Phillips 66 (NYSE:PSX) Price Target Raised to $142.00

Key Points

• Mizuho raised the price target for Phillips 66 from $140.00 to $142.00, indicating a potential upside of 8.19% from its current trading price.
• Phillips 66 recently reported quarterly earnings of $2.38 per share, exceeding analyst estimates, with revenue of $33.77 billion.
• Insider transactions included Director Michael A. Heim purchasing 1,000 shares at an average cost of $125.97, increasing his stake by 9.06%.

Phillips 66 (NYSE:PSX - Get Free Report) had its target price raised by equities researchers at Mizuho from $140.00 to $142.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas company's stock. Mizuho's price objective would suggest a potential upside of 8.19% from the stock's current price.

PSX has been the subject of a number of other reports. Tudor Pickering cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Compass Point started coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating for the company. Piper Sandler lifted their price target on shares of Phillips 66 from $144.00 to $154.00 and gave the stock a "neutral" rating in a research note on Thursday. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research note on Wednesday, June 18th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $136.67.

Phillips 66 Price Performance

Shares of NYSE PSX traded up $0.47 during midday trading on Monday, reaching $131.25. The stock had a trading volume of 373,406 shares, compared to its average volume of 3,218,310. The stock has a 50-day moving average of $126.95 and a 200-day moving average of $119.49. 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 company has a market capitalization of $53.04 billion, a price-to-earnings ratio of 31.55, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the prior year, the company posted $2.31 earnings per share. As a group, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Michael A. Heim purchased 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This represents a 9.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the acquisition, the director directly owned 21,543 shares of the company's stock, valued at $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 9,850 shares of company stock worth $1,188,910 and sold 18,586 shares worth $2,389,145. Insiders own 0.22% of the company's stock.

Institutional Trading of Phillips 66

Hedge funds have recently added to or reduced their stakes in the company. Elliott Investment Management L.P. lifted its holdings in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Phillips 66 by 20.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after purchasing an additional 26,825 shares in the last quarter. Alta Advisers Ltd purchased a new position in Phillips 66 during the first quarter valued at $253,000. Sustainable Insight Capital Management LLC purchased a new position in Phillips 66 during the first quarter valued at $1,457,000. Finally, Evergreen Wealth Solutions LLC purchased a new position in Phillips 66 during the first quarter valued at $292,000. 76.93% of the stock is 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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