JPMorgan Chase & Co. Boosts Phillips 66 (NYSE:PSX) Price Target to $188.00

Phillips 66 (NYSE:PSX) had its price target raised by JPMorgan Chase & Co. from $161.00 to $188.00 in a research report issued to clients and investors on Wednesday,MarketScreener reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 13.62% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Mizuho boosted their target price on Phillips 66 from $152.00 to $170.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. The Goldman Sachs Group raised their price target on shares of Phillips 66 from $168.00 to $186.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Finally, Citigroup raised their price target on shares of Phillips 66 from $146.00 to $159.00 and gave the company a “neutral” rating in a report on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.06.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $165.47 on Wednesday. The company has a market cap of $66.31 billion, a P/E ratio of 15.29, a P/E/G ratio of 0.31 and a beta of 0.76. 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 has a 52 week low of $91.01 and a 52 week high of $190.61. The business has a fifty day simple moving average of $164.51 and a 200-day simple moving average of $145.74.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. The business had revenue of $32.16 billion during the quarter, compared to the consensus estimate 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 in the previous year, the business earned ($0.15) earnings per share. Equities research analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total value of $659,100.00. Following the transaction, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kevin J. Mitchell sold 16,856 shares of Phillips 66 stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $168.22, for a total value of $2,835,516.32. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at $16,380,590.72. The trade was a 14.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 100,317 shares of company stock worth $17,036,749. Corporate insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

A number of institutional investors have recently bought and sold shares of PSX. Vanguard Group Inc. boosted its position in Phillips 66 by 11.6% during the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock valued at $7,035,574,000 after purchasing an additional 5,356,558 shares during the last quarter. Norges Bank acquired a new stake in Phillips 66 during the fourth quarter valued at $640,206,000. Elliott Investment Management L.P. boosted its position in Phillips 66 by 22.4% during the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after purchasing an additional 3,526,000 shares during the last quarter. M&T Bank Corp boosted its position in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after purchasing an additional 2,243,268 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Company Profile

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.