Argus Forecasts Strong Price Appreciation for Phillips 66 (NYSE:PSX) Stock

Phillips 66 (NYSE:PSX) had its price objective hoisted by equities researchers at Argus from $185.00 to $197.00 in a research note issued on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Argus’ price target indicates a potential upside of 14.57% from the company’s previous close.

A number of other brokerages also recently commented on PSX. Scotiabank upped their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Jefferies Financial Group cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. BMO Capital Markets lifted their target price on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Finally, Mizuho raised their price target on Phillips 66 from $152.00 to $170.00 and gave the company a “neutral” rating in a research note on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.28.

Phillips 66 Trading Up 0.1%

Shares of NYSE:PSX traded up $0.13 on Thursday, hitting $171.95. 136,102 shares of the company’s stock were exchanged, compared to its average volume of 2,966,479. Phillips 66 has a 12 month low of $109.75 and a 12 month high of $190.61. The stock has a market capitalization of $68.94 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70. The business’s 50 day simple moving average is $170.32 and its two-hundred day simple moving average is $151.38. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.90) earnings per share. Analysts anticipate that Phillips 66 will post 17.39 EPS for the current fiscal year.

Insider Buying and Selling at Phillips 66

In other news, EVP Don Baldridge sold 7,500 shares of the business’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the transaction, the executive vice president owned 38,488 shares of the company’s stock, valued at $6,158,080. The trade was a 16.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Brian Mandell sold 42,800 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the sale, the executive vice president owned 61,595 shares in the company, valued at $10,442,200.35. The trade was a 41.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 121,529 shares of company stock worth $20,841,455. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after acquiring an additional 205,480 shares during the period. State Street Corp increased its position in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after buying an additional 45,340 shares during the period. Norges Bank acquired a new position in Phillips 66 during the fourth quarter worth $640,206,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Phillips 66 by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after purchasing an additional 89,621 shares during the period. 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.