Phillips 66 (NYSE:PSX – Get Free Report) had its price objective lifted by equities research analysts at Barclays from $177.00 to $183.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Barclays‘s price target points to a potential downside of 2.94% from the stock’s previous close.
PSX has been the topic of a number of other reports. Morgan Stanley raised their price objective on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday. Argus upped their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Scotiabank lifted their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Finally, Wolfe Research boosted their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research note on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average price target of $193.06.
View Our Latest Analysis on Phillips 66
Phillips 66 Stock Performance
Phillips 66 (NYSE:PSX – Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter in the prior year, the firm earned ($0.90) earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. As a group, equities research analysts predict that Phillips 66 will post 19.27 EPS for the current fiscal year.
Insider Activity
In other news, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.40% of the company’s stock.
Institutional Investors Weigh In On Phillips 66
A number of large investors have recently modified their holdings of the stock. Threadgill Financial LLC lifted its holdings in Phillips 66 by 3.5% in the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after buying an additional 58 shares during the period. Somerset Trust Co grew its position in Phillips 66 by 0.3% during the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after purchasing an additional 63 shares during the last quarter. Clifford Group LLC increased its position in shares of Phillips 66 by 2.0% during the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after acquiring an additional 64 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its holdings in shares of Phillips 66 by 0.8% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,255 shares of the oil and gas company’s stock worth $1,504,000 after purchasing an additional 65 shares in the last quarter. Finally, CYBER HORNET ETFs LLC raised its position in Phillips 66 by 5.7% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock worth $158,000 after buying an additional 66 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.
Key Stories Impacting Phillips 66
Here are the key news stories impacting Phillips 66 this week:
- Positive Sentiment: Crude oil prices surged after U.S. strikes on Iran and renewed threats of escalation raised supply concerns, which has supported energy stocks including Phillips 66. Phillips 66 (PSX) Could Be 3% Undervalued After Oil Spiked On Middle East Tensions
- Positive Sentiment: Tighter U.S. gasoline supplies and improving refining margins are boosting investor expectations for Phillips 66’s near-term earnings power. Phillips 66 Gains as Strong Fuel-Margin Backdrop Lifts Refiners
- Neutral Sentiment: Phillips 66 was mentioned in market commentary as potentially 3% undervalued, suggesting valuation support rather than a company-specific catalyst. Phillips 66 (PSX) Could Be 3% Undervalued After Oil Spiked On Middle East Tensions
- Negative Sentiment: Phillips 66 was downgraded by Zacks Research from “strong-buy” to “hold,” which could temper enthusiasm after the recent rally. Zacks.com
Phillips 66 Company Profile
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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