The Goldman Sachs Group Issues Positive Forecast for Phillips 66 (NYSE:PSX) Stock Price

Key Points

• Goldman Sachs raised its price target on Phillips 66 to $192 (from $186) while maintaining a "neutral" rating, implying about a 19.9% upside from the current price.
• Several other brokers also lifted targets (including Wells Fargo, UBS, Barclays and JPMorgan), leaving a MarketBeat consensus target of $180.72 and an average analyst rating of "Moderate Buy" (1 Strong Buy, 11 Buy, 11 Hold).
• Insiders sold roughly 95,923 shares worth about $16.4 million last quarter (notably EVP Brian Mandell and CFO Kevin Mitchell), and insiders now own just 0.22% of the company.

Phillips 66 (NYSE:PSX - Get Free Report) had its price target increased by research analysts at The Goldman Sachs Group from $186.00 to $192.00 in a research note issued to investors on Friday,MarketScreener reports. The brokerage currently has a "neutral" rating on the oil and gas company's stock. The Goldman Sachs Group's price objective would suggest a potential upside of 19.88% from the company's current price.

Several other brokerages also recently issued reports on PSX. Barclays lifted their price objective on Phillips 66 from $158.00 to $177.00 and gave the company an "equal weight" rating in a research report on Wednesday. Wells Fargo & Company raised their target price on Phillips 66 from $163.00 to $201.00 and gave the company an "overweight" rating in a research note on Tuesday, March 31st. Mizuho upped their price target on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 17th. UBS Group raised their price objective on shares of Phillips 66 from $172.00 to $212.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Phillips 66 from $161.00 to $188.00 and gave the stock an "overweight" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $180.72.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $160.16 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $64.18 billion, a price-to-earnings ratio of 14.83, a P/E/G ratio of 0.29 and a beta of 0.76. Phillips 66 has a 1-year low of $93.50 and a 1-year high of $190.61. The firm's 50-day moving average price is $165.35 and its two-hundred day moving average price is $146.00.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.32. The company had revenue of $32.16 billion during the quarter, compared to analysts' expectations of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter in the previous year, the company posted ($0.15) earnings per share. On average, equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 42,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at $10,442,200.35. This represents a 41.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 16,856 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,380,590.72. The trade was a 14.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 95,923 shares of company stock worth $16,399,619. Insiders own 0.22% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Old North State Trust LLC boosted its holdings in Phillips 66 by 10.8% during the fourth quarter. Old North State Trust LLC now owns 5,664 shares of the oil and gas company's stock worth $731,000 after buying an additional 552 shares during the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Phillips 66 by 5.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 150,396 shares of the oil and gas company's stock valued at $19,407,000 after acquiring an additional 7,758 shares during the last quarter. World Investment Advisors raised its position in shares of Phillips 66 by 5.1% in the 4th quarter. World Investment Advisors now owns 12,407 shares of the oil and gas company's stock valued at $1,601,000 after acquiring an additional 599 shares during the period. Green Ridge Wealth Planning LLC acquired a new stake in shares of Phillips 66 in the 4th quarter valued at approximately $250,000. Finally, Bayban bought a new position in Phillips 66 during the 4th quarter worth approximately $58,000. 76.93% of the stock is currently owned by institutional investors.

About Phillips 66

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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