Phillips 66 (NYSE:PSX) Stock Price Target Raised at The Goldman Sachs Group

Phillips 66 (NYSE:PSX) had its target price increased by The Goldman Sachs Group from $245.00 to $274.00 in a report issued on Wednesday. The firm presently has a “neutral” rating on the oil and gas company’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 8.86% from the company’s previous close.

Several other research analysts have also commented on the company. Raymond James Financial boosted their price target on Phillips 66 from $240.00 to $300.00 and gave the stock an “outperform” rating in a research report on Monday, September 14th. Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a research note on Thursday, August 6th. UBS Group boosted their target price on shares of Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, September 8th. TD Cowen increased their price target on shares of Phillips 66 from $255.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $246.50.

Phillips 66 Stock Performance

Shares of PSX stock opened at $251.70 on Wednesday. The firm has a market cap of $100.43 billion, a price-to-earnings ratio of 14.34 and a beta of 0.71. The company’s 50 day moving average is $238.39 and its 200 day moving average is $198.12. 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 has a 52-week low of $126.74 and a 52-week high of $277.12.

Phillips 66 (NYSE:PSX) last posted its 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 company had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter in the prior year, the business earned $2.38 earnings per share. On average, sell-side analysts anticipate that Phillips 66 will post 28.28 EPS for the current fiscal year.

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

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. This trade represents a 27.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 123,907 shares of company stock valued at $27,973,214 in the last three months. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pointe Capital Management LLC lifted its stake in shares of Phillips 66 by 4.3% in the second quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company’s stock worth $213,000 after buying an additional 52 shares in the last quarter. Key Client Fiduciary Advisors LLC grew its stake in Phillips 66 by 3.5% during the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after acquiring an additional 55 shares in the last quarter. Threadgill Financial LLC raised its holdings in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after acquiring an additional 58 shares during the last quarter. Nilsine Partners LLC raised its holdings in Phillips 66 by 1.5% in the 2nd quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company’s stock valued at $688,000 after acquiring an additional 59 shares during the last quarter. Finally, Calamos Wealth Management LLC lifted its stake in Phillips 66 by 2.0% in the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock worth $521,000 after purchasing an additional 60 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.