Phillips 66 (NYSE:PSX) Shares Gap Down Following Weak Earnings

Shares of Phillips 66 (NYSE:PSX) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $157.24, but opened at $152.50. Phillips 66 shares last traded at $150.37, with a volume of 930,074 shares trading hands.

The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The business had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. During the same period in the previous year, the company earned $4.21 EPS.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be paid a dividend of $1.15 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a yield of 3.04%. Phillips 66’s dividend payout ratio is presently 29.73%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Scotiabank upped their price target on shares of Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Raymond James upped their price target on shares of Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Citigroup began coverage on shares of Phillips 66 in a research note on Wednesday, January 24th. They issued a “buy” rating on the stock. Bank of America increased their target price on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. increased their target price on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $158.00.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $3,648,120.07. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Phillips 66 news, Director Robert W. Pease bought 682 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were bought at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the acquisition, the director now directly owns 1,900 shares in the company, valued at $278,502. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the sale, the executive vice president now owns 24,941 shares in the company, valued at $3,648,120.07. The disclosure for this sale can be found here. Insiders have sold a total of 35,056 shares of company stock worth $5,272,681 in the last three months. Corporate insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

Institutional investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale boosted its holdings in shares of Phillips 66 by 12.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 201,592 shares of the oil and gas company’s stock valued at $26,501,000 after buying an additional 22,278 shares in the last quarter. Eldred Rock Partners LLC bought a new stake in shares of Phillips 66 in the 4th quarter valued at about $10,402,000. Choate Investment Advisors bought a new stake in shares of Phillips 66 in the 3rd quarter valued at about $247,000. First Dallas Securities Inc. bought a new stake in shares of Phillips 66 in the 3rd quarter valued at about $753,000. Finally, TIAA Trust National Association boosted its holdings in shares of Phillips 66 by 32.9% in the 4th quarter. TIAA Trust National Association now owns 14,816 shares of the oil and gas company’s stock valued at $1,973,000 after buying an additional 3,670 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Down 3.7 %

The stock has a market capitalization of $64.78 billion, a PE ratio of 9.79, a price-to-earnings-growth ratio of 1.90 and a beta of 1.37. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The company’s 50-day moving average is $155.55 and its 200 day moving average is $137.06.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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 petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.