Phillips 66 (NYSE:PSX) was upgraded by stock analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research note issued on Tuesday. The firm currently has a $94.28 price objective on the stock. Vetr‘s price target suggests a potential upside of 16.12% from the company’s previous close.
A number of other brokerages have also recently commented on PSX. Jefferies Group started coverage on shares of Phillips 66 in a research note on Tuesday, August 23rd. They set a “hold” rating and a $72.00 price target for the company. Morgan Stanley cut shares of Phillips 66 from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $105.00 to $90.00 in a research note on Friday, June 17th. Goldman Sachs Group Inc. restated a “sell” rating on shares of Phillips 66 in a research note on Wednesday, June 29th. Wells Fargo & Co. cut shares of Phillips 66 from an “outperform” rating to a “market perform” rating in a research note on Friday, July 8th. Finally, Piper Jaffray Cos. lifted their target price on shares of Phillips 66 from $74.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, September 16th. One equities research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Phillips 66 has a consensus rating of “Hold” and an average target price of $85.86.
Phillips 66 (NYSE:PSX) opened at 81.19 on Tuesday. The company has a market capitalization of $42.45 billion, a price-to-earnings ratio of 14.05 and a beta of 1.38. Phillips 66 has a 12-month low of $71.74 and a 12-month high of $94.12. The stock’s 50 day moving average price is $78.74 and its 200 day moving average price is $80.47.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same quarter in the previous year, the business earned $1.83 earnings per share. On average, equities research analysts anticipate that Phillips 66 will post $3.38 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Tuesday, August 16th. Phillips 66’s dividend payout ratio (DPR) is 43.83%.
In other news, major shareholder Berkshire Hathaway Inc purchased 290,116 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was bought at an average price of $77.04 per share, with a total value of $22,350,536.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.05% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. raised its position in shares of Phillips 66 by 18.3% in the second quarter. Macquarie Group Ltd. now owns 14,850 shares of the company’s stock valued at $1,178,000 after buying an additional 2,300 shares during the period. Carnick & Kubik Group LLC bought a new stake in Phillips 66 during the second quarter valued at approximately $919,000. Williams Jones & Associates LLC boosted its stake in Phillips 66 by 15.4% in the second quarter. Williams Jones & Associates LLC now owns 2,997 shares of the company’s stock valued at $238,000 after buying an additional 400 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Phillips 66 during the second quarter valued at approximately $1,498,000. Finally, Kentucky Retirement Systems bought a new stake in Phillips 66 during the second quarter valued at approximately $3,156,000. 69.98% of the stock is owned by institutional investors.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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