Phillips 66 (NYSE:PSX) Given Neutral Rating at Piper Sandler

Key Points

• Piper Sandler has increased the price target for Phillips 66 from $144.00 to $145.00, indicating a potential upside of 19.61% from the current stock price.
• Phillips 66's stock reported a net margin of 1.27% and a significant revenue of $33.77 billion for the last quarter, exceeding analyst expectations.
• Institutional investors currently own 76.93% of Phillips 66's stock, with several major firms significantly increasing their positions in the company recently.

Phillips 66 (NYSE:PSX - Get Free Report)'s stock had its "neutral" rating reaffirmed by equities research analysts at Piper Sandler in a note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $145.00 target price on the oil and gas company's stock, up from their prior target price of $144.00. Piper Sandler's price objective indicates a potential upside of 19.65% from the company's current price.

Other equities research analysts have also issued reports about the stock. Wells Fargo & Company reduced their target price on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Cantor Fitzgerald started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "neutral" rating for the company. Barclays upped their target price on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Tudor Pickering cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a research report on Friday, July 11th. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $136.20.

Phillips 66 Price Performance

PSX traded down $0.89 on Monday, reaching $121.18. The company had a trading volume of 534,268 shares, compared to its average volume of 3,430,764. The business has a 50 day simple moving average of $122.74 and a 200 day simple moving average of $118.92. The company has a market cap of $48.97 billion, a price-to-earnings ratio of 29.12, a P/E/G ratio of 1.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $2.31 earnings per share. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Insider Buying and Selling

In other news, Director Sigmund L. Cornelius acquired 500 shares of the stock in a transaction dated Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares in the company, valued at approximately $5,638,490. This represents a 9.20% decrease in their position. The disclosure for this sale can be found here. Insiders bought 1,939 shares of company stock worth $237,725 in the last 90 days. 0.22% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Phillips 66

Several institutional investors and hedge funds have recently made changes to their positions in the business. Elliott Investment Management L.P. lifted its stake in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares during the last quarter. Bank of New York Mellon Corp raised its stake in 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 acquiring an additional 537,245 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after acquiring an additional 682,459 shares in the last quarter. Invesco Ltd. raised its position in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after buying an additional 653,248 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Phillips 66 by 10.6% in the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after acquiring an additional 440,107 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

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.