Phillips 66 (NYSE:PSX) Price Target Raised to $295.00

Phillips 66 (NYSE:PSX) had its price target boosted by TD Cowen from $255.00 to $295.00 in a report published on Wednesday morning, MarketBeat.com reports. They currently have a buy rating on the oil and gas company’s stock.

A number of other research firms have also issued reports on PSX. Piper Sandler boosted their price objective on Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. UBS Group raised their target price on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. Morgan Stanley lifted their target price on Phillips 66 from $196.00 to $284.00 and gave the company an “overweight” rating in a report on Monday, September 14th. Barclays upped their price target on Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research report on Thursday, August 6th. Finally, BMO Capital Markets increased their price target on shares of Phillips 66 from $260.00 to $310.00 and gave the stock an “outperform” rating in a report on Thursday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of $246.50.

Phillips 66 Stock Up 0.1%

PSX opened at $264.44 on Wednesday. Phillips 66 has a 12 month low of $126.74 and a 12 month high of $277.12. The company has a market cap of $105.52 billion, a PE ratio of 15.07 and a beta of 0.71. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company has a 50 day moving average of $241.58 and a 200 day moving average of $199.80.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted $2.38 EPS. On average, sell-side analysts expect that Phillips 66 will post 28.12 EPS for the current year.

Phillips 66 declared that its board has approved 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 purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 1.9%. The ex-dividend date was Tuesday, August 18th. Phillips 66’s payout ratio is presently 28.95%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 123,907 shares of company stock valued at $27,973,214 over the last 90 days. 0.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Phillips 66

A number of institutional investors and hedge funds have recently bought and sold shares of PSX. QRG Capital Management Inc. grew its position in shares of Phillips 66 by 22.4% in the 2nd quarter. QRG Capital Management Inc. now owns 55,595 shares of the oil and gas company’s stock worth $9,398,000 after buying an additional 10,186 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in Phillips 66 by 1.4% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 16,403 shares of the oil and gas company’s stock valued at $2,773,000 after acquiring an additional 232 shares during the period. State Street Corp lifted its position in Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock valued at $4,402,856,000 after acquiring an additional 271,841 shares during the period. Security National Bank of Sioux City Iowa IA bought a new stake in Phillips 66 during the second quarter worth about $42,000. Finally, Sequoia Financial Advisors LLC boosted its stake in Phillips 66 by 5.6% during the second quarter. Sequoia Financial Advisors LLC now owns 39,247 shares of the oil and gas company’s stock worth $6,635,000 after acquiring an additional 2,065 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

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.