Phillips 66 (NYSE:PSX) Sets New 52-Week High - Time to Buy?

Key Points

• New 52-week high: Phillips 66 traded as high as $174.35 and last at $176.29, up about 3.4% on roughly 714,000 shares traded.
• Earnings and dividend: Q4 EPS beat at $2.47 versus $2.15 expected, and the company raised its quarterly dividend to $1.27 (annualized $5.08, yield 2.9%).
• Mixed analyst view and insider selling: Analysts are split (11 Buys, 12 Holds) with an average price target of $160.11—below the current price—while insiders sold about 38,088 shares in the past three months.

Phillips 66 (NYSE:PSX - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $174.35 and last traded at $176.2940, with a volume of 713974 shares. The stock had previously closed at $169.50.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PSX shares. Barclays set a $158.00 price target on Phillips 66 in a research note on Friday, February 20th. Wall Street Zen upgraded shares of Phillips 66 from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. Weiss Ratings raised shares of Phillips 66 from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, February 23rd. TD Cowen restated a "buy" rating on shares of Phillips 66 in a research note on Friday, February 6th. Finally, The Goldman Sachs Group lifted their target price on shares of Phillips 66 from $152.00 to $164.00 and gave the stock a "neutral" rating in a report on Thursday, January 22nd. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $160.11.

Phillips 66 Trading Up 3.4%

The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $70.24 billion, a P/E ratio of 16.19, a PEG ratio of 0.56 and a beta of 0.86. The firm has a 50 day moving average of $149.69 and a 200-day moving average of $139.51.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The company had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $33.81 billion. During the same period last year, the company posted ($0.15) EPS. On average, equities research analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Monday, February 23rd were paid a $1.27 dividend. This is a positive change from Phillips 66's previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, February 23rd. Phillips 66's payout ratio is presently 46.95%.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 16,856 shares of the stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company's stock, valued at approximately $16,380,590.72. This represents a 14.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Don Baldridge sold 7,500 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president owned 38,488 shares of the company's stock, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 38,088 shares of company stock valued at $6,147,655 in the last three months. Insiders own 0.22% of the company's stock.

Institutional Trading of Phillips 66

A number of institutional investors have recently bought and sold shares of PSX. Evolution Wealth Management Inc. acquired a new stake in Phillips 66 during the second quarter worth approximately $25,000. Board of the Pension Protection Fund bought a new position in Phillips 66 in the 4th quarter valued at $26,000. Accordant Advisory Group Inc increased its holdings 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 worth $26,000 after buying an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Phillips 66 during the 4th quarter worth approximately $27,000. Finally, SWAN Capital LLC increased its position in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after buying an additional 190 shares during the last quarter. Institutional investors 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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