Phillips 66 (NYSE:PSX) Stock Has Consensus Price Target of $270.12

Phillips 66 (NYSE:PSX) has been assigned an average recommendation of “Moderate Buy” from the twenty-one analysts that are presently covering the stock, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $270.12.

Several equities analysts have commented on the stock. Weiss Ratings raised shares of Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Wells Fargo & Company increased their price target on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Morgan Stanley increased their price target on shares of Phillips 66 from $284.00 to $290.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Finally, Mizuho cut shares of Phillips 66 from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $220.00 to $300.00 in a research note on Thursday, October 8th.

Insider Activity

In other news, EVP Brian Mandell sold 23,400 shares of the business’s stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. The trade was a 27.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $5,766,779,000. State Street Corp increased its position in Phillips 66 by 1.1% during 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 purchasing an additional 271,841 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Phillips 66 during the 2nd quarter worth approximately $1,093,206,000. Amundi lifted its stake in Phillips 66 by 62.0% in the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after purchasing an additional 1,403,493 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Phillips 66 by 1.2% in the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock valued at $541,263,000 after purchasing an additional 35,167 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX traded up $1.69 during mid-day trading on Friday, reaching $264.60. The company had a trading volume of 3,006,235 shares, compared to its average volume of 3,092,010. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.04 and a current ratio of 1.34. Phillips 66 has a one year low of $127.16 and a one year high of $299.39. The firm has a market cap of $103.21 billion, a price-to-earnings ratio of 8.45, a PEG ratio of 0.14 and a beta of 0.69. The business’s 50-day simple moving average is $268.77 and its 200 day simple moving average is $204.44.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, beating analysts’ consensus estimates of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The business had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. During the same quarter in the previous year, the firm earned $2.52 earnings per share. On average, research analysts predict that Phillips 66 will post 33.79 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has authorized a share buyback plan on Friday, July 31st that allows the company to buy back $10 billion in outstanding shares. This repurchase authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Share repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be issued a $1.33 dividend. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.32 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio (DPR) is 16.22%.

About Phillips 66

Phillips 66 (NYSE: PSX) is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel. The company’s midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.