JPMorgan Chase & Co. Issues Positive Forecast for Phillips 66 (NYSE:PSX) Stock Price

Key Points

• JPMorgan Chase raised its price target on Phillips 66 to $188 (from $161) and maintained an Overweight rating, implying roughly a 13.6% upside from the prior close.
• Consensus analyst sentiment is a Moderate Buy with an average target of $179.06, as several firms (Wells Fargo, Jefferies, Weiss, Citi, BMO) have recently raised ratings or targets.
• Phillips 66 beat quarterly EPS estimates ($2.47 vs. $2.15), trades around $165.47 with a market cap of ~$66.3B and a PE of 15.29, and has a 12‑month range of $91.01–$190.61.

Phillips 66 (NYSE:PSX - Get Free Report) had its price target boosted by research analysts at JPMorgan Chase & Co. from $161.00 to $188.00 in a research note issued to investors on Wednesday,MarketScreener reports. The firm currently has an "overweight" rating on the oil and gas company's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 13.62% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company boosted their price objective on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 31st. Jefferies Financial Group raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 16th. Weiss Ratings raised Phillips 66 from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, February 23rd. Citigroup boosted their price objective on Phillips 66 from $146.00 to $159.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $170.00 price objective on shares of Phillips 66 in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $179.06.

Phillips 66 Stock Down 5.3%

Phillips 66 stock opened at $165.47 on Wednesday. The stock has a market capitalization of $66.31 billion, a PE ratio of 15.29, a price-to-earnings-growth ratio of 0.31 and a beta of 0.76. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $190.61. The business has a 50 day simple moving average of $164.51 and a 200-day simple moving average of $145.74. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.15 by $0.32. The firm had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same period in the previous year, the company posted ($0.15) earnings per share. On average, analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of the firm's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the executive vice president owned 38,488 shares of the company's stock, valued at approximately $6,158,080. This trade represents a 16.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kevin Omar Meyers purchased 175 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were bought at an average cost of $173.20 per share, with a total value of $30,310.00. Following the transaction, the director directly owned 16,624 shares of the company's stock, valued at $2,879,276.80. This represents a 1.06% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders sold 100,317 shares of company stock worth $17,036,749. Corporate insiders own 0.22% of the company's stock.

Hedge Funds Weigh In On Phillips 66

Several hedge funds have recently bought and sold shares of the stock. Clifford Group LLC increased its position in Phillips 66 by 2.0% during the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock worth $428,000 after buying an additional 64 shares in the last quarter. CYBER HORNET ETFs LLC grew its position in shares of Phillips 66 by 5.7% in the fourth quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company's stock valued at $158,000 after purchasing an additional 66 shares during the period. GHP Investment Advisors Inc. grew its position in shares of Phillips 66 by 2.3% in the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company's stock valued at $414,000 after purchasing an additional 72 shares during the period. Johnson Financial Group Inc. grew its position in shares of Phillips 66 by 11.9% in the fourth quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company's stock valued at $88,000 after purchasing an additional 72 shares during the period. Finally, L2 Asset Management LLC grew its position in shares of Phillips 66 by 4.0% in the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company's stock valued at $257,000 after purchasing an additional 72 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

About Phillips 66

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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.