Phillips 66 (NYSE:PSX) Stock Has Consensus Price Target of $241.56 According to Analysts

Phillips 66 (NYSE:PSX) has earned an average recommendation of “Moderate Buy” from the twenty ratings firms that are covering the firm, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $241.56.

PSX has been the topic of several analyst reports. BMO Capital Markets increased their target price on Phillips 66 from $260.00 to $310.00 and gave the stock an “outperform” rating in a report on Thursday, September 17th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Piper Sandler upped their price objective on shares of Phillips 66 from $209.00 to $264.00 and gave the stock a “neutral” rating in a research report on Thursday, September 3rd. Morgan Stanley increased their price objective on shares of Phillips 66 from $196.00 to $284.00 and gave the stock an “overweight” rating in a research note on Monday, September 14th. Finally, TD Cowen raised their target price on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a report on Thursday, August 6th.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This represents a 10.17% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Sutherland sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 123,907 shares of company stock valued at $27,973,214. 0.40% of the stock is owned by insiders.

Institutional Trading of Phillips 66

Several institutional investors and hedge funds have recently modified their holdings of the business. Proficio Capital Partners LLC bought a new stake in Phillips 66 in the 2nd quarter valued at about $384,000. MUFG Securities EMEA plc boosted its holdings in Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after acquiring an additional 8,783 shares in the last quarter. BlackRock Inc. bought a new position in Phillips 66 in the second quarter worth approximately $5,766,779,000. Fifth Third Bancorp grew its stake in 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 valued at $23,348,000 after acquiring an additional 108,248 shares during the period. Finally, Norges Bank bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $640,206,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Down 1.0%

Shares of PSX stock opened at $253.25 on Friday. The stock has a market cap of $101.05 billion, a P/E ratio of 14.43 and a beta of 0.71. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $277.12. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The stock has a 50 day simple moving average of $237.60 and a 200 day simple moving average of $197.55.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the company earned $2.38 EPS. On average, research analysts predict that Phillips 66 will post 28.28 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, August 18th. Phillips 66’s dividend payout ratio is 28.95%.

Phillips 66 announced that its board has initiated a stock buyback program on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.