Phillips 66 (NYSE:PSX) Given New $151.00 Price Target at Scotiabank

Key Points

• Scotiabank raised its price target on Phillips 66 to $151 (from $140) with a "sector perform" rating — this target implies about a 6.1% downside from the current price, while other brokers (e.g., BMO $195, UBS $212) have set substantially higher targets and MarketBeat's average target is $181.33 with a consensus rating of "Hold."
• PSX shares traded up 0.8% to $160.72; the company reported an EPS beat of $2.47 versus $2.15 consensus but missed revenue estimates, and trades at a P/E of ~14.8 with a market cap around $64.4 billion.
• Insider selling has been notable recently — insiders sold about 95,923 shares (~$16.4M) in the last quarter while company insiders own roughly 0.40% of the stock and institutional investors hold about 76.9%.

Phillips 66 (NYSE:PSX - Get Free Report) had its price objective boosted by stock analysts at Scotiabank from $140.00 to $151.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "sector perform" rating on the oil and gas company's stock. Scotiabank's target price suggests a potential downside of 6.05% from the stock's current price.

A number of other brokerages have also weighed in on PSX. BMO Capital Markets boosted their price target on Phillips 66 from $175.00 to $195.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 7th. Wall Street Zen lowered Phillips 66 from a "strong-buy" rating to a "buy" rating in a research note on Saturday, April 11th. Barclays boosted their price target on Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 8th. UBS Group boosted their price target on Phillips 66 from $172.00 to $212.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Finally, Zacks Research lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 16th. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of "Hold" and an average target price of $181.33.

Phillips 66 Stock Up 0.8%

Shares of PSX stock traded up $1.34 on Wednesday, hitting $160.72. The stock had a trading volume of 875,112 shares, compared to its average volume of 3,036,230. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average price of $166.55 and a 200 day moving average price of $147.51. The company has a market cap of $64.41 billion, a PE ratio of 14.84, a P/E/G ratio of 0.27 and a beta of 0.76. Phillips 66 has a one year low of $101.54 and a one year high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.32. The business had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same period in the previous year, the company posted ($0.15) earnings per share. Research analysts anticipate that Phillips 66 will post 13.37 earnings per share for the current fiscal year.

Insider Transactions at Phillips 66

In related news, EVP Don Baldridge sold 7,500 shares of the company's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the sale, the executive vice president owned 38,488 shares in the company, valued at $6,158,080. This represents a 16.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $174.37, for a total value of $662,606.00. Following the completion of the sale, the director owned 8,701 shares in the company, valued at approximately $1,517,193.37. This represents a 30.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,923 shares of company stock valued at $16,399,619 over the last quarter. Company insiders own 0.40% of the company's stock.

Institutional Investors Weigh In On Phillips 66

Several hedge funds have recently bought and sold shares of the stock. Clifford Group LLC boosted its position 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 worth $428,000 after purchasing an additional 64 shares in the last quarter. CYBER HORNET ETFs LLC boosted its position 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 worth $158,000 after purchasing an additional 66 shares in the last quarter. GHP Investment Advisors Inc. boosted its position 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 worth $414,000 after purchasing an additional 72 shares in the last quarter. Johnson Financial Group Inc. boosted its position 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 worth $88,000 after purchasing an additional 72 shares in the last quarter. Finally, L2 Asset Management LLC boosted its position in Phillips 66 by 4.0% in the 3rd quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company's stock worth $257,000 after purchasing an additional 72 shares in the last quarter. 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.

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