Phillips 66 (PSX) Receives Average Recommendation of “Hold” from Analysts
Shares of Phillips 66 (NYSE:PSX) have been given a consensus rating of “Hold” by the twenty-two research firms that are currently covering the stock. Fourteen research analysts have rated the stock with a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $84.10.
PSX has been the subject of several research reports. Vetr raised Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $87.26 target price for the company in a research note on Wednesday, July 6th. Howard Weil cut Phillips 66 from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $90.00 to $89.00 in a research note on Monday, July 11th. Wells Fargo & Co. cut Phillips 66 from an “outperform” rating to a “market perform” rating in a research note on Friday, July 8th. Morgan Stanley cut Phillips 66 from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $105.00 to $90.00 in a research note on Friday, June 17th. Finally, Piper Jaffray Cos. lifted their target price on Phillips 66 from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Monday, August 22nd.
In other Phillips 66 news, major shareholder Berkshire Hathaway Inc bought 83,466 shares of Phillips 66 stock in a transaction on Thursday, August 25th. The shares were purchased at an average cost of $78.29 per share, for a total transaction of $6,534,553.14. The acquisition 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.
Hedge funds have recently added to or reduced their stakes in the stock. Cribstone Capital Management LLC purchased a new stake in Phillips 66 during the second quarter valued at about $114,000. Harel Insurance Investments & Financial Services Ltd. increased its stake in 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 in the last quarter. Delphi Private Advisors LLC increased its stake in 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 in the last quarter. Farmers National Bank purchased a new stake in Phillips 66 during the second quarter valued at about $141,000. Finally, Bruderman Asset Management LLC increased its stake in 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 in the last quarter. 69.99% of the stock is currently owned by hedge funds and other institutional investors.
Phillips 66 (NYSE:PSX) opened at 81.30 on Thursday. The company’s 50-day moving average price is $79.29 and its 200-day moving average price is $79.96. Phillips 66 has a 52 week low of $71.74 and a 52 week high of $94.12. The company has a market capitalization of $42.51 billion, a P/E ratio of 14.07 and a beta of 1.37.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 29th. The company reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. Phillips 66 had a return on equity of 13.44% and a net margin of 3.51%. During the same period in the previous year, the company posted $1.83 earnings per share. On average, equities analysts forecast that Phillips 66 will post $3.41 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 17th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $2.52 annualized dividend and a yield of 3.10%. Phillips 66’s dividend payout ratio is presently 43.83%.
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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