Phillips 66 (NYSE:PSX) Stock Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Phillips 66 shares crossed above their 200-day moving average, reaching $275.80 and last trading near $271.29, well above the $202.00 long-term average.
• Analysts maintain a consensus “Moderate Buy” rating, with a $246.50 average price target; BMO raised its target to $310 and Piper Sandler increased its target to $264.
• The company reported quarterly earnings of $9.41 per share, surpassing estimates of $7.50, and authorized a $10 billion stock buyback covering up to 11.8% of outstanding shares.

Phillips 66 (NYSE:PSX - Get Free Report) passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $202.00 and traded as high as $275.80. Phillips 66 shares last traded at $271.2930, with a volume of 1,842,017 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PSX. Piper Sandler increased their price target on shares of Phillips 66 from $209.00 to $264.00 and gave the company a "neutral" rating in a research report on Thursday, September 3rd. BMO Capital Markets boosted their price objective on shares of Phillips 66 from $260.00 to $310.00 and gave the company an "outperform" rating in a research report on Thursday, September 17th. Weiss Ratings raised shares of Phillips 66 from a "hold (c)" rating to a "buy (b)" rating in a research note on Wednesday, August 12th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Finally, Jefferies Financial Group raised their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research note on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $246.50.

Phillips 66 Price Performance

The firm has a market cap of $108.25 billion, a PE ratio of 15.46 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The firm has a 50-day simple moving average of $245.38 and a 200 day simple moving average of $202.00.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $51 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the firm earned $2.38 EPS. As a group, equities analysts expect that Phillips 66 will post 29.01 EPS for the current year.

Phillips 66 declared that its board has initiated a stock buyback plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Sutherland sold 3,523 shares of Phillips 66 stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the business's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the sale, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,886 shares of company stock valued at $25,878,894 in the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Phillips 66

Several institutional investors and hedge funds have recently modified their holdings of PSX. BlackRock Inc. purchased a new stake in Phillips 66 during the 2nd quarter valued at about $5,766,779,000. State Street Corp raised its holdings in Phillips 66 by 1.1% in the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company's stock worth $4,402,856,000 after buying an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Phillips 66 in the second quarter worth about $1,093,206,000. Amundi lifted its stake in shares of Phillips 66 by 62.0% in the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company's stock worth $668,137,000 after buying an additional 1,403,493 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Phillips 66 by 1.2% in the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company's stock worth $541,263,000 after buying an additional 35,167 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

About Phillips 66

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.

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