Phillips 66 (NYSE:PSX) Raised to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Phillips 66 from “buy” to “strong-buy,” adding to a generally positive analyst backdrop. Overall, the stock now has a consensus rating of “Moderate Buy” with an average target price of $192.33.
• Phillips 66 shares were trading up about 0.7% at $179.27, near the top of their 12-month range of $118.00 to $190.61. The company currently sports a market cap of $71.87 billion and a P/E ratio of 17.66.
• Recent quarterly results beat earnings expectations, with Phillips 66 posting $0.49 EPS versus a consensus estimate of a loss. Revenue came in at $32.54 billion, below estimates but up 6.9% year over year.

Phillips 66 (NYSE:PSX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

A number of other brokerages also recently weighed in on PSX. Jefferies Financial Group boosted their target price on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a "hold" rating in a research note on Tuesday, May 26th. Scotiabank boosted their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. Citigroup boosted their target price on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Barclays boosted their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 8th. Finally, Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their target price for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $192.33.

Phillips 66 Trading Up 0.7%

Shares of PSX stock opened at $179.27 on Friday. Phillips 66 has a 12-month low of $118.00 and a 12-month high of $190.61. The company has a market capitalization of $71.87 billion, a P/E ratio of 17.66, a P/E/G ratio of 0.26 and a beta of 0.68. The firm has a 50-day moving average price of $172.49 and a 200 day moving average price of $157.75. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the firm posted ($0.90) earnings per share. The company's revenue was up 6.9% on a year-over-year basis. Research analysts forecast that Phillips 66 will post 17.86 earnings per share for the current fiscal year.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 600 shares of Phillips 66 stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. The trade was a 0.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have sold 45,629 shares of company stock valued at $8,071,540. 0.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Phillips 66

Several institutional investors have recently modified their holdings of the business. Brighton Jones LLC increased its stake in 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 purchasing an additional 7,214 shares in the last quarter. Woodline Partners LP boosted its position in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after purchasing an additional 10,089 shares in the last quarter. Sei Investments Co. boosted its position in shares of Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after purchasing an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock valued at $41,359,000 after buying an additional 28,988 shares during the period. Finally, Glenview Trust co grew its holdings in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock valued at $1,068,000 after buying an additional 229 shares during the period. Institutional investors and hedge funds own 76.93% of the company's stock.

About Phillips 66

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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