Phillips 66 (NYSE:PSX) Now Covered by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has initiated coverage of Phillips 66 (NYSE: PSX) with an "overweight" rating and a price target of $154.00, indicating a potential upside of nearly 20% from its last close.
• The consensus rating for Phillips 66 among analysts is a "Moderate Buy" with a price target averaging $141.19, reflecting a mix of strong buy and buy ratings from various firms.
• In the most recent quarter, Phillips 66 reported $2.38 earnings per share, surpassing estimates and demonstrating solid revenue of $33.77 billion, showcasing strong financial performance.

Equities researchers at Wells Fargo & Company assumed coverage on shares of Phillips 66 (NYSE:PSX - Get Free Report) in a report issued on Friday,Benzinga reports. The firm set an "overweight" rating and a $154.00 price target on the oil and gas company's stock. Wells Fargo & Company's target price suggests a potential upside of 19.97% from the stock's previous close.

Several other equities analysts also recently weighed in on PSX. Scotiabank restated a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Bank of America cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and upped their target price for the company from $144.00 to $147.00 in a report on Wednesday, September 3rd. Jefferies Financial Group lifted their price objective on Phillips 66 from $133.00 to $137.00 and gave the company a "hold" rating in a research report on Friday, October 10th. Finally, Mizuho raised their price objective on shares of Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a research report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat.com, Phillips 66 has a consensus rating of "Moderate Buy" and a consensus price target of $141.19.

Phillips 66 Trading Down 0.9%

NYSE PSX opened at $128.37 on Friday. 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 stock has a market cap of $51.88 billion, a P/E ratio of 30.86, a price-to-earnings-growth ratio of 1.80 and a beta of 1.11. The stock has a 50 day simple moving average of $130.23 and a two-hundred day simple moving average of $120.78. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35.

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 for the quarter, beating the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same quarter in the previous year, the business posted $2.31 earnings per share. On average, analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Insiders Place Their Bets

In other Phillips 66 news, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the purchase, the director directly owned 12,043 shares in the company, valued at $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction on Thursday, August 14th. The shares were acquired at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 9,850 shares of company stock worth $1,188,910 over the last three months. 0.22% of the stock is currently owned by corporate insiders.

Institutional Trading of Phillips 66

Several large investors have recently made changes to their positions in the company. Evolution Wealth Management Inc. acquired a new position in Phillips 66 during the second quarter worth $25,000. Wolff Wiese Magana LLC grew its stake in Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after buying an additional 82 shares during the last quarter. von Borstel & Associates Inc. purchased a new stake in Phillips 66 in the 1st quarter valued at $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 during the first quarter worth about $28,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Phillips 66 during the 1st quarter worth $29,000. 76.93% of the stock is currently owned by hedge funds and other 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.

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