Phillips 66 (NYSE:PSX) Price Target Raised to $215.00

Phillips 66 (NYSE:PSX) had its price objective hoisted by BMO Capital Markets from $195.00 to $215.00 in a research report report published on Wednesday morning,MarketScreener reports. They currently have an outperform rating on the oil and gas company’s stock.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. boosted their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Mizuho boosted their price target on shares of Phillips 66 from $152.00 to $170.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Zacks Research raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Morgan Stanley reaffirmed an “overweight” rating and set a $180.00 price objective on shares of Phillips 66 in a research report on Thursday, April 30th. Finally, Wolfe Research boosted their price objective on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $186.28.

Phillips 66 Stock Up 2.9%

NYSE PSX opened at $176.42 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company’s 50 day simple moving average is $170.79 and its 200 day simple moving average is $151.81. Phillips 66 has a 12 month low of $109.75 and a 12 month high of $190.61. The company has a market capitalization of $70.73 billion, a P/E ratio of 17.38, a PEG ratio of 0.26 and a beta of 0.70.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the previous year, the business earned ($0.90) earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts expect that Phillips 66 will post 17.39 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66’s payout ratio is currently 50.05%.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $16,705,826.56. The trade was a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kevin Omar Meyers bought 175 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders sold 121,529 shares of company stock valued at $20,841,455. 0.40% of the stock is owned by company insiders.

Institutional Trading of Phillips 66

A number of institutional investors and hedge funds have recently modified their holdings of PSX. Vanguard Group Inc. lifted its stake in shares of Phillips 66 by 11.6% in the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock worth $7,035,574,000 after buying an additional 5,356,558 shares during the last quarter. Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter worth $640,206,000. M&T Bank Corp lifted its stake in shares of Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after buying an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after buying an additional 1,532,389 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new stake in shares of Phillips 66 in the second quarter worth $107,967,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.