Phillips 66 (NYSE:PSX) Rating Lowered to Neutral at Citigroup

Citigroup cut shares of Phillips 66 (NYSE:PSX - Free Report) from a buy rating to a neutral rating in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. The firm currently has $130.00 target price on the oil and gas company's stock, up from their previous target price of $126.00.

PSX has been the topic of a number of other research reports. Evercore ISI initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective on the stock. Raymond James Financial set a $142.00 target price on Phillips 66 and gave the company an "outperform" rating in a research note on Tuesday. UBS Group reduced their target price on Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Piper Sandler set a $148.00 target price on Phillips 66 and gave the company a "neutral" rating in a research note on Thursday, July 10th. Finally, Morgan Stanley reduced their target price on Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of "Hold" and an average target price of $135.27.

Phillips 66 Stock Performance

Shares of NYSE:PSX traded up $0.89 during trading on Wednesday, hitting $126.07. 953,812 shares of the company were exchanged, compared to its average volume of 3,122,868. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The company has a market cap of $51.37 billion, a PE ratio of 28.75, a P/E/G ratio of 1.99 and a beta of 1.02. The stock has a 50 day moving average of $121.05 and a 200 day moving average of $118.13.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The business had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. During the same quarter last year, the business posted $1.90 EPS. As a group, equities research analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.81%. Phillips 66's dividend payout ratio is currently 109.34%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction of $571,090.00. Following the completion of the sale, the executive vice president owned 43,373 shares of the company's stock, valued at $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Phillips 66

Large investors have recently made changes to their positions in the business. Wolff Wiese Magana LLC increased its position in shares of Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 82 shares in the last quarter. von Borstel & Associates Inc. bought a new stake in shares of Phillips 66 during the first quarter valued at approximately $27,000. Olde Wealth Management LLC bought a new stake in shares of Phillips 66 during the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Phillips 66 during the first quarter valued at approximately $29,000. Finally, Pacific Center for Financial Services bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $27,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

About Phillips 66

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.