Raymond James Financial Forecasts Strong Price Appreciation for Phillips 66 (NYSE:PSX) Stock

Key Points

• Raymond James Financial has increased its target price for Phillips 66 from $142.00 to $145.00, representing a potential upside of 8.88% from the current stock price.
• Phillips 66's shares rose by 2.3% during mid-day trading on Tuesday, reaching a price of $133.17 with trading volume lower than its average.
• Institutional investors recently made significant increases in their stake in Phillips 66, with Elliott Investment Management increasing its stake by 1,929% in the last quarter.

Phillips 66 (NYSE:PSX - Get Free Report) had its target price hoisted by Raymond James Financial from $142.00 to $145.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the oil and gas company's stock. Raymond James Financial's target price indicates a potential upside of 8.88% from the stock's current price.

A number of other analysts have also recently commented on the company. Piper Sandler reissued a "neutral" rating and issued a $145.00 price target (up from $144.00) on shares of Phillips 66 in a research report on Monday, August 4th. Compass Point assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a "buy" rating on the stock. UBS Group upped their price objective on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Morgan Stanley upped their price objective on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Finally, Tudor Pickering cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $135.80.

Phillips 66 Stock Up 2.3%

Shares of PSX traded up $2.96 during mid-day trading on Tuesday, reaching $133.17. The company had a trading volume of 1,069,030 shares, compared to its average volume of 3,246,264. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The firm has a 50-day moving average price of $126.47 and a 200 day moving average price of $119.35. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.60. The company has a market capitalization of $53.82 billion, a price-to-earnings ratio of 31.99, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The firm had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same period in the previous year, the firm posted $2.31 EPS. On average, sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Gregory Hayes purchased 8,350 shares of the business's stock in a transaction on Thursday, August 14th. The stock was acquired at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the business's stock in a transaction on Thursday, July 31st. The stock was acquired at an average price of $123.55 per share, with a total value of $61,775.00. Following the purchase, the director directly owned 21,543 shares in the company, valued at $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 over the last three months. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Phillips 66

Institutional investors have recently bought and sold shares of the business. Elliott Investment Management L.P. increased its stake in Phillips 66 by 1,929.0% in the 1st 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 buying an additional 14,950,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Phillips 66 by 20.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after purchasing an additional 26,825 shares in the last quarter. Alta Advisers Ltd purchased a new position in shares of Phillips 66 during the first quarter valued at about $253,000. Evergreen Wealth Solutions LLC purchased a new position in shares of Phillips 66 during the first quarter valued at about $292,000. Finally, Sustainable Insight Capital Management LLC purchased a new position in shares of Phillips 66 during the first quarter valued at about $1,457,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

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.

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