Phillips 66 (NYSE:PSX) Price Target Raised to $155.00 at Barclays

Phillips 66 (NYSE:PSX) had its price objective boosted by Barclays from $139.00 to $155.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.

Several other brokerages have also weighed in on PSX. JPMorgan Chase & Co. increased their target price on Phillips 66 from $149.00 to $167.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Scotiabank raised their price target on Phillips 66 from $148.00 to $156.00 and gave the company a sector outperform rating in a report on Thursday, April 11th. Raymond James raised their price target on Phillips 66 from $140.00 to $155.00 and gave the company an outperform rating in a report on Thursday, February 1st. Citigroup initiated coverage on Phillips 66 in a report on Wednesday, January 24th. They set a buy rating on the stock. Finally, Piper Sandler raised their price target on Phillips 66 from $169.00 to $187.00 and gave the company an overweight rating in a report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Phillips 66 currently has a consensus rating of Moderate Buy and an average target price of $158.00.

Phillips 66 Stock Performance

PSX stock opened at $153.31 on Thursday. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The firm has a market cap of $65.59 billion, a P/E ratio of 9.91, a P/E/G ratio of 1.98 and a beta of 1.37. Phillips 66 has a 12-month low of $89.74 and a 12-month high of $174.08. The stock’s 50 day simple moving average is $154.22 and its 200 day simple moving average is $135.06.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.72. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. The business had revenue of $38.74 billion for the quarter, compared to analyst estimates of $34.30 billion. As a group, equities research analysts predict that Phillips 66 will post 13.25 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be given a $1.15 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.00%. Phillips 66’s dividend payout ratio (DPR) is 27.15%.

Insider Activity at Phillips 66

In related news, VP Joseph Scott Pruitt sold 7,200 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the sale, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Joseph Scott Pruitt sold 7,200 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the sale, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $146.27, for a total value of $3,208,286.18. Following the sale, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock worth $5,272,681 in the last quarter. 0.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Wells Fargo & Company MN raised its stake in shares of Phillips 66 by 0.6% in the 2nd quarter. Wells Fargo & Company MN now owns 17,121,154 shares of the oil and gas company’s stock valued at $1,633,016,000 after acquiring an additional 97,198 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of 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 acquiring an additional 1,842,226 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of Phillips 66 by 100,843.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 9,979,304 shares of the oil and gas company’s stock valued at $1,038,646,000 after acquiring an additional 9,969,418 shares in the last quarter. Barclays PLC raised its stake in shares of Phillips 66 by 4.2% in the 3rd quarter. Barclays PLC now owns 7,760,709 shares of the oil and gas company’s stock valued at $932,447,000 after acquiring an additional 309,239 shares in the last quarter. Finally, Morgan Stanley raised its stake in shares of Phillips 66 by 16.2% in the 4th quarter. Morgan Stanley now owns 6,961,625 shares of the oil and gas company’s stock valued at $724,566,000 after acquiring an additional 968,055 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

About Phillips 66

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.