Phillips 66 (NYSE:PSX) Price Target Cut to $151.00

Phillips 66 (NYSE:PSX) had its target price lowered by Piper Sandler from $170.00 to $151.00 in a report released on Friday, Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

A number of other equities research analysts have also issued reports on PSX. Barclays cut their price target on shares of Phillips 66 from $155.00 to $147.00 and set an equal weight rating on the stock in a report on Tuesday, April 30th. Argus reiterated a buy rating and set a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. Scotiabank lifted their price objective on Phillips 66 from $148.00 to $156.00 and gave the stock a sector outperform rating in a research note on Thursday, April 11th. Wells Fargo & Company raised their price target on shares of Phillips 66 from $179.00 to $191.00 and gave the stock an overweight rating in a research report on Monday, April 8th. Finally, Mizuho decreased their price target on shares of Phillips 66 from $167.00 to $162.00 and set a neutral rating on the stock in a research note on Friday, April 12th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $157.57.

Phillips 66 Trading Up 0.4 %

Phillips 66 stock opened at $137.29 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. Phillips 66 has a 52-week low of $89.74 and a 52-week high of $174.08. The firm has a 50-day moving average price of $146.82 and a two-hundred day moving average price of $144.07. The firm has a market capitalization of $58.20 billion, a price-to-earnings ratio of 10.56, a PEG ratio of 1.87 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The firm had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same period in the previous year, the firm earned $4.21 EPS. Sell-side analysts expect that Phillips 66 will post 12.16 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were given a dividend of $1.15 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Friday, May 17th. This represents a $4.60 annualized dividend and a dividend yield of 3.35%. Phillips 66’s payout ratio is currently 35.38%.

Insiders Place Their Bets

In related news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the sale, the executive vice president now owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Timothy D. Roberts sold 37,742 shares of Phillips 66 stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the sale, the executive vice president now owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joseph Scott Pruitt sold 7,200 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the sale, the vice president now owns 6,583 shares in the company, valued at approximately $1,035,242.58. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of institutional investors have recently modified their holdings of PSX. Norges Bank acquired a new stake in Phillips 66 during the fourth quarter worth about $559,435,000. Boston Partners lifted its stake in shares of Phillips 66 by 962.0% in the fourth quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after acquiring an additional 3,494,878 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Phillips 66 by 38.0% in the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock valued at $1,309,954,000 after purchasing an additional 2,209,043 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Phillips 66 during the 4th quarter worth about $254,336,000. Finally, Wellington Management Group LLP grew its stake in Phillips 66 by 20.3% during the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after purchasing an additional 1,842,226 shares during the period. Institutional investors own 76.93% of the company’s stock.

About Phillips 66

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.