Phillips 66 (NYSE:PSX) Price Target Lowered to $147.00 at Piper Sandler

Phillips 66 (NYSE:PSX - Free Report) had its price target reduced by Piper Sandler from $148.00 to $147.00 in a research note released on Tuesday,Benzinga reports. They currently have a neutral rating on the oil and gas company's stock.

PSX has been the topic of several other reports. Morgan Stanley set a $128.00 price target on shares of Phillips 66 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. set a $115.00 target price on Phillips 66 in a report on Wednesday, June 18th. UBS Group dropped their price target on Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $135.20.

Phillips 66 Stock Up 1.4%

NYSE PSX traded up $1.73 during trading on Tuesday, reaching $127.89. 2,280,943 shares of the company's stock were exchanged, compared to its average volume of 3,141,537. The company has a 50 day moving average price of $121.58 and a two-hundred day moving average price of $118.46. The stock has a market cap of $52.11 billion, a P/E ratio of 29.13, a price-to-earnings-growth ratio of 1.95 and a beta of 1.02. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23.

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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The business had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. During the same period last year, the company earned $1.90 earnings per share. On average, equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's payout ratio is 109.34%.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 9,800 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president owned 56,838 shares of the company's stock, valued at approximately $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert W. Pease bought 439 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was bought at an average cost of $113.85 per share, with a total value of $49,980.15. Following the completion of the acquisition, the director owned 4,091 shares of the company's stock, valued at $465,760.35. This represents a 12.02% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.22% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Elliott Investment Management L.P. increased its stake in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Geode Capital Management LLC increased its position in Phillips 66 by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock worth $968,844,000 after buying an additional 82,758 shares in the last quarter. Price T Rowe Associates Inc. MD raised 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 worth $828,442,000 after acquiring an additional 682,459 shares during the last quarter. Invesco Ltd. lifted its position in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after acquiring an additional 653,248 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Phillips 66 by 10.6% during the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock valued at $522,834,000 after acquiring an additional 440,107 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

About Phillips 66

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.