Phillips 66 (NYSE:PSX) had its price target upped by analysts at J P Morgan Chase & Co from $93.00 to $95.00 in a research note issued to investors on Monday, October 30th. The firm presently has a “neutral” rating on the oil and gas company’s stock. J P Morgan Chase & Co’s price target would indicate a potential upside of 1.80% from the company’s previous close.
Several other research firms also recently commented on PSX. BidaskClub downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Jefferies Group LLC downgraded shares of Phillips 66 from a “hold” rating to an “underperform” rating and cut their price target for the company from $95.00 to $75.14 in a report on Monday, October 16th. Scotiabank set a $86.00 price target on shares of Phillips 66 and gave the company a “hold” rating in a report on Tuesday, August 1st. Wells Fargo & Company restated a “market perform” rating and set a $91.00 price objective (up previously from $84.00) on shares of Phillips 66 in a research report on Tuesday, October 17th. Finally, Zacks Investment Research cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $93.33.
Phillips 66 (PSX) traded down $0.34 during trading hours on Monday, reaching $93.32. 1,264,800 shares of the company’s stock traded hands, compared to its average volume of 2,235,059. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. The stock has a market cap of $47,040.00, a price-to-earnings ratio of 26.99, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $95.00.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.04. The firm had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. During the same period in the prior year, the firm earned $1.05 EPS. analysts expect that Phillips 66 will post 4.58 earnings per share for the current year.
Phillips 66 declared that its board has authorized a stock repurchase plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in PSX. BlackRock Inc. increased its holdings in Phillips 66 by 2,329.3% during the first quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after buying an additional 26,676,647 shares during the last quarter. OppenheimerFunds Inc. boosted its position in shares of Phillips 66 by 599.8% in the first quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock worth $364,472,000 after purchasing an additional 3,943,299 shares during the period. FMR LLC boosted its position in shares of Phillips 66 by 37.1% in the second quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock worth $621,890,000 after purchasing an additional 2,036,258 shares during the period. Clearbridge Investments LLC boosted its position in shares of Phillips 66 by 4,771.9% in the first quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock worth $112,983,000 after purchasing an additional 1,396,918 shares during the period. Finally, New England Asset Management Inc. bought a new position in shares of Phillips 66 in the first quarter worth approximately $104,095,000. 69.81% of the stock is owned by institutional investors and hedge funds.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
Receive News & Ratings for Phillips 66 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 and related companies with MarketBeat.com's FREE daily email newsletter.