Phillips 66 (NYSE:PSX) Stock Lifted to Hold by Freedom Broker

Key Points

• Freedom Broker upgraded Phillips 66 from “sell” to “hold” and raised its price target from $173 to $258, implying 8.89% downside from the stock’s current price.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and an average price target of $269.47; recent targets range from $274 to $308.
• Phillips 66 reported quarterly earnings of $14.08 per share, exceeding estimates by $2.35, while its board authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares.

Phillips 66 (NYSE:PSX - Get Free Report) was upgraded by Freedom Broker from a "sell" rating to a "hold" rating in a research note issued to investors on Friday, Benzinga reports. The firm presently has a $258.00 price target on the oil and gas company's stock, up from their prior price target of $173.00. Freedom Broker's price objective would suggest a potential downside of 8.89% from the stock's current price.

A number of other analysts also recently issued reports on PSX. Jefferies Financial Group reissued a "hold" rating and issued a $276.00 target price on shares of Phillips 66 in a research report on Sunday, October 11th. Morgan Stanley lifted their price objective on shares of Phillips 66 from $196.00 to $284.00 and gave the company an "overweight" rating in a research note on Monday, September 14th. Wall Street Zen raised shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. The Goldman Sachs Group increased their target price on Phillips 66 from $245.00 to $274.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 30th. Finally, TD Cowen raised their price target on Phillips 66 from $295.00 to $308.00 and gave the stock a "buy" rating in a report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $269.47.

Phillips 66 Trading Up 0.1%

Shares of Phillips 66 stock opened at $283.18 on Friday. The firm has a market cap of $110.46 billion, a PE ratio of 9.04, a P/E/G ratio of 0.15 and a beta of 0.69. Phillips 66 has a 1 year low of $127.16 and a 1 year high of $299.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04. The stock has a fifty day moving average price of $266.19 and a 200-day moving average price of $198.51.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating the consensus estimate of $11.73 by $2.35. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. The company had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. During the same quarter in the prior year, the business earned $2.52 earnings per share. Equities research analysts anticipate that Phillips 66 will post 33.11 EPS for the current year.

Phillips 66 announced that its Board of Directors has initiated a stock repurchase plan on Friday, July 31st that authorizes the company to repurchase $10 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 11.8% of its shares through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 108,800 shares of company stock valued at $25,016,566 over the last quarter. 0.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Chicago Partners Investment Group LLC raised its holdings in Phillips 66 by 8.1% in the third quarter. Chicago Partners Investment Group LLC now owns 21,572 shares of the oil and gas company's stock worth $6,109,000 after purchasing an additional 1,622 shares in the last quarter. Covestor Ltd raised its stake in shares of Phillips 66 by 13.8% in the third quarter. Covestor Ltd now owns 363 shares of the oil and gas company's stock worth $93,000 after purchasing an additional 44 shares during the last quarter. Richardson Financial Services Inc. boosted its holdings in shares of Phillips 66 by 142.5% during the 3rd quarter. Richardson Financial Services Inc. now owns 97 shares of the oil and gas company's stock valued at $25,000 after acquiring an additional 57 shares during the last quarter. Cordgrass Capital Advisors LLC bought a new stake in Phillips 66 in the 3rd quarter worth approximately $297,000. Finally, Verity Asset Management Inc. lifted its holdings in Phillips 66 by 5.8% in the third quarter. Verity Asset Management Inc. now owns 1,704 shares of the oil and gas company's stock valued at $435,000 after acquiring an additional 93 shares during the period. 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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