Phillips 66 (NYSE:PSX) Price Target Raised to $182.00

Phillips 66 (NYSE:PSX) had its target price boosted by Wells Fargo & Company from $176.00 to $182.00 in a report published on Tuesday, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other equities research analysts also recently weighed in on PSX. StockNews.com downgraded Phillips 66 from a buy rating to a hold rating in a research report on Monday, May 6th. Mizuho lowered their price objective on shares of Phillips 66 from $162.00 to $160.00 and set a neutral rating for the company in a research report on Thursday, June 20th. Scotiabank reduced their target price on shares of Phillips 66 from $156.00 to $145.00 and set a sector outperform rating on the stock in a research report on Friday, July 12th. Piper Sandler decreased their target price on shares of Phillips 66 from $170.00 to $151.00 and set an overweight rating for the company in a research note on Friday, June 14th. Finally, Barclays lifted their price target on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an equal weight rating in a research note on Monday, August 5th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Phillips 66 presently has an average rating of Moderate Buy and a consensus target price of $157.85.

Phillips 66 Stock Performance

NYSE PSX opened at $128.89 on Tuesday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The firm has a market capitalization of $53.95 billion, a P/E ratio of 9.91, a P/E/G ratio of 2.53 and a beta of 1.33. The business’s 50-day simple moving average is $137.42 and its 200-day simple moving average is $144.93.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, July 30th. 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. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same period in the previous year, the firm earned $3.87 earnings per share. Phillips 66’s revenue for the quarter was up 8.9% on a year-over-year basis. Equities analysts predict that Phillips 66 will post 9.25 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.57%. Phillips 66’s payout ratio is 35.38%.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the sale, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. 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.

Institutional Trading of Phillips 66

A number of institutional investors and hedge funds have recently made changes to their positions in PSX. Vanguard Group Inc. increased its position in Phillips 66 by 4.0% in 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 buying an additional 1,578,669 shares during the period. Wellington Management Group LLP lifted its position in 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 purchasing an additional 1,842,226 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock valued at $1,189,035,000 after purchasing an additional 402,925 shares during the period. Boston Partners grew its position in Phillips 66 by 41.4% in the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after purchasing an additional 1,595,722 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $559,435,000. 76.93% of the stock is currently 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.