Phillips 66 (NYSE:PSX) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen lowered Phillips 66 from a strong-buy to a buy, adding to a generally positive analyst backdrop. The stock still carries a consensus rating of Moderate Buy with an average target price of $196.06.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating expectations, though revenue of $32.54 billion came in below analyst estimates. The company also posted a 2.99% net margin and 10.98% return on equity.
• The stock has been trading near its 52-week high, opening at $206.96 versus a high of $207.14. Insider activity was mixed, with a director buying shares while the CFO sold stock under a pre-arranged trading plan.

Phillips 66 (NYSE:PSX - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report released on Saturday.

Several other equities research analysts have also recently issued reports on PSX. Jefferies Financial Group lifted their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a report on Thursday, July 9th. Scotiabank increased their price target on Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Guggenheim upgraded Phillips 66 to an "outperform" rating in a report on Wednesday, May 27th. Barclays lifted their price objective on Phillips 66 from $177.00 to $183.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Finally, Morgan Stanley upped their price objective on Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $196.06.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $206.96 on Friday. The firm has a market cap of $82.97 billion, a price-to-earnings ratio of 20.39, a P/E/G ratio of 0.26 and a beta of 0.69. The firm has a fifty day moving average price of $179.03 and a 200 day moving average price of $165.49. Phillips 66 has a fifty-two week low of $118.07 and a fifty-two week high of $207.14. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. During the same quarter in the previous year, the company earned ($0.90) EPS. The business's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts expect that Phillips 66 will post 19.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kevin Omar Meyers bought 175 shares of the business's stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 41,021 shares of company stock worth $7,195,257. Company insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Board of the Pension Protection Fund purchased a new position in shares of Phillips 66 during the 4th quarter worth about $26,000. Accordant Advisory Group Inc grew its holdings in Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in Phillips 66 in the 4th quarter worth about $27,000. NFSG Corp raised its position in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 75 shares during the period. Finally, Axiom Investment Management LLC bought a new stake in Phillips 66 in the first quarter worth about $27,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.