Phillips 66 (NYSE:PSX) Price Target Raised to $282.00

Phillips 66 (NYSE:PSX) had its price objective raised by Barclays from $216.00 to $282.00 in a research report sent to investors on Monday morning,Benzinga reports. Barclays currently has an equal weight rating on the oil and gas company’s stock.

PSX has been the topic of a number of other reports. Jefferies Financial Group reissued a “hold” rating and set a $276.00 target price on shares of Phillips 66 in a research report on Sunday. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Raymond James Financial raised their price target on shares of Phillips 66 from $240.00 to $300.00 and gave the company an “outperform” rating in a report on Monday, September 14th. Zacks Research raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Finally, Mizuho reiterated a “neutral” rating and issued a $300.00 price objective (up from $220.00) on shares of Phillips 66 in a report on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $266.88.

Phillips 66 Stock Up 1.4%

NYSE PSX opened at $296.77 on Monday. The stock has a market cap of $118.42 billion, a PE ratio of 19.66 and a beta of 0.71. Phillips 66 has a fifty-two week low of $126.92 and a fifty-two week high of $297.42. The business has a 50 day moving average price of $253.24 and a two-hundred day moving average price of $205.72. 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 issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The company had revenue of $51 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the company earned $2.38 earnings per share. As a group, sell-side analysts predict that Phillips 66 will post 29.05 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has approved a share repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share repurchase plans are generally 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 Phillips 66 stock in a transaction that occurred on 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 in the company, valued at $16,326,370.70. The trade was a 27.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vanessa Sutherland sold 3,523 shares of Phillips 66 stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 112,886 shares of company stock worth $25,878,894 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Institutional Trading of Phillips 66

A number of hedge funds have recently made changes to their positions in PSX. Perpetual Ltd increased its holdings in shares of Phillips 66 by 71.4% in the 3rd quarter. Perpetual Ltd now owns 9,947 shares of the oil and gas company’s stock valued at $2,540,000 after acquiring an additional 4,142 shares during the last quarter. Vertrix Wealth Management LLC acquired a new stake in shares of Phillips 66 during the 3rd quarter valued at approximately $217,000. Moody National Bank Trust Division lifted its stake in Phillips 66 by 1.9% during the third quarter. Moody National Bank Trust Division now owns 3,628 shares of the oil and gas company’s stock worth $926,000 after purchasing an additional 67 shares during the last quarter. Eastern Bank lifted its stake in Phillips 66 by 12.5% during the third quarter. Eastern Bank now owns 1,526 shares of the oil and gas company’s stock worth $390,000 after purchasing an additional 170 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its stake in Phillips 66 by 22.4% during the second quarter. QRG Capital Management Inc. now owns 55,595 shares of the oil and gas company’s stock worth $9,398,000 after purchasing an additional 10,186 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Trending Headlines about Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Analyst sentiment improved after Barclays raised its price target for Phillips 66, while JPMorgan also increased its target to $275 from $234. The revisions reflect expectations for stronger refining profitability and support the recent advance. Barclays raises target for Phillips 66 stock
• Positive Sentiment: Coverage highlights potential support from tight global refined-product supplies, including disruptions involving Russian exports and instability in the Gulf region. Sustained crack spreads could keep refining earnings above conservative forecasts. Phillips 66: Missing A Premium Valuation
• Positive Sentiment: Recent performance and expectations for stronger third-quarter results have increased attention around PSX. The company’s diversified operations and history of shareholder returns are also being cited as reasons for its appeal to investors seeking relatively predictable cash generation. Why Phillips 66 Is Drawing Fresh Attention
• Neutral Sentiment: Articles focused on refining prospects and long-term returns provide context rather than a new company-specific catalyst. Phillips 66 previously exceeded quarterly earnings expectations, but investors are now looking for confirmation that favorable refining conditions can persist.
• Neutral Sentiment: Pre-market coverage and comparisons with other income-oriented companies indicate continued market visibility, but do not materially change the earnings outlook. Comparing WhiteHawk Income and Phillips 66
• Negative Sentiment: Union workers at the Bayway refinery authorized a strike as contract negotiations continue. A work stoppage could disrupt operations, increase costs and pressure near-term refining earnings. Will Phillips 66 Face a Bayway Refinery Strike?
• Negative Sentiment: Some analysts argue that the sharp rally has reduced the margin of safety and that PSX does not yet warrant a premium valuation. DBS maintained a Hold rating, reinforcing concerns about limited upside after the recent gains.

Phillips 66 Company Profile

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.