Phillips 66 (NYSE:PSX) Given New $120.00 Price Target at TD Cowen

Phillips 66 (NYSE:PSX) had its price objective upped by TD Cowen from $114.00 to $120.00 in a report issued on Tuesday, MarketBeat Ratings reports. They currently have a buy rating on the oil and gas company’s stock.

Several other brokerages also recently commented on PSX. Mizuho lowered their target price on Phillips 66 from $140.00 to $132.00 and set a “neutral” rating for the company in a research note on Wednesday, April 9th. Barclays boosted their target price on Phillips 66 from $106.00 to $115.00 and gave the stock an “equal weight” rating in a research note on Monday. StockNews.com raised Phillips 66 from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Scotiabank lowered their target price on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Finally, UBS Group reduced their price target on Phillips 66 from $144.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus price target of $137.86.

Phillips 66 Stock Up 5.8%

PSX stock opened at $125.62 on Tuesday. The company has a market cap of $51.18 billion, a PE ratio of 25.43, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01. The business has a 50-day simple moving average of $111.64 and a 200 day simple moving average of $119.22. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The business had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same period in the previous year, the firm posted $1.90 EPS. Sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a $1.20 dividend. The ex-dividend date is Monday, May 19th. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a yield of 3.82%. Phillips 66’s dividend payout ratio is presently 109.34%.

Institutional Trading of Phillips 66

Several institutional investors have recently added to or reduced their stakes in PSX. Price T Rowe Associates Inc. MD boosted its holdings in Phillips 66 by 283.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the last quarter. Norges Bank bought a new stake in Phillips 66 in the fourth quarter valued at approximately $497,648,000. Raymond James Financial Inc. bought a new stake in Phillips 66 in the fourth quarter valued at approximately $168,790,000. Nuveen LLC bought a new stake in Phillips 66 in the first quarter valued at approximately $156,482,000. Finally, Capitolis Liquid Global Markets LLC bought a new stake in Phillips 66 in the fourth quarter valued at approximately $142,185,000. 76.93% of the stock is currently owned by 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.