Morgan Stanley Lowers Phillips 66 (NYSE:PSX) Price Target to $144.00

Phillips 66 (NYSE:PSX) had its price target reduced by Morgan Stanley from $150.00 to $144.00 in a report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s target price suggests a potential upside of 12.24% from the stock’s current price.

Several other research firms have also recently weighed in on PSX. Raymond James raised their price target on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Mizuho lowered their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday. Piper Sandler cut their target price on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research report on Friday, June 14th. Wells Fargo & Company raised their price target on Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 3rd. Finally, Barclays boosted their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $155.29.

Phillips 66 Trading Up 0.8 %

PSX stock opened at $128.30 on Monday. The company has a market capitalization of $53.70 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 4.53 and a beta of 1.33. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The business has a 50 day simple moving average of $135.53 and a two-hundred day simple moving average of $143.96.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. Phillips 66’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the company posted $3.87 earnings per share. Research analysts anticipate that Phillips 66 will post 9.25 EPS for the current fiscal year.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. Vanguard Group Inc. boosted its stake in shares of Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock valued at $6,741,218,000 after purchasing an additional 1,578,669 shares in the last quarter. Wellington Management Group LLP boosted its position in Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after acquiring an additional 1,842,226 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Phillips 66 by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock valued at $1,189,035,000 after acquiring an additional 402,925 shares during the period. Boston Partners raised its position in shares of Phillips 66 by 41.4% in the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after acquiring an additional 1,595,722 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Phillips 66 during the 4th quarter worth $559,435,000. 76.93% of the stock is currently owned by 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.