Zacks Research Weighs in on Phillips 66’s Q3 2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Equities researchers at Zacks Research dropped their Q3 2024 earnings per share estimates for Phillips 66 in a research note issued on Tuesday, September 17th. Zacks Research analyst R. Department now forecasts that the oil and gas company will post earnings per share of $2.40 for the quarter, down from their previous estimate of $2.45. The consensus estimate for Phillips 66’s current full-year earnings is $9.25 per share. Zacks Research also issued estimates for Phillips 66’s Q4 2024 earnings at $2.22 EPS, FY2024 earnings at $8.82 EPS, Q2 2025 earnings at $3.50 EPS, Q3 2025 earnings at $2.48 EPS, Q4 2025 earnings at $2.51 EPS, FY2025 earnings at $10.82 EPS, Q1 2026 earnings at $3.03 EPS and FY2026 earnings at $13.27 EPS.

A number of other research firms have also recently weighed in on PSX. Barclays increased their price target on Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Scotiabank lowered their target price on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Mizuho reduced their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday. TD Cowen lowered their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Finally, Wells Fargo & Company lifted their target price on shares of Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $155.29.

Phillips 66 Price Performance

Phillips 66 stock opened at $130.31 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The stock has a market cap of $54.54 billion, a P/E ratio of 10.02, a PEG ratio of 4.53 and a beta of 1.33. The company has a 50-day moving average price of $135.46 and a 200 day moving average price of $143.87. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08.

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

Institutional Trading of Phillips 66

Institutional investors have recently bought and sold shares of the business. Crewe Advisors LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth about $25,000. Keener Financial Planning LLC purchased a new position in Phillips 66 in the first quarter valued at approximately $26,000. Strategic Financial Concepts LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $26,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Phillips 66 during the 4th quarter worth approximately $27,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at $28,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.53%. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

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.