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

Key Points

• Phillips 66 was upgraded by Wall Street Zen from "buy" to "strong-buy", adding to a generally positive analyst outlook on the stock.
• Other firms have also been upbeat recently, including Guggenheim and Mizuho upgrading the shares and TD Cowen lifting its price target to $240. Overall, the stock has a Moderate Buy consensus with an average target price of $200.44.
• The company’s latest earnings beat expectations, with Q1 EPS of $0.49 versus forecasts for a loss, though revenue came in below estimates. Shares were trading near $206.94, close to the 52-week high of $216.08.

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

Several other brokerages also recently commented on PSX. Guggenheim upgraded Phillips 66 to an "outperform" rating in a research note on Wednesday, May 27th. Weiss Ratings cut Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. UBS Group reaffirmed a "buy" rating and set a $212.00 price target on shares of Phillips 66 in a report on Monday, June 15th. Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and lifted their price objective for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Finally, TD Cowen upped their price objective on shares of Phillips 66 from $220.00 to $240.00 and gave the company a "buy" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $200.44.

Phillips 66 Trading Down 0.0%

Shares of NYSE:PSX opened at $206.94 on Friday. Phillips 66 has a 52-week low of $118.07 and a 52-week high of $216.08. 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 company has a market capitalization of $82.97 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 0.17 and a beta of 0.69. The company has a 50-day simple moving average of $182.54 and a 200 day simple moving average of $168.28.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly 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. The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.90) earnings per share. Sell-side analysts forecast that Phillips 66 will post 22.43 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 29,400 shares of the business's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. The trade was a 23.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kevin Omar Meyers acquired 175 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director 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 SEC filing for this purchase provides additional information. In the last quarter, insiders have sold 41,021 shares of company stock worth $7,195,257. 0.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently modified their holdings of PSX. Vanguard Group Inc. increased its position in Phillips 66 by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock worth $6,701,052,000 after acquiring an additional 205,480 shares during the period. State Street Corp grew its position in shares of Phillips 66 by 0.8% during the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company's stock worth $3,043,996,000 after purchasing an additional 175,616 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock worth $1,338,596,000 after purchasing an additional 45,340 shares in the last quarter. Norges Bank bought a new position in shares of Phillips 66 during the fourth quarter worth approximately $640,206,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Phillips 66 by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company's stock worth $509,006,000 after purchasing an additional 89,621 shares during the period. Institutional investors and hedge funds 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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