Phillips 66 (NYSE:PSX) Price Target Raised to $148.00

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

PSX has been the topic of a number of other research reports. Scotiabank decreased their price target on shares of Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating on the stock in a research note on Friday, April 11th. UBS Group reduced their price target on shares of Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Evercore ISI assumed coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price for the company. Wells Fargo & Company dropped their target price on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research report on Wednesday, June 11th. Finally, Mizuho raised their price target on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Phillips 66 has a consensus rating of "Moderate Buy" and an average target price of $135.07.

Phillips 66 Stock Up 3.0%

Shares of NYSE:PSX traded up $3.86 during midday trading on Thursday, reaching $134.37. The company had a trading volume of 2,711,692 shares, compared to its average volume of 3,120,279. The stock has a market capitalization of $54.75 billion, a P/E ratio of 30.61, a PEG ratio of 2.06 and a beta of 1.02. The stock's fifty day moving average price is $118.36 and its 200-day moving average price is $117.43. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. Phillips 66 has a one year low of $91.01 and a one year high of $150.12.

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

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.57%. Phillips 66's payout ratio is 109.34%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Robert W. Pease purchased 439 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was acquired at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the purchase, 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 link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were 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 $5,638,490. This represents a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company's stock.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Elliott Investment Management L.P. increased its holdings in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Phillips 66 by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock valued at $968,844,000 after purchasing an additional 82,758 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position 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 valued at $828,442,000 after acquiring an additional 682,459 shares during the last quarter. Invesco Ltd. lifted its holdings in 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 acquiring an additional 653,248 shares during the last quarter. Finally, Northern Trust Corp increased its position in shares of Phillips 66 by 10.6% during the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after purchasing an additional 440,107 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other 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.