Morgan Stanley Cuts Phillips 66 (NYSE:PSX) Price Target to $144.00

Phillips 66 (NYSE:PSX) had its price target trimmed by Morgan Stanley from $150.00 to $144.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an equal weight rating on the oil and gas company’s stock.

A number of other equities research analysts have also recently commented on PSX. Wells Fargo & Company lifted their target price on Phillips 66 from $176.00 to $182.00 and gave the stock an overweight rating in a research note on Tuesday, September 3rd. Barclays lifted their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an equal weight rating in a research report on Monday, August 5th. JPMorgan Chase & Co. reduced their target price on shares of Phillips 66 from $165.00 to $162.00 and set an overweight rating for the company in a research report on Tuesday, July 2nd. Piper Sandler lowered their price target on shares of Phillips 66 from $170.00 to $151.00 and set an overweight rating on the stock in a report on Friday, June 14th. Finally, Wolfe Research began coverage on Phillips 66 in a research note on Thursday, July 18th. They issued a peer perform rating on the stock. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Phillips 66 presently has an average rating of Moderate Buy and an average target price of $155.29.

Phillips 66 Stock Performance

Shares of PSX opened at $132.56 on Monday. The firm has a market capitalization of $55.49 billion, a P/E ratio of 10.20, a P/E/G ratio of 4.53 and a beta of 1.33. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The stock has a 50 day moving average price of $135.37 and a two-hundred day moving average price of $143.79. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same quarter last year, the business posted $3.87 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. Equities analysts forecast that Phillips 66 will post 9.25 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a $1.15 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.47%. Phillips 66’s dividend payout ratio is currently 35.38%.

Insider Activity

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at approximately $11,390,062.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.22% of the stock is owned by company insiders.

Institutional Trading of Phillips 66

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Phillips 66 by 4.0% in the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock valued at $6,741,218,000 after purchasing an additional 1,578,669 shares in the last quarter. Wellington Management Group LLP increased its holdings 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 worth $1,451,643,000 after buying an additional 1,842,226 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock valued at $1,189,035,000 after buying an additional 402,925 shares in the last quarter. Boston Partners lifted its holdings in shares of Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after acquiring an additional 1,595,722 shares during the last quarter. Finally, Norges Bank purchased a new position in Phillips 66 in the fourth quarter worth $559,435,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Company Profile

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.