Shares of Phillips 66 (NYSE:PSX – Get Free Report) were down 1.2% on Tuesday. The company traded as low as $271.46 and last traded at $271.8630. 2,888,191 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 2,838,521 shares. The stock had previously closed at $275.04.
More Phillips 66 News
Here are the key news stories impacting Phillips 66 this week:
- Positive Sentiment: Morgan Stanley is bullish: The firm raised its price target to $290 from $284 and reiterated an “overweight” rating; a separate report also says Morgan Stanley issued a buy rating. These calls may support investor confidence. Morgan Stanley price target report Morgan Stanley buy rating
- Positive Sentiment: Refining momentum is a favorable theme: Zacks highlighted Phillips 66 alongside other refiners, citing strong quarterly earnings, favorable refining conditions and improving growth prospects after a choppy October. Zacks energy stocks article
- Positive Sentiment: SAF feedstock partnership: Phillips 66 and Restaurant Technologies have a long-term agreement to supply used cooking oil from U.S. restaurants for renewable fuel production in California. It could strengthen feedstock supply and the company’s position in lower-carbon fuels, though the article gives no near-term earnings estimate. SAF partnership article
- Positive Sentiment: Technical signal turned favorable: Zacks reported PSX crossed above its 20-day moving average after reaching a support level, suggesting improving short-term momentum. Zacks technical analysis
- Neutral Sentiment: Freedom Broker upgraded PSX from “sell” to “hold,” raising its target to $258 from $173. The improved rating is a positive change, but the new target is below the quoted share price, tempering the signal. Freedom Broker rating information
Wall Street Analysts Forecast Growth
PSX has been the subject of a number of recent analyst reports. Piper Sandler upped their target price on Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. UBS Group lifted their price target on shares of Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. Morgan Stanley boosted their price objective on shares of Phillips 66 from $284.00 to $290.00 and gave the company an “overweight” rating in a research report on Monday. TD Cowen boosted their price objective on shares of Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a research report on Thursday, October 22nd. Finally, BMO Capital Markets upped their price objective on shares of Phillips 66 from $260.00 to $310.00 and gave the stock an “outperform” rating in a report on Thursday, September 17th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $269.82.
Check Out Our Latest Report on Phillips 66
Phillips 66 Price Performance
The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The firm has a market cap of $106.05 billion, a PE ratio of 8.68, a price-to-earnings-growth ratio of 0.16 and a beta of 0.71. The firm has a 50-day simple moving average of $266.81 and a 200 day simple moving average of $199.19.
Phillips 66 (NYSE:PSX – Get Free Report) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. The firm had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 34.36%. During the same period in the prior year, the firm earned $2.52 EPS. As a group, equities analysts expect that Phillips 66 will post 33.11 EPS for the current year.
Phillips 66 Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be paid a dividend of $1.33 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. This represents a $5.32 annualized dividend and a yield of 2.0%. Phillips 66’s payout ratio is presently 16.99%.
Phillips 66 announced that its board has approved a stock repurchase program on Friday, July 31st that allows the company to buy back $10 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Insider Transactions at Phillips 66
In other Phillips 66 news, EVP Richard Harbison sold 52,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the transaction, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This trade represents a 57.13% 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, EVP Brian Mandell sold 23,400 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $16,326,370.70. This represents a 27.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 108,800 shares of company stock worth $25,016,566. Corporate insiders own 0.40% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Phillips 66 in the second quarter worth $5,766,779,000. State Street Corp grew its stake in shares of Phillips 66 by 1.1% in the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after acquiring an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of Phillips 66 during the second quarter valued at $1,093,206,000. Amundi increased its holdings in shares of Phillips 66 by 62.0% during the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after acquiring an additional 1,403,493 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Phillips 66 by 1.2% during the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock valued at $541,263,000 after acquiring an additional 35,167 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.
About Phillips 66
Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.
Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.
The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.
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