Phillips 66 (NYSE:PSX) Shares Gap Down - Here's What Happened

Phillips 66 (NYSE:PSX - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $120.90, but opened at $116.66. Phillips 66 shares last traded at $111.46, with a volume of 886,021 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PSX. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $138.00 to $131.00 and set an "overweight" rating for the company in a research report on Tuesday, April 29th. Barclays upped their price target on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Raymond James decreased their price target on shares of Phillips 66 from $150.00 to $140.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Scotiabank decreased their price target on shares of Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating for the company in a research report on Friday, April 11th. Finally, Morgan Stanley decreased their price target on shares of Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $137.86.

Phillips 66 Stock Performance

The firm has a market capitalization of $46.09 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01. The company's 50 day moving average is $110.60 and its 200-day moving average is $118.95. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The company had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. During the same period in the prior year, the company earned $1.90 earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.24%. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date is Monday, May 19th. Phillips 66's dividend payout ratio (DPR) is 109.34%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. McAdam LLC bought a new position in shares of Phillips 66 in the first quarter valued at $212,000. Geneos Wealth Management Inc. lifted its stake in shares of Phillips 66 by 5.3% in the first quarter. Geneos Wealth Management Inc. now owns 4,609 shares of the oil and gas company's stock valued at $569,000 after buying an additional 234 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in shares of Phillips 66 by 7.6% in the first quarter. IFM Investors Pty Ltd now owns 67,621 shares of the oil and gas company's stock valued at $8,350,000 after buying an additional 4,766 shares in the last quarter. Blue Rock Wealth Management LLC bought a new position in shares of Phillips 66 in the first quarter valued at $207,000. Finally, Focus Partners Wealth lifted its stake in shares of Phillips 66 by 2.2% in the first quarter. Focus Partners Wealth now owns 409,156 shares of the oil and gas company's stock valued at $50,523,000 after buying an additional 8,777 shares in the last quarter. 76.93% of the stock is owned by 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.