Phillips 66 (NYSE:PSX) Rating Increased to Outperform at Mizuho

Key Points

• Mizuho upgraded Phillips 66 from neutral to outperform and lifted its price target to $212 from $170, implying about 21.8% upside from the current price.
• Analyst sentiment on the stock is broadly positive, with several firms recently raising targets; MarketBeat shows a consensus Moderate Buy rating and an average price target of $191.28.
• Phillips 66 recently beat EPS expectations in its latest quarterly report, posting $0.49 per share versus a consensus loss estimate, though revenue of $32.54 billion came in below forecasts.

Phillips 66 (NYSE:PSX - Get Free Report) was upgraded by analysts at Mizuho from a "neutral" rating to an "outperform" rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage presently has a $212.00 price objective on the oil and gas company's stock, up from their previous price objective of $170.00. Mizuho's price target indicates a potential upside of 21.79% from the company's current price.

A number of other research analysts have also recently issued reports on the stock. TD Cowen raised their price target on shares of Phillips 66 from $155.00 to $213.00 and gave the stock a "buy" rating in a report on Wednesday, April 1st. Wolfe Research raised their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. JPMorgan Chase & Co. raised their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Wall Street Zen cut shares of Phillips 66 from a "strong-buy" rating to a "buy" rating in a report on Saturday, May 16th. Finally, Barclays raised their price target on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $191.28.

Phillips 66 Price Performance

NYSE PSX opened at $174.07 on Wednesday. The firm's fifty day simple moving average is $172.22 and its two-hundred day simple moving average is $153.98. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12-month low of $111.19 and a 12-month high of $190.61. The firm has a market capitalization of $69.79 billion, a P/E ratio of 17.15, a P/E/G ratio of 0.26 and a beta of 0.70.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly 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. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same period in the previous year, the company earned ($0.90) earnings per share. The business's revenue for the quarter was up 6.9% on a year-over-year basis. Analysts forecast that Phillips 66 will post 17.64 EPS for the current fiscal year.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 114,029 shares of company stock worth $19,641,455. 0.40% of the stock is currently owned by company insiders.

Institutional Trading of Phillips 66

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NFSG Corp grew its position in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC acquired a new stake in Phillips 66 during the first quarter valued at $27,000. Board of the Pension Protection Fund acquired a new stake in Phillips 66 during the fourth quarter valued at $26,000. Accordant Advisory Group Inc grew its position in Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after buying an additional 180 shares during the period. Finally, SWAN Capital LLC grew its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after buying an additional 190 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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