Phillips 66 (NYSE:PSX) Stock Gets Price Target Boost from Morgan Stanley

Phillips 66 (NYSE:PSX) had its target price upped by stock analysts at Morgan Stanley from $284.00 to $290.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley‘s price objective suggests a potential upside of 4.65% from the company’s previous close.

PSX has been the subject of a number of other research reports. TD Cowen increased their price objective on Phillips 66 from $295.00 to $308.00 and gave the stock a “buy” rating in a report on Thursday, October 22nd. Piper Sandler boosted their target price on shares of Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a report on Thursday. Barclays upped their target price on shares of Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a research report on Monday, October 12th. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Finally, Mizuho lowered shares of Phillips 66 from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $220.00 to $300.00 in a research note on Thursday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.82.

Phillips 66 Trading Down 2.0%

PSX stock traded down $5.71 during trading on Monday, reaching $277.12. The company had a trading volume of 1,491,479 shares, compared to its average volume of 2,830,174. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04. Phillips 66 has a 52 week low of $127.16 and a 52 week high of $299.39. The business has a 50 day moving average of $266.19 and a 200 day moving average of $198.51. The company has a market cap of $108.10 billion, a P/E ratio of 8.86, a PEG ratio of 0.15 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $44.91 billion. During the same period in the previous year, the firm posted $2.52 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 33.11 earnings per share for the current fiscal year.

Phillips 66 announced that its Board of Directors has approved a stock buyback program on Friday, July 31st that permits the company to repurchase $10 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Share repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of the business’s stock in a transaction dated 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 sale, the executive vice president directly owned 61,595 shares in the company, valued at $16,326,370.70. The trade was a 27.53% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in shares of Phillips 66 in the 2nd quarter worth $5,766,779,000. Bank of New York Mellon Corp bought a new position in Phillips 66 in the 2nd quarter worth $1,093,206,000. Bank of America Corp DE bought a new position in Phillips 66 in the 2nd quarter worth $469,970,000. Legal & General Group Plc purchased a new position in Phillips 66 during the second quarter valued at $303,648,000. Finally, Deutsche Bank AG purchased a new position in Phillips 66 during the second quarter valued at $271,128,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.