Phillips 66 (NYSE:PSX) Sets New 12-Month High – Still a Buy?

Phillips 66 (NYSE:PSX) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $201.66 and last traded at $201.4050, with a volume of 2852818 shares trading hands. The stock had previously closed at $198.29.

Phillips 66 News Summary

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

• Positive Sentiment: Tight fuel markets and elevated crack spreads are boosting refining margins, which could improve Phillips 66’s earnings power. Can Tight Fuel Markets Benefit Phillips 66’s Refining Business?
• Positive Sentiment: Limited Middle East crude exposure may help cushion Phillips 66 if geopolitical supply disruptions continue, reducing a key risk for refiners. Can Tight Fuel Markets Benefit Phillips 66’s Refining Business?
• Neutral Sentiment: Analyst comparisons with ExxonMobil highlight Phillips 66’s diversification, but also note ongoing pressure in the refining segment, making the setup more balanced than purely bullish. ExxonMobil vs. Phillips 66: Which Energy Stock Should You Pick?
• Negative Sentiment: The stock has also faced a recent pullback, with traders citing broader weakness in refining and energy shares rather than a Phillips 66-specific setback. Phillips 66 (PSX) Stock Drops Despite Market Gains: Important Facts to Note
• Negative Sentiment: Weaker crude prices and softer sentiment across refiners after inventory data may keep pressure on PSX in the near term. Why Phillips 66 (PSX) Stock Is Down Today

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wolfe Research upped their price objective on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a report on Monday, April 6th. The Goldman Sachs Group boosted their target price on shares of Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 19th. Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Morgan Stanley raised their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Finally, BMO Capital Markets lifted their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $196.06.

Phillips 66 Stock Performance

The company has a market capitalization of $80.68 billion, a PE ratio of 19.83, a PEG ratio of 0.26 and a beta of 0.69. The firm has a 50-day moving average of $178.32 and a two-hundred day moving average of $165.20. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.90) EPS. Research analysts anticipate that Phillips 66 will post 19.84 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. Phillips 66’s dividend payout ratio is 50.05%.

Insider Buying and Selling at Phillips 66

In other news, Director Kevin Omar Meyers purchased 175 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% 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 90 days, insiders have sold 41,021 shares of company stock worth $7,195,257. 0.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Phillips 66

Large investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in Phillips 66 in the fourth quarter valued at approximately $640,206,000. M&T Bank Corp raised its stake in shares of Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after buying an additional 2,243,268 shares during the period. AQR Capital Management LLC lifted its position in shares of Phillips 66 by 424.7% during the 3rd 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 buying an additional 1,532,389 shares in the last quarter. Amundi lifted its position in shares of Phillips 66 by 62.0% during the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after buying an additional 1,403,493 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC acquired a new stake in Phillips 66 in the 2nd quarter valued at $107,967,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

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.