Phillips 66 (NYSE:PSX) Receives $148.35 Average Price Target from Analysts

Shares of Phillips 66 (NYSE:PSX) have earned a consensus rating of “Moderate Buy” from the twenty-three brokerages that are presently covering the firm, Marketbeat reports. Twelve equities research analysts have rated the stock with a hold recommendation, nine have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $147.8235.

A number of research firms recently commented on PSX. Barclays increased their price objective on Phillips 66 from $132.00 to $141.00 and gave the stock an “equal weight” rating in a report on Monday, November 17th. Mizuho raised their price target on shares of Phillips 66 from $145.00 to $150.00 and gave the company a “neutral” rating in a report on Friday, December 12th. UBS Group reaffirmed a “buy” rating and issued a $160.00 price objective on shares of Phillips 66 in a research note on Monday, November 10th. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Finally, Piper Sandler upped their price target on Phillips 66 from $170.00 to $171.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $127.71 on Thursday. The firm has a market cap of $51.46 billion, a price-to-earnings ratio of 34.89, a P/E/G ratio of 0.67 and a beta of 0.92. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $144.96. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68. The business has a fifty day simple moving average of $135.73 and a 200 day simple moving average of $130.48.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The company had revenue of $33.69 billion for the quarter, compared to analyst estimates of $32.29 billion. During the same period in the prior year, the firm posted $2.04 EPS. As a group, sell-side analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were given a dividend of $1.20 per share. The ex-dividend date of this dividend was Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.8%. Phillips 66’s dividend payout ratio is presently 131.15%.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $138.00, for a total value of $4,140,000.00. Following the transaction, the chief financial officer owned 89,771 shares of the company’s stock, valued at $12,388,398. This trade represents a 25.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Brian Mandell sold 26,200 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the sale, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,825,455.84. This represents a 31.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 81,700 shares of company stock worth $11,318,236. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Several large investors have recently made changes to their positions in PSX. Elliott Investment Management L.P. boosted its position in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares during the period. Vanguard Group Inc. raised its stake in Phillips 66 by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after purchasing an additional 5,978,841 shares during the last quarter. Chronos Wealth Management LLC bought a new stake in Phillips 66 in the 2nd quarter valued at $281,000. Edgestream Partners L.P. acquired a new stake in Phillips 66 in the 2nd quarter worth $4,952,000. Finally, California Public Employees Retirement System increased its holdings in shares of Phillips 66 by 3.9% during the 2nd quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock worth $83,102,000 after purchasing an additional 26,238 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

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.