Phillips 66 (NYSE:PSX) Downgraded by Zacks Research to Hold

Phillips 66 (NYSE:PSX) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other research firms also recently issued reports on PSX. JPMorgan Chase & Co. lifted their price target on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Citigroup boosted their price target on Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a research note on Thursday, April 9th. Morgan Stanley increased their price target on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Guggenheim upgraded Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Finally, TD Cowen upped their target price on Phillips 66 from $213.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.72.

Phillips 66 Stock Up 0.8%

Shares of NYSE PSX opened at $178.83 on Monday. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $190.61. The company has a market cap of $71.70 billion, a P/E ratio of 17.62, a P/E/G ratio of 0.24 and a beta of 0.69. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock has a fifty day moving average price of $175.11 and a 200 day moving average price of $161.94.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion during 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 company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.90) earnings per share. Research analysts anticipate that Phillips 66 will post 19.27 EPS for the current fiscal year.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers acquired 175 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director directly owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This represents a 1.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. The trade was a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Institutional investors and hedge funds have recently bought and sold shares of the business. MUFG Securities EMEA plc boosted its stake in shares of Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after acquiring an additional 8,783 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Phillips 66 by 17.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock valued at $177,018,000 after purchasing an additional 199,646 shares during the last quarter. Truist Financial Corp boosted its position in shares of Phillips 66 by 1.6% in the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares during the period. Horizon Investments LLC increased its stake in Phillips 66 by 478.4% in the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after purchasing an additional 52,348 shares in the last quarter. Finally, Royal Fund Management LLC increased its stake in Phillips 66 by 20.6% in the 4th quarter. Royal Fund Management LLC now owns 53,901 shares of the oil and gas company’s stock worth $6,958,000 after purchasing an additional 9,214 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

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.