Phillips 66 operates as an energy manufacturing and logistics company. 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. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.
Analysts Set New Price Targets
PSX has been the subject of a number of analyst reports. Piper Sandler raised their price target on Phillips 66 from $119.00 to $120.00 and gave the stock an "overweight" rating in a research report on Monday, May 23rd. Morgan Stanley raised their target price on shares of Phillips 66 from $100.00 to $105.00 and gave the stock an "equal weight" rating in a report on Friday, July 15th. BMO Capital Markets assumed coverage on shares of Phillips 66 in a report on Monday, June 13th. They set an "outperform" rating and a $132.00 price target on the stock. Credit Suisse Group raised their price objective on shares of Phillips 66 to $122.00 in a research note on Thursday, June 9th. Finally, StockNews.com cut Phillips 66 from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, August 10th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $108.29.
Phillips 66 Price Performance
NYSE:PSX opened at $88.69 on Friday. The company has a market cap of $42.66 billion, a PE ratio of 7.64, a P/E/G ratio of 0.46 and a beta of 1.41. The firm's 50 day moving average price is $87.31 and its 200-day moving average price is $88.10. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.02 and a current ratio of 1.28. Phillips 66 has a 52-week low of $63.19 and a 52-week high of $111.28.
Phillips 66 (NYSE:PSX - Get Rating) last announced its quarterly earnings results on Friday, July 29th. The oil and gas company reported $6.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.92 by $0.85. The business had revenue of $49.31 billion for the quarter, compared to the consensus estimate of $40.93 billion. Phillips 66 had a return on equity of 29.60% and a net margin of 3.59%. The business's revenue was up 76.8% compared to the same quarter last year. During the same period last year, the business posted $0.74 EPS. Sell-side analysts forecast that Phillips 66 will post 15.79 EPS for the current fiscal year.
Phillips 66 Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Thursday, August 18th will be given a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a dividend yield of 4.37%. The ex-dividend date is Wednesday, August 17th. Phillips 66's payout ratio is 33.42%.
Insider Activity
In related news, EVP Timothy D. Roberts sold 59,100 shares of the business's stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $110.21, for a total transaction of $6,513,411.00. Following the completion of the transaction, the executive vice president now owns 48,201 shares in the company, valued at approximately $5,312,232.21. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Greg C. Garland sold 146,700 shares of the business's stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $109.70, for a total transaction of $16,092,990.00. Following the sale, the chief executive officer now owns 656,563 shares in the company, valued at $72,024,961.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Timothy D. Roberts sold 59,100 shares of the stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $110.21, for a total transaction of $6,513,411.00. Following the completion of the transaction, the executive vice president now directly owns 48,201 shares of the company's stock, valued at $5,312,232.21. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 297,700 shares of company stock worth $32,327,782. Corporate insiders own 0.74% of the company's stock.
