Phillips 66 (NYSE:PSX) Hits New 52-Week High – Here’s What Happened

Phillips 66 (NYSE:PSX)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $211.05 and last traded at $208.85, with a volume of 2119231 shares changing hands. The stock had previously closed at $206.86.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PSX shares. UBS Group reissued a “buy” rating and set a $212.00 price objective on shares of Phillips 66 in a report on Monday, June 15th. Barclays boosted their target price on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Wells Fargo & Company increased their price target on shares of Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, March 31st. Finally, Weiss Ratings lowered shares of Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $198.72.

Phillips 66 Price Performance

The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The company has a 50-day moving average price of $181.23 and a 200-day moving average price of $167.47. The firm has a market capitalization of $84.79 billion, a P/E ratio of 20.84, a price-to-earnings-growth ratio of 0.28 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the prior year, the company posted ($0.90) earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. On average, sell-side analysts predict that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.4%. Phillips 66’s dividend payout ratio is 50.05%.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 41,021 shares of company stock worth $7,195,257 over the last quarter. 0.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Phillips 66

Institutional investors and hedge funds have recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after acquiring an additional 7,214 shares in the last quarter. Woodline Partners LP raised its position in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after purchasing an additional 10,089 shares during the period. Sei Investments Co. lifted its holdings in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after purchasing an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Phillips 66 by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after purchasing an additional 28,988 shares in the last quarter. Finally, Glenview Trust co grew its position in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

About Phillips 66

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.