Phillips 66 (NYSE:PSX) Given New $282.00 Price Target at Barclays

Key Points

• Barclays raised its Phillips 66 price target from $216 to $282 while maintaining an “equal weight” rating, implying only 0.59% upside from the prior close.
• Analyst sentiment is broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $260.44; recent targets range as high as $335.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, and 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 boosted by stock analysts at Barclays from $216.00 to $282.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the oil and gas company's stock. Barclays's price target would indicate a potential upside of 0.59% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. Piper Sandler lifted their target price on shares of Phillips 66 from $209.00 to $264.00 and gave the company a "neutral" rating in a report on Thursday, September 3rd. Raymond James Financial upped their price target on shares of Phillips 66 from $240.00 to $300.00 and gave the company an "outperform" rating in a research report on Monday, September 14th. TD Cowen increased their price target on shares of Phillips 66 from $255.00 to $295.00 and gave the stock a "buy" rating in a research note on Wednesday, September 30th. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $239.00 to $335.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 1st. Finally, Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 7th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $260.44.

Phillips 66 Stock Up 0.8%

PSX traded up $2.17 on Monday, reaching $280.35. The company's stock had a trading volume of 914,607 shares, compared to its average volume of 2,849,688. The company has a market capitalization of $111.87 billion, a price-to-earnings ratio of 15.98 and a beta of 0.71. Phillips 66 has a fifty-two week low of $126.92 and a fifty-two week high of $286.57. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The stock has a 50 day moving average of $248.12 and a two-hundred day moving average of $203.45.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%. The company had revenue of $51 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the previous year, the company posted $2.38 earnings per share. As a group, analysts forecast that Phillips 66 will post 29.01 EPS for the current fiscal year.

Phillips 66 announced that its board has authorized a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Share buyback programs are often a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Phillips 66

In other news, EVP Richard G. Harbison sold 52,100 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president directly owned 27,537 shares of the company's stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 112,886 shares of company stock worth $25,878,894. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Phillips 66

Several institutional investors have recently bought and sold shares of PSX. Proficio Capital Partners LLC bought a new position in Phillips 66 during the 2nd quarter worth $384,000. BlackRock Inc. bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $5,766,779,000. Fifth Third Bancorp boosted its position in shares of Phillips 66 by 543.7% during the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company's stock worth $23,348,000 after buying an additional 108,248 shares during the period. Stack Financial Management Inc acquired a new position in shares of Phillips 66 during the second quarter worth approximately $36,317,000. Finally, West Family Investments Inc. bought a new position in Phillips 66 in the 2nd quarter worth approximately $724,000. 76.93% of the stock is owned by institutional investors and hedge funds.

About Phillips 66

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.