Phillips 66 (NYSE:PSX) Stock Price Down 4.8% – Here’s What Happened

Phillips 66 (NYSE:PSX)’s stock price fell 4.8% during trading on Tuesday. The stock traded as low as $275.00 and last traded at $275.0690. 464,398 shares traded hands during trading, a decline of 84% from the average session volume of 2,817,016 shares. The stock had previously closed at $288.85.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PSX. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. Citigroup upped their price objective on Phillips 66 from $217.00 to $297.00 and gave the company a “neutral” rating in a report on Tuesday, October 13th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Mizuho reaffirmed a “neutral” rating and set a $300.00 target price (up from $220.00) on shares of Phillips 66 in a research note on Thursday, October 8th. Finally, Wells Fargo & Company lifted their target price on Phillips 66 from $335.00 to $345.00 and gave the stock an “overweight” rating in a report on Wednesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.88.

Phillips 66 Price Performance

The company has a market cap of $107.71 billion, a P/E ratio of 15.44, a PEG ratio of 0.16 and a beta of 0.71. The company has a fifty day simple moving average of $262.45 and a 200-day simple moving average of $195.08. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The company had revenue of $51 billion during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $2.38 EPS. On average, sell-side analysts predict that Phillips 66 will post 31.39 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, November 17th. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.

Phillips 66 declared that its board has authorized a share buyback plan on Friday, July 31st that authorizes the company to repurchase $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 108,800 shares of company stock valued at $25,016,566 in the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PSX. Midland Wealth Advisors LLC purchased a new stake in shares of Phillips 66 in the third quarter valued at $266,000. Ashton Thomas Securities LLC grew its holdings in shares of Phillips 66 by 5.7% during the third quarter. Ashton Thomas Securities LLC now owns 2,255 shares of the oil and gas company’s stock valued at $576,000 after buying an additional 121 shares in the last quarter. Penobscot Investment Management Company Inc. grew its holdings in shares of Phillips 66 by 15.4% during the third quarter. Penobscot Investment Management Company Inc. now owns 7,592 shares of the oil and gas company’s stock valued at $1,938,000 after buying an additional 1,015 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in shares of Phillips 66 by 24.8% during the third quarter. Oppenheimer & Co. Inc. now owns 39,478 shares of the oil and gas company’s stock valued at $10,079,000 after buying an additional 7,842 shares in the last quarter. Finally, WESPAC Advisors LLC acquired a new position in Phillips 66 during the third quarter valued at $335,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

About Phillips 66

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.