Phillips 66 (NYSE:PSX) Stock Price Expected to Rise, BMO Capital Markets Analyst Says

Key Points

• BMO Capital Markets raised its price target on Phillips 66 from $195 to $215 and kept an outperform rating, implying about 24.5% upside from the current share price.
• Other analysts have also turned more positive on PSX, with several firms lifting price targets and the consensus view standing at Moderate Buy with an average target of $185.61.
• Phillips 66 shares were down 1.6% to $172.69, even after the company recently reported quarterly EPS of $0.49, beating estimates though revenue came in below expectations.

Phillips 66 (NYSE:PSX - Get Free Report) had its price objective upped by BMO Capital Markets from $195.00 to $215.00 in a note issued to investors on Wednesday,MarketScreener reports. The brokerage presently has an "outperform" rating on the oil and gas company's stock. BMO Capital Markets' price target suggests a potential upside of 24.50% from the company's current price.

Several other brokerages have also recently commented on PSX. JPMorgan Chase & Co. increased their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Barclays increased their price objective on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 8th. Morgan Stanley restated an "overweight" rating and issued a $180.00 price objective on shares of Phillips 66 in a report on Thursday, April 30th. Wells Fargo & Company upped their target price on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. Finally, Zacks Research raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average price target of $185.61.

Phillips 66 Stock Down 1.6%

Shares of NYSE:PSX traded down $2.74 during mid-day trading on Wednesday, reaching $172.69. 236,513 shares of the stock were exchanged, compared to its average volume of 2,963,711. The stock's 50 day simple moving average is $170.08 and its 200-day simple moving average is $151.13. Phillips 66 has a one year low of $109.75 and a one year high of $190.61. The company has a market cap of $69.24 billion, a P/E ratio of 17.05, a P/E/G ratio of 0.26 and a beta of 0.70. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.90) EPS. As a group, equities research analysts predict that Phillips 66 will post 17.39 EPS for the current year.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 29,400 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $16,553,920. This trade represents a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the transaction, the executive vice president owned 61,595 shares of the company's stock, valued at $10,442,200.35. This represents a 41.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 121,529 shares of company stock valued at $20,841,455 in the last three months. Corporate insiders own 0.40% of the company's stock.

Institutional Investors Weigh In On Phillips 66

Hedge funds have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. boosted its position in shares of Phillips 66 by 57.4% in the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company's stock valued at $7,734,000 after acquiring an additional 20,742 shares during the period. First National Bank of Omaha bought a new position in Phillips 66 during the third quarter worth about $2,357,000. TD Asset Management Inc raised its stake in Phillips 66 by 15.5% in the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock worth $23,724,000 after purchasing an additional 23,364 shares in the last quarter. Caprock Group LLC acquired a new stake in Phillips 66 in the 3rd quarter worth about $2,412,000. Finally, National Pension Service boosted its holdings in Phillips 66 by 3.5% in the 3rd quarter. National Pension Service now owns 602,099 shares of the oil and gas company's stock valued at $81,898,000 after purchasing an additional 20,213 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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