Phillips 66 (NYSE:PSX) Given New $268.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised Phillips 66’s price target to $268 from $264 while maintaining a neutral rating, implying about 2.8% downside from the reported share price.
• Analyst sentiment remains moderately bullish overall, with MarketBeat reporting an average rating of “Moderate Buy” and an average target price of $270.19.
• Phillips 66 recently delivered a strong quarterly beat, posting $14.08 in EPS versus $11.73 expected, and has authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares.

Phillips 66 (NYSE:PSX - Get Free Report) had its price objective lifted by research analysts at Piper Sandler from $264.00 to $268.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas company's stock. Piper Sandler's target price would suggest a potential downside of 2.80% from the stock's current price.

PSX has been the topic of a number of other research reports. Barclays upped their target price on Phillips 66 from $216.00 to $282.00 and gave the company an "equal weight" rating in a research note on Monday, October 12th. Weiss Ratings raised Phillips 66 from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. The Goldman Sachs Group boosted their price objective on Phillips 66 from $245.00 to $274.00 and gave the company a "neutral" rating in a report on Wednesday, September 30th. Morgan Stanley increased their target price on Phillips 66 from $196.00 to $284.00 and gave the stock an "overweight" rating in a research note on Monday, September 14th. Finally, TD Cowen lifted their target price on Phillips 66 from $295.00 to $308.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $270.19.

Phillips 66 Trading Up 0.7%

NYSE:PSX opened at $275.72 on Thursday. The company has a 50-day moving average price of $264.69 and a 200-day moving average price of $197.13. Phillips 66 has a 12 month low of $127.16 and a 12 month high of $299.39. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The stock has a market cap of $110.02 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 0.16 and a beta of 0.71.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS 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 analysts' expectations of $44.91 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%. During the same period in the previous year, the firm posted $2.52 EPS. Equities analysts predict that Phillips 66 will post 31.39 EPS for the current year.

Phillips 66 announced that its board has authorized a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard Harbison sold 52,100 shares of the business's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 108,800 shares of company stock worth $25,016,566 over the last quarter. Company insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Phillips 66 in the 2nd quarter valued at $5,766,779,000. State Street Corp grew its position in Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company's stock worth $4,402,856,000 after purchasing an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Phillips 66 during the 2nd quarter worth $1,093,206,000. Amundi grew its position in Phillips 66 by 62.0% during the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company's stock worth $668,137,000 after purchasing an additional 1,403,493 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Phillips 66 by 1.2% in 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 purchasing an additional 35,167 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

More Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 reported third-quarter adjusted earnings of $14.08 per share, well above the approximately $11.7–$11.9 consensus range and up sharply from $2.52 a year earlier. Revenue reached roughly $50.5 billion, also exceeding expectations. Phillips 66 beats quarterly profit estimates as refining margins soar
• Positive Sentiment: The earnings surge was driven by exceptionally strong refining performance: utilization was 98%, refining earnings rose to approximately $6.0 billion, and the company achieved a record 41% distillate yield. Robust midstream volumes provided additional support. Phillips 66 Reports Third-Quarter Results
• Positive Sentiment: Management raised the quarterly dividend to $1.33 per share and returned approximately $2.8 billion to shareholders through dividends and repurchases. The company also reduced total debt by about $2 billion to $18.5 billion, strengthening the balance sheet and supporting the stock’s income and capital-return appeal. Phillips 66: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: Strong operating cash flow and progress on projects such as the Western Gateway Pipeline system reinforce the view that Phillips 66 can sustain investment while continuing shareholder distributions. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
• Neutral Sentiment: The earnings beat has improved Phillips 66’s valuation narrative, but the stock’s outlook remains closely tied to volatile refining margins and geopolitical fuel-market conditions.
• Negative Sentiment: Investors remain concerned that refining margins could retreat as crude prices and fuel-market tightness ease. Those concerns prompted a sharp pre-earnings selloff and could limit further upside despite the strong quarter. Phillips 66 Slides as Traders Reassess Refining Upside Ahead of Earnings

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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