Phillips 66 (NYSE:PSX) Hits New 52-Week Low – What’s Next?

Phillips 66 (NYSE:PSX)’s stock price reached a new 52-week low on Monday . The stock traded as low as $118.61 and last traded at $119.85, with a volume of 254379 shares traded. The stock had previously closed at $122.72.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of recent research reports. UBS Group lowered their price target on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Morgan Stanley dropped their price target on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company reduced their price objective on Phillips 66 from $167.00 to $161.00 and set an “overweight” rating on the stock in a research report on Monday, December 9th. Mizuho dropped their target price on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Piper Sandler set a $144.00 price target on Phillips 66 in a report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.23.

Phillips 66 Stock Performance

The firm has a market capitalization of $49.17 billion, a price-to-earnings ratio of 15.75, a PEG ratio of 4.06 and a beta of 1.35. The firm has a 50 day moving average price of $129.86 and a 200-day moving average price of $133.81. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The company had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. During the same quarter in the previous year, the firm earned $4.63 earnings per share. The firm’s quarterly revenue was down 10.3% on a year-over-year basis. As a group, sell-side analysts expect that Phillips 66 will post 7.56 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

Institutional Trading of Phillips 66

A number of institutional investors have recently bought and sold shares of the business. Birmingham Capital Management Co. Inc. AL increased its stake in Phillips 66 by 17.7% in the third quarter. Birmingham Capital Management Co. Inc. AL now owns 6,653 shares of the oil and gas company’s stock valued at $875,000 after purchasing an additional 1,002 shares during the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of Phillips 66 in the 3rd quarter valued at $1,791,000. Old North State Trust LLC acquired a new stake in Phillips 66 during the 3rd quarter worth $201,000. Synovus Financial Corp lifted its position in Phillips 66 by 25.4% in the third quarter. Synovus Financial Corp now owns 26,554 shares of the oil and gas company’s stock valued at $3,490,000 after acquiring an additional 5,376 shares during the last quarter. Finally, Tidal Investments LLC boosted its stake in Phillips 66 by 11.8% in the third quarter. Tidal Investments LLC now owns 21,523 shares of the oil and gas company’s stock valued at $2,829,000 after acquiring an additional 2,274 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

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.