Wells Fargo & Co Increases Phillips 66 (PSX) Price Target to $140.00

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Phillips 66 (NYSE:PSX) had its target price hoisted by Wells Fargo & Co from $137.00 to $140.00 in a research report report published on Monday morning. Wells Fargo & Co currently has a buy rating on the oil and gas company’s stock.

Several other equities analysts have also issued reports on PSX. Zacks Investment Research upgraded shares of Phillips 66 from a hold rating to a buy rating and set a $137.00 target price for the company in a report on Wednesday, August 1st. Mizuho assumed coverage on shares of Phillips 66 in a report on Wednesday, August 1st. They set a neutral rating and a $124.00 target price for the company. Morgan Stanley lifted their target price on shares of Phillips 66 from $135.00 to $140.00 and gave the company an equal weight rating in a report on Monday, July 16th. Citigroup lifted their target price on shares of Phillips 66 from $124.00 to $126.00 and gave the company a neutral rating in a report on Wednesday, August 15th. Finally, ValuEngine lowered shares of Phillips 66 from a buy rating to a hold rating in a report on Friday, August 17th. Twelve investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Phillips 66 has a consensus rating of Hold and a consensus price target of $121.79.

PSX stock opened at $102.82 on Monday. Phillips 66 has a 52-week low of $89.14 and a 52-week high of $123.97. The company has a market cap of $47.06 billion, a PE ratio of 23.47, a price-to-earnings-growth ratio of 1.39 and a beta of 1.00. The company has a quick ratio of 0.82, a current ratio of 1.28 and a debt-to-equity ratio of 0.43.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 26th. The oil and gas company reported $3.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.50 by $0.60. Phillips 66 had a net margin of 5.72% and a return on equity of 14.97%. The firm had revenue of $30.59 billion during the quarter, compared to analyst estimates of $28.50 billion. During the same period last year, the business earned $1.66 earnings per share. Sell-side analysts predict that Phillips 66 will post 8.61 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Monday, November 19th will be issued a $0.80 dividend. The ex-dividend date of this dividend is Friday, November 16th. This represents a $3.20 dividend on an annualized basis and a yield of 3.11%. Phillips 66’s payout ratio is currently 73.06%.

A number of hedge funds and other institutional investors have recently made changes to their positions in PSX. SevenBridge Financial Group LLC grew its position in Phillips 66 by 2.2% in the 2nd quarter. SevenBridge Financial Group LLC now owns 20,083 shares of the oil and gas company’s stock worth $2,256,000 after purchasing an additional 435 shares during the period. M Holdings Securities Inc. grew its position in Phillips 66 by 19.7% in the 2nd quarter. M Holdings Securities Inc. now owns 2,670 shares of the oil and gas company’s stock worth $300,000 after purchasing an additional 439 shares during the period. CX Institutional grew its position in Phillips 66 by 3.4% in the 3rd quarter. CX Institutional now owns 13,250 shares of the oil and gas company’s stock worth $1,494,000 after purchasing an additional 440 shares during the period. Capital Investment Advisors LLC grew its position in Phillips 66 by 11.8% in the 2nd quarter. Capital Investment Advisors LLC now owns 4,223 shares of the oil and gas company’s stock worth $474,000 after purchasing an additional 445 shares during the period. Finally, Captrust Financial Advisors grew its position in Phillips 66 by 33.6% in the 2nd quarter. Captrust Financial Advisors now owns 1,820 shares of the oil and gas company’s stock worth $204,000 after purchasing an additional 458 shares during the period. Institutional investors own 69.67% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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Analyst Recommendations for Phillips 66 (NYSE:PSX)

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