Phillips 66 (PSX) Cut to “Buy” at Vetr Inc.
Vetr cut shares of Phillips 66 (NYSE:PSX) from a strong-buy rating to a buy rating in a research report released on Monday morning. The brokerage currently has $87.77 price target on the stock.
Several other research analysts also recently weighed in on the stock. Howard Weil downgraded shares of Phillips 66 from a sector outperform rating to a sector perform rating and dropped their target price for the stock from $90.00 to $89.00 in a research report on Monday, July 11th. Morgan Stanley downgraded shares of Phillips 66 from an overweight rating to an equal weight rating and dropped their target price for the stock from $105.00 to $90.00 in a research report on Friday, June 17th. Wells Fargo & Co. downgraded shares of Phillips 66 from an outperform rating to a market perform rating in a research report on Friday, July 8th. Piper Jaffray Cos. lifted their target price on shares of Phillips 66 from $68.00 to $74.00 and gave the stock a neutral rating in a research report on Monday, August 22nd. Finally, TheStreet raised shares of Phillips 66 from a hold rating to a buy rating in a research report on Monday, August 29th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have given a buy rating to the stock. Phillips 66 has a consensus rating of Hold and a consensus target price of $85.52.
Shares of Phillips 66 (NYSE:PSX) opened at 80.07 on Monday. The stock has a 50 day moving average of $78.45 and a 200 day moving average of $80.69. Phillips 66 has a 52-week low of $71.74 and a 52-week high of $94.12. The firm has a market cap of $41.86 billion, a price-to-earnings ratio of 13.86 and a beta of 1.38.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 29th. The company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same period in the prior year, the company earned $1.83 EPS. Equities analysts predict that Phillips 66 will post $3.38 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Tuesday, August 16th. Phillips 66’s dividend payout ratio is 43.83%.
In other news, President Timothy Garth Taylor sold 50,000 shares of Phillips 66 stock in a transaction that occurred on Tuesday, June 28th. The shares were sold at an average price of $78.00, for a total value of $3,900,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Berkshire Hathaway Inc purchased 17,910 shares of the company’s stock in a transaction dated Thursday, September 15th. The stock was purchased at an average cost of $77.52 per share, for a total transaction of $1,388,383.20. The disclosure for this purchase can be found here. 0.05% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in PSX. Cognios Capital LLC raised its position in Phillips 66 by 0.3% in the second quarter. Cognios Capital LLC now owns 2,754 shares of the company’s stock worth $218,000 after buying an additional 9 shares in the last quarter. LVW Advisors LLC raised its position in shares of Phillips 66 by 0.3% in the first quarter. LVW Advisors LLC now owns 3,049 shares of the company’s stock worth $264,000 after buying an additional 10 shares during the period. Benedict Financial Advisors Inc. raised its position in shares of Phillips 66 by 0.4% in the second quarter. Benedict Financial Advisors Inc. now owns 2,685 shares of the company’s stock worth $214,000 after buying an additional 12 shares during the period. Beese Fulmer Investment Management Inc. raised its position in shares of Phillips 66 by 0.3% in the second quarter. Beese Fulmer Investment Management Inc. now owns 3,806 shares of the company’s stock worth $302,000 after buying an additional 13 shares during the period. Finally, Ropes Wealth Advisors LLC raised its position in shares of Phillips 66 by 0.6% in the first quarter. Ropes Wealth Advisors LLC now owns 2,372 shares of the company’s stock worth $205,000 after buying an additional 15 shares during the period. 69.98% of the stock is currently owned by institutional investors.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
To view Vetr’s full report, visit Vetr’s official website.
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