Phillips 66 (NYSE:PSX) Given New $154.00 Price Target at Piper Sandler

Key Points

• Phillips 66's price target has been raised by Piper Sandler from $144.00 to $154.00, indicating a potential upside of 15.86% from the current price, with a "neutral" rating from the firm.
• Recent quarterly earnings showed that Phillips 66 reported $2.38 earnings per share, surpassing estimates and achieving a revenue of $33.77 billion, above the expected $32.11 billion.
• Institutional investors collectively own 76.93% of Phillips 66's stock, with significant increases in holdings from firms like Vanguard Group and Elliott Investment Management during the second quarter.

Phillips 66 (NYSE:PSX - Get Free Report) had its price target upped by stock analysts at Piper Sandler from $144.00 to $154.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. Piper Sandler's price objective suggests a potential upside of 15.86% from the stock's current price.

A number of other research analysts have also commented on the company. Raymond James Financial raised their price target on Phillips 66 from $142.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday. Evercore ISI began coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective on the stock. Cantor Fitzgerald began coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a "neutral" rating on the stock. Tudor Pickering downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Morgan Stanley boosted their price target on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $136.40.

Phillips 66 Stock Performance

NYSE:PSX traded up $1.50 during midday trading on Thursday, reaching $132.92. The stock had a trading volume of 130,176 shares, compared to its average volume of 3,233,878. The stock has a market cap of $53.71 billion, a P/E ratio of 31.92, a P/E/G ratio of 2.06 and a beta of 1.15. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60. The firm has a fifty day simple moving average of $126.75 and a two-hundred day simple moving average of $119.52. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60.

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

Insider Transactions at Phillips 66

In related news, Director Sigmund L. Cornelius bought 500 shares of the business's stock in a transaction on Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Tuesday, September 9th. The stock was sold at an average price of $135.00, for a total value of $593,055.00. Following the transaction, the executive vice president directly owned 38,980 shares in the company, valued at $5,262,300. The trade was a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 9,850 shares of company stock worth $1,188,910 and have sold 18,586 shares worth $2,389,145. 0.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company's stock valued at $5,531,702,000 after acquiring an additional 5,978,841 shares in the last quarter. Elliott Investment Management L.P. grew its holdings in shares of Phillips 66 by 22.4% in the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company's stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 17.4% in the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company's stock valued at $1,226,815,000 after acquiring an additional 1,532,967 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Phillips 66 by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company's stock valued at $1,120,794,000 after acquiring an additional 537,245 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after acquiring an additional 682,459 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

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.

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