Phillips 66 (NYSE:PSX) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Phillips 66 (NYSE:PSX) from a hold rating to a strong-buy rating in a research note published on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Mizuho lifted their price target on shares of Phillips 66 from $145.00 to $150.00 and gave the company a “neutral” rating in a research report on Friday, December 12th. Wells Fargo & Company increased their price objective on shares of Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and boosted their target price for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Cowen restated a “buy” rating on shares of Phillips 66 in a research note on Thursday, October 30th. Finally, Jefferies Financial Group lifted their price objective on Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a research note on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $148.35.

Phillips 66 Price Performance

NYSE:PSX opened at $128.95 on Thursday. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $144.96. The company has a quick ratio of 0.87, a current ratio of 1.23 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $51.96 billion, a P/E ratio of 35.23, a P/E/G ratio of 0.67 and a beta of 0.92. The stock’s fifty day moving average is $135.84 and its two-hundred day moving average is $129.90.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. The business had revenue of $33.69 billion during the quarter, compared to analysts’ expectations of $32.29 billion. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.During the same period in the prior year, the business posted $2.04 EPS. Equities analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were given a dividend of $1.20 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. Phillips 66’s dividend payout ratio is currently 131.15%.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 25,500 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $140.04, for a total value of $3,571,020.00. Following the sale, the executive vice president owned 56,838 shares of the company’s stock, valued at $7,959,593.52. This trade represents a 30.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $138.00, for a total value of $4,140,000.00. Following the completion of the transaction, the chief financial officer owned 89,771 shares of the company’s stock, valued at $12,388,398. The trade was a 25.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 86,093 shares of company stock worth $11,933,256. Corporate insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

Several hedge funds have recently added to or reduced their stakes in the company. L2 Asset Management LLC increased its position in shares of Phillips 66 by 4.0% in the 3rd quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock valued at $257,000 after purchasing an additional 72 shares during the last quarter. Mesirow Financial Investment Management Inc. grew its stake in shares of Phillips 66 by 0.5% during the third quarter. Mesirow Financial Investment Management Inc. now owns 15,658 shares of the oil and gas company’s stock worth $2,130,000 after purchasing an additional 73 shares in the last quarter. KCM Investment Advisors LLC increased its holdings in Phillips 66 by 1.6% in the third quarter. KCM Investment Advisors LLC now owns 4,636 shares of the oil and gas company’s stock valued at $631,000 after buying an additional 74 shares during the last quarter. Heck Capital Advisors LLC raised its stake in Phillips 66 by 1.2% in the third quarter. Heck Capital Advisors LLC now owns 6,124 shares of the oil and gas company’s stock valued at $833,000 after buying an additional 75 shares in the last quarter. Finally, Portside Wealth Group LLC raised its stake in Phillips 66 by 3.8% in the third quarter. Portside Wealth Group LLC now owns 2,033 shares of the oil and gas company’s stock valued at $277,000 after buying an additional 75 shares in 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.