Phillips 66’s (PSX) “Neutral” Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Phillips 66 (NYSE:PSX) in a research note issued to investors on Thursday, MarketBeat reports. Piper Sandler currently has a $208.00 price target on the oil and gas company’s stock.

PSX has been the subject of a number of other research reports. Wells Fargo & Company raised their target price on Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 31st. Weiss Ratings downgraded Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Argus increased their price objective on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, May 14th. TD Cowen raised their price objective on Phillips 66 from $220.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $200.44.

Phillips 66 Trading Down 0.0%

Shares of Phillips 66 stock opened at $206.94 on Thursday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $216.08. The firm has a market capitalization of $82.97 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.17 and a beta of 0.69. The firm’s 50 day simple moving average is $182.54 and its two-hundred day simple moving average is $168.28.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter last year, the company posted ($0.90) earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. Analysts predict that Phillips 66 will post 22.43 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. Phillips 66’s payout ratio is currently 50.05%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders sold 41,021 shares of company stock worth $7,195,257. 0.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PSX. MUFG Securities EMEA plc boosted its position in Phillips 66 by 113.5% during the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after purchasing an additional 8,783 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Phillips 66 by 17.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock valued at $177,018,000 after buying an additional 199,646 shares in the last quarter. Truist Financial Corp increased its position in shares of Phillips 66 by 1.6% in the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after buying an additional 10,585 shares in the last quarter. Horizon Investments LLC raised its stake in shares of Phillips 66 by 478.4% during the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after buying an additional 52,348 shares during the period. Finally, LBP AM SA raised its stake in shares of Phillips 66 by 237.8% during the 4th quarter. LBP AM SA now owns 56,380 shares of the oil and gas company’s stock worth $7,275,000 after buying an additional 39,690 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

About Phillips 66

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.