Phillips 66 (NYSE:PSX) Given New $137.00 Price Target at Jefferies Financial Group

Key Points

• Jefferies Financial Group has raised its price target for Phillips 66 from $133.00 to $137.00, indicating a potential upside of 4.50% from the stock's previous close.
• Analysts maintain a "Moderate Buy" consensus rating on Phillips 66, with an average target price of $140.75 across multiple research firms.
• In the latest earnings report, Phillips 66 reported earnings per share of $2.38, exceeding analysts' expectations of $1.79, alongside a revenue of $33.77 billion.

Phillips 66 (NYSE:PSX - Get Free Report) had its price objective upped by equities research analysts at Jefferies Financial Group from $133.00 to $137.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the oil and gas company's stock. Jefferies Financial Group's price objective would indicate a potential upside of 4.50% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on PSX. Barclays increased their target price on shares of Phillips 66 from $127.00 to $132.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. Bank of America lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and raised their target price for the company from $144.00 to $147.00 in a research note on Wednesday, September 3rd. UBS Group raised their target price on shares of Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, September 22nd. Finally, Piper Sandler lifted their price objective on shares of Phillips 66 from $154.00 to $155.00 and gave the stock a "neutral" rating in a research note on Monday, September 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $140.75.

Phillips 66 Trading Down 0.2%

Shares of PSX stock opened at $131.10 on Friday. The stock has a market cap of $52.98 billion, a price-to-earnings ratio of 31.51, a P/E/G ratio of 1.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The firm has a fifty day moving average of $129.36 and a 200-day moving average of $120.62. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $142.35.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter last year, the company posted $2.31 EPS. On average, equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Michael A. Heim bought 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory Hayes bought 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the acquisition, the director owned 29,423 shares of the company's stock, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 9,850 shares of company stock valued at $1,188,910 in the last ninety days. Corporate insiders own 0.22% of the company's stock.

Hedge Funds Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. Evolution Wealth Management Inc. bought a new position in Phillips 66 during the second quarter worth $25,000. Wolff Wiese Magana LLC boosted its position in Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 82 shares during the period. von Borstel & Associates Inc. bought a new position in Phillips 66 during the first quarter worth $27,000. Olde Wealth Management LLC bought a new position in Phillips 66 during the first quarter worth $28,000. Finally, Opal Wealth Advisors LLC bought a new position in Phillips 66 during the first quarter worth $29,000. 76.93% of the stock is owned by institutional investors.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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