Phillips 66 (NYSE:PSX) Price Target Raised to $197.00

Key Points

• Argus raised Phillips 66’s price target from $185 to $197 and kept a buy rating, implying about 14.6% upside from the current price.
• Other analysts have also been revising targets recently, with several firms maintaining positive views; overall, Phillips 66 carries a Moderate Buy consensus and an average target of $186.28.
• The stock traded around $171.95 after the report, and the company’s latest earnings beat EPS expectations with $0.49 per share, though revenue came in below estimates.

Phillips 66 (NYSE:PSX - Get Free Report) had its price target boosted by equities research analysts at Argus from $185.00 to $197.00 in a report issued on Thursday,MarketScreener reports. The brokerage currently has a "buy" rating on the oil and gas company's stock. Argus' price objective suggests a potential upside of 14.57% from the company's current price.

A number of other research analysts have also recently weighed in on the stock. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the company an "overweight" rating in a research note on Tuesday, March 31st. Citigroup increased their price target on Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. UBS Group boosted their price objective on Phillips 66 from $172.00 to $212.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Weiss Ratings lowered Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Finally, Barclays increased their target price on Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $186.28.

Phillips 66 Stock Performance

Shares of NYSE PSX traded up $0.13 during trading on Thursday, hitting $171.95. The company had a trading volume of 136,102 shares, compared to its average volume of 2,966,479. Phillips 66 has a 12 month low of $109.75 and a 12 month high of $190.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a market capitalization of $68.94 billion, a P/E ratio of 16.96, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70. The stock has a 50 day simple moving average of $170.32 and a 200 day simple moving average of $151.38.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.90) EPS. As a group, analysts anticipate that Phillips 66 will post 17.39 earnings per share for the current year.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Lisa Ann Davis sold 3,800 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the transaction, the director owned 8,701 shares in the company, valued at $1,517,193.37. This trade represents a 30.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kevin Omar Meyers acquired 175 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 121,529 shares of company stock valued at $20,841,455 over the last quarter. 0.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Phillips 66

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Phillips 66 by 11.6% in the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company's stock worth $7,035,574,000 after acquiring an additional 5,356,558 shares during the last quarter. Norges Bank bought a new position in Phillips 66 during the 4th quarter valued at about $640,206,000. M&T Bank Corp raised its position in Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the period. AQR Capital Management LLC lifted its stake in Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock worth $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in Phillips 66 in the second quarter worth about $107,967,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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