Phillips 66 (NYSE:PSX) Downgraded by Jefferies Financial Group to "Hold"

Key Points

• Jefferies downgraded Phillips 66 from a "strong-buy" to a "hold" rating in a research note.
• Analyst coverage is split (11 Buy, 12 Hold) with a consensus rating of "Hold" and an average target price of $180.72, while several firms raised price targets (e.g., Raymond James to $205, Wells Fargo to $201).
• Phillips 66 reported $2.47 EPS for the quarter (above $2.15 est.) but missed revenue, and insiders sold about 95,923 shares worth roughly $16.4 million in the past three months.

Phillips 66 (NYSE:PSX - Get Free Report) was downgraded by research analysts at Jefferies Financial Group from a "strong-buy" rating to a "hold" rating in a research note issued on Monday,Zacks.com reports.

PSX has been the subject of several other research reports. Wall Street Zen downgraded shares of Phillips 66 from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Raymond James Financial increased their price objective on shares of Phillips 66 from $175.00 to $205.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 25th. Piper Sandler increased their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 8th. Mizuho increased their price objective on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 17th. Finally, Wells Fargo & Company increased their price objective on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Eleven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $180.72.

Phillips 66 Stock Up 0.6%

Shares of PSX stock opened at $160.13 on Monday. The firm has a fifty day moving average of $166.03 and a 200-day moving average of $146.52. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. Phillips 66 has a 12-month low of $95.70 and a 12-month high of $190.61. The company has a market capitalization of $64.17 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 0.28 and a beta of 0.76.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The company had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. During the same quarter in the prior year, the firm earned ($0.15) earnings per share. As a group, equities research analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Phillips 66

In related news, EVP Brian Mandell sold 42,800 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the completion of the transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $10,442,200.35. This represents a 41.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, the executive vice president owned 25,799 shares of the company's stock, valued at $3,869,850. The trade was a 14.55% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,923 shares of company stock valued at $16,399,619 in the last three months. 0.40% of the stock is currently owned by insiders.

Institutional Trading of Phillips 66

A number of large investors have recently added to or reduced their stakes in the company. Clifford Group LLC lifted its stake in Phillips 66 by 2.0% in the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock valued at $428,000 after acquiring an additional 64 shares during the last quarter. CYBER HORNET ETFs LLC lifted its stake in 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 acquiring an additional 66 shares during the last quarter. GHP Investment Advisors Inc. lifted its stake in 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 acquiring an additional 72 shares during the last quarter. Johnson Financial Group Inc. lifted its stake in 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 acquiring an additional 72 shares during the last quarter. Finally, L2 Asset Management LLC lifted its stake in 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 acquiring an additional 72 shares during the last quarter. Institutional investors and hedge funds 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.

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