Piper Sandler Raises Phillips 66 (NYSE:PSX) Price Target to $148.00

Phillips 66 (NYSE:PSX - Free Report) had its price objective raised by Piper Sandler from $131.00 to $148.00 in a research note released on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the oil and gas company's stock.

Several other brokerages have also issued reports on PSX. Scotiabank decreased their price target on shares of Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating for the company in a research note on Friday, April 11th. Morgan Stanley decreased their target price on Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. The Goldman Sachs Group cut Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price target on the stock. in a research report on Thursday, March 27th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Tudor Pickering cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $135.07.

Phillips 66 Stock Performance

Shares of Phillips 66 stock traded down $2.73 during trading hours on Thursday, hitting $131.66. 1,263,989 shares of the company's stock traded hands, compared to its average volume of 3,114,488. The stock has a market capitalization of $53.64 billion, a price-to-earnings ratio of 29.99, a PEG ratio of 2.06 and a beta of 1.02. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $150.12. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. The company has a fifty day simple moving average of $118.98 and a 200-day simple moving average of $117.59.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). The company had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same quarter in the previous year, the company posted $1.90 EPS. Equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.65%. The ex-dividend date is Tuesday, August 19th. Phillips 66's payout ratio is 109.34%.

Insider Activity

In other Phillips 66 news, Director Robert W. Pease acquired 439 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director owned 4,091 shares of the company's stock, valued at approximately $465,760.35. This represents a 12.02% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the business'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 transaction, the executive vice president owned 43,373 shares of the company's stock, valued at approximately $5,638,490. The trade was a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.22% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Brighton Jones LLC lifted its holdings in shares of Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Assetmark Inc. raised its position in Phillips 66 by 12.3% during the fourth quarter. Assetmark Inc. now owns 3,024 shares of the oil and gas company's stock valued at $345,000 after purchasing an additional 332 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Phillips 66 during the fourth quarter worth about $16,771,000. AlphaQuest LLC lifted its stake in Phillips 66 by 29.5% during the fourth quarter. AlphaQuest LLC now owns 4,208 shares of the oil and gas company's stock worth $479,000 after purchasing an additional 959 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Phillips 66 by 2.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 88,085 shares of the oil and gas company's stock worth $10,036,000 after purchasing an additional 2,477 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

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.