Phillips 66’s (PSX) “Neutral” Rating Reiterated at Mizuho

Mizuho reaffirmed their neutral rating on shares of Phillips 66 (NYSE:PSX) in a research note released on Thursday morning, MarketBeat Ratings reports. They currently have a $300.00 target price on the oil and gas company’s stock, up from their prior target price of $220.00.

Several other equities analysts have also issued reports on the company. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. Jefferies Financial Group increased their price objective on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research report on Thursday, July 9th. Morgan Stanley raised their price objective on shares of Phillips 66 from $196.00 to $284.00 and gave the company an “overweight” rating in a research note on Monday, September 14th. TD Cowen lifted their target price on shares of Phillips 66 from $255.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, September 30th. Finally, Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $252.00.

Phillips 66 Stock Down 1.4%

PSX stock opened at $277.60 on Thursday. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $286.57. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm has a market cap of $110.77 billion, a PE ratio of 15.82 and a beta of 0.71. The business has a 50 day moving average of $248.12 and a 200 day moving average of $203.27.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%. The business had revenue of $51 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter in the previous year, the business earned $2.38 earnings per share. On average, research analysts forecast that Phillips 66 will post 29.01 EPS for the current fiscal year.

Phillips 66 announced that its board has approved a stock repurchase plan on Friday, July 31st that allows the company to buy back $10.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of the business’s stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. The trade was a 27.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vanessa Sutherland sold 3,523 shares of the company’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 112,886 shares of company stock worth $25,878,894. 0.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PSX. BlackRock Inc. bought a new stake in Phillips 66 in the 2nd quarter worth approximately $5,766,779,000. State Street Corp lifted its holdings in shares of Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock valued at $4,402,856,000 after buying an additional 271,841 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Phillips 66 during the 2nd quarter valued at $1,093,206,000. Amundi boosted its stake in shares of Phillips 66 by 62.0% in the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after buying an additional 1,403,493 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Phillips 66 by 1.2% in the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after buying an additional 35,167 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

More Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Refining margins remain unusually strong. Tight fuel markets, low inventories and elevated crack spreads are supporting profitability for independent refiners, with industry indicators pointing to a potentially stronger third quarter than the prior period. Refiners Phillips 66, Delek, Par Pacific cut at Mizuho after more than doubling YTD
• Positive Sentiment: Investors are positioning ahead of Phillips 66’s October 28 earnings report, with market expectations for strong refining results helping lift sentiment. The company also provided a clearer succession plan for its refining division after announcing its current refining chief’s retirement and the appointment of a former executive to lead the unit. Phillips 66 Rises as Strong Refining Margins and Recent Company Updates Support Shares
• Neutral Sentiment: Phillips 66 reached a fresh 52-week high, reflecting strong momentum, but the move also raises valuation and profit-taking concerns after a substantial year-to-date rally. Phillips 66 Hits Fresh High: Is There Still Room to Run?
• Negative Sentiment: Mizuho downgraded Phillips 66 to Neutral from Outperform, saying the refining-stock rally has largely priced in higher earnings and leaves limited average upside. Although Mizuho raised its PSX target to $300, the downgrade signals reduced near-term conviction. Mizuho cuts Phillips 66, Delek, Par Pacific as refiner rally prices in gains
• Negative Sentiment: The United States plans to temporarily allow additional Russian diesel supplies, including potentially millions of tons. The added supply pushed diesel futures lower and could pressure diesel prices and refining margins, creating a headwind for PSX’s refining earnings. Trump Announces Russian Diesel Supply Agreement Following Putin Talks, U.S. Eases Sanctions

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.