Phillips 66 (NYSE:PSX) Reaches New 52-Week High After Analyst Upgrade

Key Points

• Phillips 66 shares hit a new 52-week high after Jefferies raised its price target to $207 from $191, even though the firm kept a hold rating. The stock traded as high as $190.66, topping its prior close of $187.81.
• Analyst sentiment remains mixed but generally constructive, with multiple recent target increases from firms like Morgan Stanley, Mizuho, and BMO Capital Markets. MarketBeat data shows a consensus rating of Moderate Buy and an average price target of $193.94.
• The company recently backed its income profile with a quarterly dividend of $1.27 per share, and its latest earnings beat expectations on EPS while revenue grew year over year. Insider trading was limited, with a small CFO sale offset by a director purchase.

Phillips 66 (NYSE:PSX - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday after Jefferies Financial Group raised their price target on the stock from $191.00 to $207.00. Jefferies Financial Group currently has a hold rating on the stock. Phillips 66 traded as high as $190.66 and last traded at $190.3150, with a volume of 1372511 shares. The stock had previously closed at $187.81.

PSX has been the subject of a number of other reports. Piper Sandler raised their price target on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 8th. Morgan Stanley upped their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a report on Friday, June 12th. Mizuho raised shares of Phillips 66 from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. BMO Capital Markets boosted their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a research report on Wednesday, May 13th. Finally, Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $193.94.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the business's stock in a transaction that occurred on Monday, May 11th. The stock was 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 directly owned 97,376 shares in the company, valued at approximately $16,705,826.56. The trade was a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased 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 owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The SEC filing for this purchase provides additional information. 0.40% of the stock is owned by company insiders.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 announced a quarterly dividend of $1.27 per share, reinforcing its cash-return profile for income-focused investors. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Rising crude prices tied to renewed Middle East tensions may improve refining margins, which can benefit Phillips 66’s core business and support earnings expectations. What Do Renewed Middle East Tensions Mean for Phillips 66's Business?
• Positive Sentiment: Analyst and market commentary continue to frame PSX as a strong momentum name, with recent bullish coverage helping maintain investor interest. Why Phillips 66 (PSX) is a top momentum stock for the long term
• Neutral Sentiment: Barclays raised its price target on Phillips 66 to $183 from $177 but kept an equal weight rating, suggesting a more balanced view even as the target moved up.
• Neutral Sentiment: Phillips 66 was also featured in articles discussing its place on the S&P 500 radar and its valuation after the oil-price spike, which may add to trading interest but does not change fundamentals by itself. What Puts Phillips 66 NYSE: PSX on the S&P 500 Radar?
• Negative Sentiment: Zacks Research downgraded Phillips 66 from strong-buy to hold, which could temper enthusiasm despite the broader bullish backdrop. Zacks downgrade coverage

Hedge Funds Weigh In On Phillips 66

Hedge funds have recently modified their holdings of the business. Board of the Pension Protection Fund purchased a new position in Phillips 66 in the 4th quarter valued at $26,000. Accordant Advisory Group Inc boosted its stake in shares of Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 180 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Phillips 66 in the 4th quarter worth approximately $27,000. NFSG Corp increased its stake in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Finally, Axiom Investment Management LLC acquired a new position in Phillips 66 during the first quarter worth $27,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

The firm has a fifty day moving average of $175.58 and a 200-day moving average of $162.35. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $76.36 billion, a price-to-earnings ratio of 18.77, a PEG ratio of 0.24 and a beta of 0.69.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the prior year, the business earned ($0.90) earnings per share. The business's revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Phillips 66 will post 19.27 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Monday, May 18th. Phillips 66's dividend payout ratio is presently 50.05%.

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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