Phillips 66 (NYSE:PSX) Hits New 52-Week High - Still a Buy?

Key Points

• Phillips 66's stock has reached a new 52-week high of $141.10, closing most recently at $140.80 on significant trade volume.
• Analysts exhibit a mixed outlook, with target price adjustments ranging from $128.00 to $147.00, reflecting varying ratings from "equal weight" to "overweight."
• The company announced a quarterly dividend of $1.20 per share, which reflects an annual yield of 3.4%, but also indicates a high payout ratio of 115.38%.

Phillips 66 (NYSE:PSX - Get Free Report)'s stock price reached a new 52-week high on Friday . The stock traded as high as $141.10 and last traded at $140.80, with a volume of 240117 shares changing hands. The stock had previously closed at $139.08.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research report on Wednesday, June 11th. Scotiabank reaffirmed a "sector perform" rating and set a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. Raymond James Financial lifted their price objective on shares of Phillips 66 from $142.00 to $145.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 9th. Finally, Citigroup cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their target price for the company from $126.00 to $130.00 in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $139.38.

Phillips 66 Stock Performance

The firm has a market cap of $57.01 billion, a price-to-earnings ratio of 33.91, a P/E/G ratio of 1.94 and a beta of 1.15. The stock has a 50 day moving average of $127.67 and a 200 day moving average of $120.07. 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 posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter in the previous year, the firm earned $2.31 earnings per share. As a group, analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.4%. Phillips 66's payout ratio is presently 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the stock in a transaction on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the purchase, the director owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's 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 of the company's stock, valued at approximately $5,262,300. The trade was a 10.13% decrease in their position. The disclosure for this sale can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 in the last ninety days. Insiders own 0.22% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PSX. Brighton Jones LLC increased its stake in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after buying an additional 7,214 shares during the period. Two Sigma Investments LP bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $3,423,000. Mackenzie Financial Corp boosted its holdings in shares of Phillips 66 by 14.1% during the 4th quarter. Mackenzie Financial Corp now owns 42,439 shares of the oil and gas company's stock worth $4,835,000 after buying an additional 5,233 shares in the last quarter. Siemens Fonds Invest GmbH boosted its holdings in shares of Phillips 66 by 34.8% during the 4th quarter. Siemens Fonds Invest GmbH now owns 7,935 shares of the oil and gas company's stock worth $889,000 after buying an additional 2,047 shares in the last quarter. Finally, Wood Tarver Financial Group LLC bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $29,000. Institutional investors and hedge funds 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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