TD Cowen Increases Phillips 66 (NYSE:PSX) Price Target to $134.00

Key Points

• TD Cowen has raised the price target for Phillips 66 from $130.00 to $134.00, suggesting a potential upside of 7.28% from its current price.
• The consensus rating for Phillips 66 among analysts is "Hold" with a consensus price target of $136.13, according to MarketBeat.
• In its latest earnings report, Phillips 66 reported $2.38 earnings per share, significantly beating the consensus estimate of $1.79.

Phillips 66 (NYSE:PSX - Get Free Report) had its price objective hoisted by analysts at TD Cowen from $130.00 to $134.00 in a research report issued to clients and investors on Monday. The firm currently has a "buy" rating on the oil and gas company's stock. TD Cowen's price objective indicates a potential upside of 7.28% from the company's current price.

Several other research firms also recently weighed in on PSX. Tudor Pickering downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. Barclays increased their price target on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Evercore ISI initiated coverage on Phillips 66 in a report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target for the company. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and increased their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $136.13.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $124.91 on Monday. The firm has a market capitalization of $50.89 billion, a P/E ratio of 30.03, a P/E/G ratio of 1.82 and a beta of 1.02. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. The firm's 50 day moving average is $121.55 and its two-hundred day moving average is $118.62.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.59. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.86% and a net margin of 1.27%. During the same period in the prior year, the company earned $2.31 earnings per share. Research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert W. Pease acquired 439 shares of Phillips 66 stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the purchase, the director directly owned 4,091 shares of the company's stock, valued at approximately $465,760.35. This trade represents a 12.02% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Phillips 66

Several hedge funds and other institutional investors have recently bought and sold shares of PSX. Wolff Wiese Magana LLC increased its holdings in shares of Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 82 shares during the last quarter. von Borstel & Associates Inc. acquired a new position in Phillips 66 during the 1st quarter valued at approximately $27,000. Olde Wealth Management LLC acquired a new position in Phillips 66 during the 1st quarter valued at approximately $28,000. Opal Wealth Advisors LLC acquired a new position in Phillips 66 during the 1st quarter valued at approximately $29,000. Finally, Pacific Center for Financial Services acquired a new position in Phillips 66 during the 4th quarter valued at approximately $27,000. 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.

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