Phillips 66 (NYSE:PSX) Sets New 12-Month High – Here’s What Happened

Phillips 66 (NYSE:PSX)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $174.35 and last traded at $176.2940, with a volume of 713974 shares changing hands. The stock had previously closed at $169.50.

Wall Street Analyst Weigh In

PSX has been the subject of a number of recent research reports. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. The Goldman Sachs Group lifted their price target on Phillips 66 from $152.00 to $164.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Raymond James Financial lifted their target price on shares of Phillips 66 from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Morgan Stanley raised their target price on shares of Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Finally, Piper Sandler increased their price target on Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $160.11.

Phillips 66 Stock Up 3.4%

The business’s 50-day moving average is $149.69 and its 200-day moving average is $139.51. The company has a market capitalization of $70.24 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 0.56 and a beta of 0.86. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. The company had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same quarter last year, the firm posted ($0.15) EPS. As a group, equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were issued a dividend of $1.27 per share. The ex-dividend date was Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s dividend payout ratio (DPR) is currently 46.95%.

Insider Buying and Selling

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares in the company, valued at $6,158,080. This represents a 16.31% 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. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the sale, the executive vice president owned 25,799 shares in the company, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 38,088 shares of company stock valued at $6,147,655. Company insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

Several hedge funds have recently modified their holdings of the stock. Clifford Group LLC increased its holdings in Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after purchasing an additional 64 shares during the period. CYBER HORNET ETFs LLC grew its position in shares of Phillips 66 by 5.7% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock worth $158,000 after buying an additional 66 shares in the last quarter. GHP Investment Advisors Inc. grew its position in shares of Phillips 66 by 2.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock worth $414,000 after buying an additional 72 shares in the last quarter. Johnson Financial Group Inc. increased its stake in shares of Phillips 66 by 11.9% during the fourth quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company’s stock worth $88,000 after buying an additional 72 shares during the period. Finally, L2 Asset Management LLC raised its holdings in Phillips 66 by 4.0% in the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock valued at $257,000 after acquiring an additional 72 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.