Phillips 66 (NYSE:PSX) had its price target lowered by Wells Fargo & Company from $180.00 to $176.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

Several other analysts also recently weighed in on the stock. Scotiabank reduced their price objective on shares of Phillips 66 from $156.00 to $145.00 and set a sector outperform rating for the company in a research report on Friday, July 12th. TD Cowen upped their price objective on shares of Phillips 66 from $155.00 to $162.00 and gave the company a buy rating in a research note on Wednesday. Wolfe Research started coverage on Phillips 66 in a research report on Thursday, July 18th. They set a peer perform rating on the stock. Barclays decreased their target price on 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. Finally, StockNews.com cut Phillips 66 from a buy rating to a hold rating in a research note on Monday, May 6th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Phillips 66 presently has an average rating of Moderate Buy and a consensus price target of $157.23.

Phillips 66 Stock Performance

Shares of PSX stock opened at $133.76 on Wednesday. Phillips 66 has a 12 month low of $107.41 and a 12 month high of $174.08. The company has a current ratio of 1.14, a quick ratio of 0.82 and a debt-to-equity ratio of 0.56. The company has a market cap of $55.99 billion, a P/E ratio of 10.29, a PEG ratio of 2.50 and a beta of 1.34. The firm has a fifty day moving average price of $138.97 and a 200 day moving average price of $145.84.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The business had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.87 EPS. Sell-side analysts predict that Phillips 66 will post 9.4 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be issued a dividend of $1.15 per share. The ex-dividend date is Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.44%. Phillips 66’s dividend payout ratio is currently 35.38%.

Insider Activity at Phillips 66

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

Hedge Funds Weigh In On Phillips 66

A number of large investors have recently made changes to their positions in PSX. National Bank of Canada FI grew its position in Phillips 66 by 21.3% during the second quarter. National Bank of Canada FI now owns 346,984 shares of the oil and gas company’s stock worth $48,897,000 after buying an additional 60,982 shares during the period. Impact Partnership Wealth LLC increased its stake in Phillips 66 by 2,124.9% in the 2nd quarter. Impact Partnership Wealth LLC now owns 5,273 shares of the oil and gas company’s stock valued at $744,000 after purchasing an additional 5,036 shares in the last quarter. Community Bank & Trust Waco Texas raised its holdings in Phillips 66 by 1.1% during the second quarter. Community Bank & Trust Waco Texas now owns 32,517 shares of the oil and gas company’s stock worth $4,590,000 after purchasing an additional 345 shares during the last quarter. Larson Financial Group LLC boosted its position in Phillips 66 by 204.6% during the second quarter. Larson Financial Group LLC now owns 3,869 shares of the oil and gas company’s stock worth $546,000 after purchasing an additional 2,599 shares in the last quarter. Finally, Foundations Investment Advisors LLC grew its holdings in Phillips 66 by 22.2% in the second quarter. Foundations Investment Advisors LLC now owns 3,959 shares of the oil and gas company’s stock valued at $559,000 after purchasing an additional 720 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

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.