Phillips 66 (NYSE:PSX) Hits New 1-Year High – What’s Next?

Phillips 66 (NYSE:PSX)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $236.17 and last traded at $235.1320, with a volume of 4499 shares. The stock had previously closed at $233.61.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Argus boosted their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Finally, Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Stock Performance

The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock has a market cap of $94.02 billion, a P/E ratio of 13.36, a PEG ratio of 0.17 and a beta of 0.68. The stock has a 50-day simple moving average of $192.72 and a 200-day simple moving average of $176.20.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period last year, the company posted $2.38 EPS. Research analysts forecast that Phillips 66 will post 24.44 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.2%. Phillips 66’s dividend payout ratio is presently 28.95%.

Phillips 66 announced that its Board of Directors has authorized a share repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 100,507 shares of company stock worth $21,770,810. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Phillips 66

A number of hedge funds have recently made changes to their positions in the company. MUFG Securities EMEA plc increased its stake in Phillips 66 by 113.5% in the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after purchasing an additional 8,783 shares during the period. Horizon Investments LLC grew its holdings in shares of Phillips 66 by 478.4% in the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after purchasing an additional 52,348 shares during the last quarter. Truist Financial Corp increased its stake in shares of Phillips 66 by 1.6% in the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock worth $87,113,000 after buying an additional 10,585 shares during the period. Fifth Third Bancorp increased its stake in shares of Phillips 66 by 543.7% in the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after buying an additional 108,248 shares during the period. Finally, National Pension Service raised its holdings in Phillips 66 by 2.0% during the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock valued at $79,238,000 after buying an additional 11,960 shares during the last quarter. 76.93% of the stock is 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.