Phillips 66 (NYSE:PSX) Receives $206.56 Consensus Target Price from Analysts

Phillips 66 (NYSE:PSX) has been given a consensus rating of “Moderate Buy” by the twenty-one ratings firms that are presently covering the company, MarketBeat.com reports. Seven equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $218.9412.

Several brokerages have weighed in on PSX. Argus increased their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. The Goldman Sachs Group upped their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. Piper Sandler lifted their target price on shares of Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a report on Thursday. Morgan Stanley boosted their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Finally, BMO Capital Markets upped their price target on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 100,507 shares of company stock valued at $21,770,810. Insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Several institutional investors have recently modified their holdings of PSX. California State Teachers Retirement System increased its holdings in Phillips 66 by 22,604.5% during the 2nd quarter. California State Teachers Retirement System now owns 106,125,026 shares of the oil and gas company’s stock worth $17,940,436,000 after purchasing an additional 105,657,607 shares during the period. BlackRock Inc. purchased a new position in shares of Phillips 66 in the 2nd quarter valued at about $5,766,779,000. State Street Corp grew its position in shares of Phillips 66 by 0.8% during the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Phillips 66 by 0.4% during the fourth 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 in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Phillips 66 during the second quarter worth approximately $1,093,206,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX opened at $255.13 on Tuesday. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $260.68. The stock’s fifty day moving average is $216.00 and its two-hundred day moving average is $186.75. The company has a market capitalization of $101.80 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.19 and a beta of 0.71. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the prior year, the business posted $2.38 EPS. Equities analysts expect that Phillips 66 will post 24.07 EPS for the current year.

Phillips 66 declared that its board has initiated a stock buyback program on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.0%. Phillips 66’s dividend payout ratio is presently 28.95%.

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.