Wall Street Zen Downgrades Phillips 66 (NYSE:PSX) to Buy

Key Points

• Wall Street Zen downgraded Phillips 66 from strong-buy to buy, though broader analyst sentiment remains constructive with a consensus rating of Moderate Buy and an average price target of $186.28.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating expectations, while revenue came in at $32.54 billion, below estimates but still up 6.9% year over year.
• Insider activity was mixed: a director bought shares, but the CFO sold 29,400 shares, and insiders have sold a total of 121,529 shares over the last three months.

Phillips 66 (NYSE:PSX - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Saturday.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Argus lifted their target price on Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research report on Thursday. Raymond James Financial lifted their target price on Phillips 66 from $205.00 to $215.00 in a research report on Thursday, April 30th. Barclays lifted their target price on Phillips 66 from $158.00 to $177.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 8th. Finally, Zacks Research raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $186.28.

Phillips 66 Trading Up 2.9%

NYSE PSX opened at $176.42 on Friday. The firm has a market cap of $70.73 billion, a P/E ratio of 17.38, a P/E/G ratio of 0.26 and a beta of 0.70. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The stock's 50-day moving average is $170.79 and its 200-day moving average is $151.81. Phillips 66 has a one year low of $109.75 and a one year high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter last year, the firm posted ($0.90) earnings per share. Phillips 66's revenue was up 6.9% compared to the same quarter last year. Sell-side analysts anticipate that Phillips 66 will post 17.39 earnings per share for the current fiscal year.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the transaction, the chief financial officer owned 97,376 shares of the company's stock, valued at $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 121,529 shares of company stock worth $20,841,455 in the last three months. 0.40% of the stock is owned by company insiders.

Institutional Trading of Phillips 66

A number of institutional investors have recently modified their holdings of the stock. NFSG Corp increased its holdings in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Board of the Pension Protection Fund acquired a new position in Phillips 66 in the 4th quarter worth about $26,000. Accordant Advisory Group Inc increased its holdings in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 180 shares in the last quarter. SWAN Capital LLC increased its holdings in Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Finally, Eagle Bay Advisors LLC acquired a new position in Phillips 66 in the 4th quarter worth about $27,000. 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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