Zacks Investment Research Upgrades Phillips 66 (PSX) to “Hold”
According to Zacks, “Phillips 66’s diversified presence across the U.S. supported by extensive transportation and logistics assets, which provide a steady supply of crude from domestic, Canadian and international sources is a positive. The company has been paying attractrive dividend since its spin-off from ConocoPhillips in 2012. Moreover, we expect the company to go on increasing dividend in the long run . However, Phillips 66 suffers from the carnage that has been generated as a result of volatile oil prices. We believe that the company’s earnings from the refining business will be hampered over time as the gasoline demand in the U.S is likely to decline in the coming days. Moreover, lower production from persistent weak oil prices might also drag the demand of the company's midstream assets. All those points account for our cautious stance on this stock.”
PSX has been the subject of several other research reports. Vetr raised shares of Phillips 66 from a buy rating to a strong-buy rating and set a $87.87 price target for the company in a research report on Monday, September 12th. Piper Jaffray Cos. lifted their price target on shares of Phillips 66 from $68.00 to $74.00 and gave the company a neutral rating in a research report on Monday, August 22nd. TheStreet raised shares of Phillips 66 from a hold rating to a buy rating in a research report on Monday, August 29th. Jefferies Group initiated coverage on shares of Phillips 66 in a research report on Tuesday, August 23rd. They issued a hold rating and a $72.00 price target for the company. Finally, Morgan Stanley reissued a hold rating on shares of Phillips 66 in a research report on Monday, August 1st. Fourteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Phillips 66 currently has an average rating of Hold and an average target price of $86.23.
Phillips 66 (NYSE:PSX) opened at 80.41 on Wednesday. The firm has a 50 day moving average of $78.92 and a 200 day moving average of $80.27. Phillips 66 has a 12-month low of $71.74 and a 12-month high of $94.12. The firm has a market capitalization of $42.04 billion, a P/E ratio of 13.92 and a beta of 1.37.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, beating 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 posted $1.83 earnings per share. On average, analysts forecast that Phillips 66 will post $3.40 EPS for the current fiscal year.
In other Phillips 66 news, major shareholder Berkshire Hathaway Inc acquired 83,466 shares of the business’s stock in a transaction dated Thursday, August 25th. The stock was bought at an average price of $78.29 per share, with a total value of $6,534,553.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.05% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of PSX. Cribstone Capital Management LLC acquired a new position in shares of Phillips 66 during the second quarter valued at approximately $114,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of Phillips 66 by 2,762.7% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the company’s stock valued at $138,000 after buying an additional 1,409 shares during the last quarter. Delphi Private Advisors LLC raised its position in shares of Phillips 66 by 1.0% in the second quarter. Delphi Private Advisors LLC now owns 1,781 shares of the company’s stock valued at $141,000 after buying an additional 18 shares during the last quarter. Farmers National Bank acquired a new position in shares of Phillips 66 during the second quarter valued at approximately $141,000. Finally, Bruderman Asset Management LLC raised its position in shares of Phillips 66 by 3.1% in the second quarter. Bruderman Asset Management LLC now owns 1,850 shares of the company’s stock valued at $147,000 after buying an additional 56 shares during the last quarter. 69.98% of the stock is owned by institutional investors.
Phillips 66 Company Profile
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.
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