Phillips 66 (NYSE:PSX) Stock Price Expected to Rise, Raymond James Financial Analyst Says

Key Points

• Raymond James raised its price target on Phillips 66 from $215 to $218 and kept an outperform rating, implying about 19.7% upside from the prior close.
• Other analysts are also generally constructive on PSX: the stock currently carries a Moderate Buy consensus with an average price target of $191.44.
• Phillips 66 recently beat earnings estimates for the quarter, reporting $0.49 EPS versus expectations for a loss, even though revenue came in below consensus.

Phillips 66 (NYSE:PSX - Get Free Report) had its target price lifted by research analysts at Raymond James Financial from $215.00 to $218.00 in a report released on Wednesday,MarketScreener reports. The firm presently has an "outperform" rating on the oil and gas company's stock. Raymond James Financial's target price suggests a potential upside of 19.73% from the company's previous close.

Several other brokerages have also weighed in on PSX. Jefferies Financial Group increased their price objective on Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a report on Tuesday, May 26th. Morgan Stanley restated an "overweight" rating and issued a $180.00 target price on shares of Phillips 66 in a research note on Thursday, April 30th. Scotiabank increased their price target on Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. UBS Group lifted their price objective on Phillips 66 from $172.00 to $212.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. Finally, Piper Sandler boosted their price objective on Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a research note on Wednesday, April 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and an average price target of $191.44.

Phillips 66 Stock Performance

PSX stock traded up $3.08 during mid-day trading on Wednesday, hitting $182.08. The company had a trading volume of 119,730 shares, compared to its average volume of 2,825,001. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a market cap of $73.00 billion, a PE ratio of 17.89, a price-to-earnings-growth ratio of 0.27 and a beta of 0.68. Phillips 66 has a 12 month low of $118.00 and a 12 month high of $190.61. The stock's fifty day moving average price is $172.55 and its two-hundred day moving average price is $156.93.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company's revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.90) EPS. On average, analysts forecast that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 42,800 shares of the firm's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at approximately $10,442,200.35. This trade represents a 41.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Lisa Ann Davis sold 3,800 shares of Phillips 66 stock in a transaction on Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the sale, the director directly owned 8,701 shares of the company's stock, valued at $1,517,193.37. This represents a 30.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 92,229 shares of company stock valued at $15,990,030. Company insiders own 0.40% of the company's stock.

Institutional Investors Weigh In On Phillips 66

Large investors have recently added to or reduced their stakes in the company. Board of the Pension Protection Fund purchased a new position in shares of Phillips 66 during the 4th quarter valued at about $26,000. Accordant Advisory Group Inc boosted its stake in Phillips 66 by 900.0% in 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 in the last quarter. Eagle Bay Advisors LLC purchased a new stake in Phillips 66 in the fourth quarter worth approximately $27,000. NFSG Corp grew its position in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Finally, Axiom Investment Management LLC purchased a new position in shares of Phillips 66 during the first quarter worth approximately $27,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

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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