Wells Fargo & Company Issues Pessimistic Forecast for Phillips 66 (NYSE:PSX) Stock Price

Phillips 66 (NYSE:PSX - Get Free Report) had its price objective dropped by equities research analysts at Wells Fargo & Company from $149.00 to $147.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the oil and gas company's stock. Wells Fargo & Company's price target suggests a potential upside of 20.99% from the stock's previous close.

PSX has been the subject of several other research reports. Mizuho boosted their price objective on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Barclays boosted their price target on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. The Goldman Sachs Group lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 target price for the company. in a research note on Thursday, March 27th. TD Cowen upped their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, UBS Group reduced their target price on shares of Phillips 66 from $144.00 to $140.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $135.46.

Phillips 66 Stock Performance

PSX stock traded up $0.55 during trading on Wednesday, reaching $121.50. 2,442,370 shares of the stock were exchanged, compared to its average volume of 3,031,726. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $150.12. The company has a market capitalization of $49.50 billion, a P/E ratio of 24.60, a price-to-earnings-growth ratio of 4.84 and a beta of 1.02. The stock has a 50 day simple moving average of $109.24 and a 200-day simple moving average of $117.65. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). The business had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same quarter in the prior year, the business earned $1.90 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Insider Buying and Selling at Phillips 66

In related news, Director Robert W. Pease purchased 439 shares of the stock in a transaction on Thursday, May 22nd. The shares were purchased at an average cost of $113.85 per share, with a total value of $49,980.15. Following the acquisition, the director now directly owns 4,091 shares in the company, valued at $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.22% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Forum Financial Management LP increased its holdings in shares of Phillips 66 by 1.0% during the fourth quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock worth $853,000 after purchasing an additional 77 shares during the period. NewEdge Wealth LLC raised its position in shares of Phillips 66 by 0.5% in the fourth quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company's stock valued at $1,732,000 after buying an additional 81 shares in the last quarter. WealthTrust Axiom LLC raised its position in shares of Phillips 66 by 1.1% in the first quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock valued at $894,000 after buying an additional 81 shares in the last quarter. JBR Co Financial Management Inc raised its position in shares of Phillips 66 by 0.9% in the fourth quarter. JBR Co Financial Management Inc now owns 9,520 shares of the oil and gas company's stock valued at $1,085,000 after buying an additional 85 shares in the last quarter. Finally, Nwam LLC raised its position in shares of Phillips 66 by 2.2% in the fourth quarter. Nwam LLC now owns 3,876 shares of the oil and gas company's stock valued at $442,000 after buying an additional 85 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Company Profile

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.