Evercore ISI Begins Coverage on Phillips 66 (NYSE:PSX)

Evercore ISI began coverage on shares of Phillips 66 (NYSE:PSX) in a report issued on Wednesday morning, Marketbeat reports. The firm issued an outperform rating and a $130.00 price target on the oil and gas company’s stock.

PSX has been the subject of several other reports. Wells Fargo & Company dropped their price target on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a report on Wednesday, June 11th. Scotiabank lowered their price objective on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Morgan Stanley decreased their price target on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research report on Monday, April 28th. Finally, Raymond James Financial reduced their price objective on Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $133.93.

Phillips 66 Stock Up 0.0%

NYSE:PSX opened at $124.87 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. The company has a market cap of $50.88 billion, a PE ratio of 28.44, a PEG ratio of 1.94 and a beta of 1.02. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The stock has a 50-day simple moving average of $112.45 and a 200 day simple moving average of $117.24.

Phillips 66 (NYSE:PSX) last posted 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). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The company had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. During the same quarter in the prior year, the business earned $1.90 earnings per share. On average, sell-side analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $1.20 dividend. The ex-dividend date was Monday, May 19th. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 3.84%. Phillips 66’s dividend payout ratio is 109.34%.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president now directly owns 56,838 shares of the company’s stock, valued at approximately $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert W. Pease purchased 439 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was bought at an average cost of $113.85 per share, with a total value of $49,980.15. Following the completion of the acquisition, the director now directly owns 4,091 shares of the company’s stock, valued at approximately $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Large investors have recently made changes to their positions in the stock. 1248 Management LLC raised its position in Phillips 66 by 15.3% during the first quarter. 1248 Management LLC now owns 4,046 shares of the oil and gas company’s stock valued at $500,000 after purchasing an additional 536 shares in the last quarter. Modern Wealth Management LLC boosted its position in Phillips 66 by 35.9% during the 1st quarter. Modern Wealth Management LLC now owns 4,052 shares of the oil and gas company’s stock valued at $500,000 after acquiring an additional 1,071 shares in the last quarter. Nova Wealth Management Inc. bought a new stake in shares of Phillips 66 in the 1st quarter worth approximately $37,000. Strs Ohio bought a new stake in shares of Phillips 66 in the 1st quarter worth approximately $11,401,000. Finally, Intrua Financial LLC boosted its position in shares of Phillips 66 by 8.8% in the 1st quarter. Intrua Financial LLC now owns 8,890 shares of the oil and gas company’s stock worth $1,098,000 after purchasing an additional 718 shares in the last quarter. 76.93% of the stock is 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.