Phillips 66 (NYSE:PSX – Get Free Report) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday, Zacks reports.
A number of other equities research analysts have also weighed in on the company. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Weiss Ratings upgraded Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Argus raised their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Jefferies Financial Group lifted their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Finally, The Goldman Sachs Group boosted their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $222.76.
Read Our Latest Analysis on Phillips 66
Phillips 66 Stock Performance
Phillips 66 (NYSE:PSX – Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period last year, the firm earned $2.38 earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 24.07 EPS for the current year.
Phillips 66 declared that its Board of Directors has initiated a stock repurchase program on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to buy up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.
Insider Transactions at Phillips 66
In related news, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin Mitchell sold 11,021 shares of the company’s stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by company insiders.
Institutional Trading of Phillips 66
A number of hedge funds have recently modified their holdings of PSX. California State Teachers Retirement System lifted its position in Phillips 66 by 22,604.5% during the 2nd quarter. California State Teachers Retirement System now owns 106,125,026 shares of the oil and gas company’s stock valued at $17,940,436,000 after acquiring an additional 105,657,607 shares during the period. BlackRock Inc. purchased a new stake in Phillips 66 in the second quarter worth about $5,766,779,000. Bank of New York Mellon Corp purchased a new stake in Phillips 66 in the second quarter worth about $1,093,206,000. Norges Bank purchased a new stake in Phillips 66 in the fourth quarter worth about $640,206,000. Finally, Bank of America Corp DE bought a new position in shares of Phillips 66 during the second quarter valued at approximately $469,970,000. Institutional investors own 76.93% of the company’s stock.
Phillips 66 Company Profile
Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.
The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.
Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.
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