Phillips 66 (NYSE:PSX) Receives Consensus Rating of “Moderate Buy” from Analysts

Phillips 66 (NYSE:PSX) has earned an average recommendation of “Moderate Buy” from the twenty brokerages that are currently covering the firm, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $246.50.

A number of brokerages have recently commented on PSX. Piper Sandler upped their price target on Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. Morgan Stanley boosted their price objective on Phillips 66 from $196.00 to $284.00 and gave the company an “overweight” rating in a research note on Monday, September 14th. The Goldman Sachs Group upped their price target on shares of Phillips 66 from $245.00 to $274.00 and gave the company a “neutral” rating in a research note on Wednesday. TD Cowen increased their target price on Phillips 66 from $255.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th.

Phillips 66 Trading Up 0.1%

Shares of PSX stock opened at $264.44 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm has a market cap of $105.52 billion, a P/E ratio of 15.07 and a beta of 0.71. The company has a 50 day moving average of $241.58 and a 200-day moving average of $199.80. Phillips 66 has a 12-month low of $126.74 and a 12-month high of $277.12.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the prior year, the business earned $2.38 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 28.12 earnings per share for the current year.

Phillips 66 announced that its Board of Directors has initiated a share repurchase program on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 1.9%. Phillips 66’s dividend payout ratio is 28.95%.

Insider Buying and Selling

In other news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Vanessa Sutherland sold 3,523 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 123,907 shares of company stock worth $27,973,214 in the last 90 days. 0.40% of the stock is owned by company insiders.

Institutional Trading of Phillips 66

Hedge funds and other institutional investors have recently bought and sold shares of the company. QRG Capital Management Inc. boosted its stake in Phillips 66 by 22.4% during the second quarter. QRG Capital Management Inc. now owns 55,595 shares of the oil and gas company’s stock valued at $9,398,000 after buying an additional 10,186 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in Phillips 66 by 1.4% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,403 shares of the oil and gas company’s stock worth $2,773,000 after buying an additional 232 shares in the last quarter. State Street Corp increased its stake in Phillips 66 by 1.1% in the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after acquiring an additional 271,841 shares during the last quarter. Security National Bank of Sioux City Iowa IA bought a new position in Phillips 66 in the 2nd quarter worth about $42,000. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Phillips 66 by 5.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 39,247 shares of the oil and gas company’s stock valued at $6,635,000 after acquiring an additional 2,065 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.