Phillips 66 (NYSE:PSX) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analysts remain cautiously positive on Phillips 66, with 23 covering analysts assigning a consensus rating of “Moderate Buy.” The average 12-month price target is about $187.11.
• The company posted a mixed quarterly update, with EPS of $0.49 beating expectations but revenue of $32.54 billion coming in below estimates. Revenue still rose 6.9% year over year.
• Phillips 66 announced a quarterly dividend of $1.27 per share, payable June 1, representing an annualized yield of 2.9%. Insider selling was also notable, including sales by the EVP and CFO in recent months.

Phillips 66 (NYSE:PSX - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the twenty-three analysts that are covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $187.1111.

A number of equities analysts recently commented on the stock. The Goldman Sachs Group raised their price target on shares of Phillips 66 from $192.00 to $207.00 and gave the stock a "neutral" rating in a research report on Tuesday. Barclays raised their price target on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 8th. Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Citigroup raised their price target on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research report on Thursday, April 9th. Finally, Mizuho raised their price target 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.

Phillips 66 Price Performance

Shares of PSX opened at $178.03 on Friday. The firm has a market capitalization of $71.38 billion, a PE ratio of 17.54, a PEG ratio of 0.26 and a beta of 0.70. The company's 50-day moving average is $172.12 and its 200-day moving average is $153.30. Phillips 66 has a fifty-two week low of $111.19 and a fifty-two week high of $190.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same period in the prior year, the firm earned ($0.90) earnings per share. The company's revenue was up 6.9% on a year-over-year basis. Equities analysts forecast that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 42,800 shares of the firm's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the transaction, the executive vice president directly owned 61,595 shares of the company's stock, valued at $10,442,200.35. This trade represents a 41.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm's stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 114,029 shares of company stock valued at $19,641,455 in the last 90 days. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Phillips 66

Several hedge funds have recently bought and sold shares of the company. Clifford Group LLC increased its holdings in Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock valued at $428,000 after buying an additional 64 shares during the period. Annis Gardner Whiting Capital Advisors LLC increased its holdings in Phillips 66 by 0.8% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,255 shares of the oil and gas company's stock valued at $1,504,000 after buying an additional 65 shares during the period. CYBER HORNET ETFs LLC increased its holdings in Phillips 66 by 5.7% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company's stock valued at $158,000 after buying an additional 66 shares during the period. GHP Investment Advisors Inc. increased its holdings in Phillips 66 by 2.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company's stock valued at $414,000 after buying an additional 72 shares during the period. Finally, Johnson Financial Group Inc. increased its holdings in Phillips 66 by 11.9% in the 4th quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company's stock valued at $88,000 after buying an additional 72 shares during the period. 76.93% of the stock is owned by institutional investors.

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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