Phillips 66 (NYSE:PSX) Stock Price Expected to Rise, Evercore ISI Analyst Says

Key Points

• Evercore ISI raised the target price for **Phillips 66** from **$130.00 to $170.00**, indicating a potential upside of **31.10%**.
• The stock has received a mix of ratings from analysts, with one **Strong Buy**, eight **Buy**, and eleven **Hold**, leading to an average target price of **$138.94**.
• Phillips 66 reported a **better-than-expected** quarterly earnings of **$2.38 EPS**, exceeding analysts' estimates of **$1.79**.

Phillips 66 (NYSE:PSX - Get Free Report) had its price target boosted by investment analysts at Evercore ISI from $130.00 to $170.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the oil and gas company's stock. Evercore ISI's target price points to a potential upside of 27.72% from the stock's previous close.

Several other equities research analysts also recently issued reports on PSX. Bank of America downgraded Phillips 66 from a "buy" rating to a "neutral" rating and increased their price target for the stock from $144.00 to $147.00 in a report on Wednesday, September 3rd. Piper Sandler boosted their price objective on Phillips 66 from $144.00 to $154.00 and gave the company a "neutral" rating in a research report on Thursday, September 11th. Argus upgraded Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Mizuho lifted their price target on shares of Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a research note on Monday, September 15th. Finally, Tudor Pickering lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $139.38.

Phillips 66 Trading Up 2.7%

NYSE PSX traded up $3.54 during trading on Friday, reaching $133.11. 923,369 shares of the stock traded hands, compared to its average volume of 3,239,481. The firm has a market cap of $53.79 billion, a price-to-earnings ratio of 31.98, a price-to-earnings-growth ratio of 1.86 and a beta of 1.15. The stock's 50-day moving average price is $127.06 and its 200 day moving average price is $119.78. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period last year, the firm posted $2.31 earnings per share. Analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Michael A. Heim purchased 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the purchase, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total transaction of $593,055.00. Following the completion of the transaction, the executive vice president owned 38,980 shares in the company, valued at $5,262,300. This trade represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have bought 9,850 shares of company stock worth $1,188,910 over the last quarter. 0.22% of the stock is currently owned by corporate insiders.

Institutional Trading of Phillips 66

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Phillips 66 by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company's stock worth $5,531,702,000 after acquiring an additional 5,978,841 shares during the period. Elliott Investment Management L.P. increased its stake in Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company's stock worth $2,296,644,000 after acquiring an additional 3,526,000 shares during the period. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 17.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company's stock worth $1,226,815,000 after purchasing an additional 1,532,967 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Phillips 66 by 6.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company's stock worth $1,120,794,000 after purchasing an additional 537,245 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Phillips 66 by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after purchasing an additional 682,459 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Company Profile

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.