Phillips 66 (NYSE:PSX) Price Target Raised to $295.00

Key Points

• TD Cowen raised Phillips 66’s price target from $255 to $295 while maintaining a “buy” rating, implying 17.2% upside from the previous close. The stock has a consensus rating of “Moderate Buy” and an average target of $244.06.
• Phillips 66 reported quarterly EPS of $9.41, exceeding estimates of $7.50, while revenue reached $52.04 billion versus the $43.60 billion consensus forecast.
• The company authorized a $10 billion share-repurchase program, covering up to 11.8% of outstanding shares. Institutional investors own 76.93% of the stock, while insiders have sold more than $27.9 million in shares over the past 90 days.

Phillips 66 (NYSE:PSX - Get Free Report) had its price target upped by stock analysts at TD Cowen from $255.00 to $295.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a "buy" rating on the oil and gas company's stock. TD Cowen's target price points to a potential upside of 17.20% from the stock's previous close.

A number of other research firms have also recently issued reports on PSX. Wells Fargo & Company upped their price target on shares of Phillips 66 from $239.00 to $335.00 and gave the company an "overweight" rating in a report on Tuesday, September 1st. Piper Sandler upped their price target on Phillips 66 from $209.00 to $264.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 22nd. UBS Group boosted their target price on shares of Phillips 66 from $235.00 to $300.00 and gave the stock a "buy" rating in a research report on Tuesday, September 8th. Finally, Morgan Stanley raised their price target on shares of Phillips 66 from $196.00 to $284.00 and gave the stock an "overweight" rating in a research report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $244.06.

Phillips 66 Stock Down 0.7%

PSX stock opened at $251.70 on Wednesday. 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 firm has a market cap of $100.43 billion, a PE ratio of 14.34 and a beta of 0.71. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $277.12. The company has a fifty day simple moving average of $238.39 and a 200 day simple moving average of $198.12.

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 earnings per share (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 $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the prior year, the company posted $2.38 EPS. Sell-side analysts anticipate that Phillips 66 will post 28.28 EPS for the current fiscal year.

Phillips 66 announced that its board has authorized a stock repurchase plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the stock in a transaction 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 $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Vanessa Sutherland sold 3,523 shares of the business's stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares in the company, valued at $5,811,683.85. This represents a 11.34% decrease in their position. 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. Insiders have sold 123,907 shares of company stock worth $27,973,214 over the last 90 days. Corporate insiders own 0.40% of the company's stock.

Hedge Funds Weigh In On Phillips 66

Several institutional investors have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in shares of Phillips 66 in the second quarter valued at about $384,000. BlackRock Inc. bought a new stake in Phillips 66 during the 2nd quarter worth about $5,766,779,000. Fifth Third Bancorp increased its position in Phillips 66 by 543.7% in the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company's stock valued at $23,348,000 after acquiring an additional 108,248 shares in the last quarter. 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 stake in shares of Phillips 66 during the second quarter valued at approximately $724,000. 76.93% of the stock is owned by institutional investors.

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.

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