Phillips 66 (NYSE:PSX) Research Coverage Started at Bank of America

Bank of America started coverage on shares of Phillips 66 (NYSE:PSX) in a report published on Thursday morning, Marketbeat reports. The brokerage issued a buy rating and a $156.00 price objective on the oil and gas company’s stock.

Other analysts also recently issued reports about the stock. Piper Sandler lifted their price objective on shares of Phillips 66 from $136.00 to $144.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Scotiabank cut their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company decreased their price objective on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. TD Cowen cut their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. decreased their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.50.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $132.60 on Thursday. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The firm’s 50-day moving average price is $133.18 and its two-hundred day moving average price is $140.43. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08. The stock has a market capitalization of $56.22 billion, a P/E ratio of 10.20, a P/E/G ratio of 5.75 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the previous year, the firm posted $3.87 EPS. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Phillips 66 will post 7.85 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is 35.38%.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Hedge funds have recently modified their holdings of the stock. Manning & Napier Advisors LLC purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $17,670,000. M&G Plc purchased a new stake in shares of Phillips 66 in the second quarter valued at $3,596,000. Duality Advisers LP purchased a new stake in shares of Phillips 66 in the first quarter valued at $3,596,000. Mirae Asset Global Investments Co. Ltd. raised its position in Phillips 66 by 42.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock valued at $21,844,000 after buying an additional 39,775 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in Phillips 66 by 69.8% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock valued at $6,175,000 after purchasing an additional 15,542 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

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.