Wells Fargo & Company Cuts Phillips 66 (NYSE:PSX) Price Target to $147.00

Phillips 66 (NYSE:PSX) had its target price reduced by stock analysts at Wells Fargo & Company from $149.00 to $147.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 23.26% from the company’s current price.

Other research analysts also recently issued reports about the stock. Raymond James dropped their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Morgan Stanley cut their target price on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. UBS Group lowered their price target on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a report on Monday, April 28th. Finally, Barclays upped their price objective on Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $135.46.

Phillips 66 Trading Up 0.5%

NYSE:PSX opened at $119.26 on Wednesday. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $150.12. The company has a market capitalization of $48.59 billion, a P/E ratio of 24.13, a PEG ratio of 4.84 and a beta of 1.02. The firm has a fifty day simple moving average of $108.29 and a 200-day simple moving average of $117.71.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). The business had revenue of $31.92 billion during 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 company posted $1.90 EPS. On average, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Robert W. Pease bought 439 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were purchased at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the transaction, the director now directly owns 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.22% of the stock is owned by company insiders.

Hedge Funds Weigh In On Phillips 66

Institutional investors have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. increased its position in Phillips 66 by 10.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock valued at $5,349,000 after purchasing an additional 4,515 shares during the period. Corps Capital Advisors LLC bought a new stake in Phillips 66 during the 4th quarter worth approximately $412,000. Cohen & Steers Inc. raised its position in Phillips 66 by 40.3% in the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company’s stock valued at $10,443,000 after buying an additional 26,318 shares during the last quarter. American Assets Investment Management LLC lifted its position in shares of Phillips 66 by 2.3% during the fourth quarter. American Assets Investment Management LLC now owns 130,800 shares of the oil and gas company’s stock valued at $14,902,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund boosted its stake in shares of Phillips 66 by 71.3% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 21,231 shares of the oil and gas company’s stock worth $2,419,000 after buying an additional 8,838 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

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.