Phillips 66 (NYSE:PSX) Rating Increased to Outperform at Wolfe Research

Wolfe Research upgraded shares of Phillips 66 (NYSE:PSX) from a peer perform rating to an outperform rating in a report issued on Friday, Marketbeat reports. Wolfe Research currently has $143.00 price objective on the oil and gas company’s stock.

Other equities research analysts have also issued reports about the company. JPMorgan Chase & Co. lowered their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. UBS Group dropped their price target on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Bank of America initiated coverage on shares of Phillips 66 in a report on Thursday, October 17th. They set a “buy” rating and a $156.00 price target on the stock. Wells Fargo & Company dropped their target price on shares of Phillips 66 from $167.00 to $161.00 and set an “overweight” rating on the stock in a research report on Monday, December 9th. Finally, TD Cowen reduced their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.57.

Phillips 66 Stock Up 1.5 %

Phillips 66 stock opened at $116.09 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average price is $124.13 and its two-hundred day moving average price is $131.40. The firm has a market capitalization of $47.94 billion, a price-to-earnings ratio of 14.90, a price-to-earnings-growth ratio of 4.06 and a beta of 1.35. Phillips 66 has a 1-year low of $108.90 and a 1-year high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. The business had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company’s quarterly revenue was down 10.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.63 EPS. On average, equities research analysts predict that Phillips 66 will post 7.56 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were given a dividend of $1.15 per share. The ex-dividend date was Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a yield of 3.96%. Phillips 66’s dividend payout ratio is presently 59.05%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp grew its stake in Phillips 66 by 263.3% during the third quarter. Van ECK Associates Corp now owns 83,278 shares of the oil and gas company’s stock valued at $10,753,000 after acquiring an additional 60,355 shares in the last quarter. Mizuho Securities USA LLC grew its stake in shares of Phillips 66 by 7,549.0% during the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after buying an additional 2,467,316 shares during the last quarter. Nwam LLC purchased a new position in Phillips 66 in the 3rd quarter worth approximately $498,000. Principal Financial Group Inc. grew its holdings in shares of Phillips 66 by 2.8% in the third quarter. Principal Financial Group Inc. now owns 530,807 shares of the oil and gas company’s stock worth $69,775,000 after purchasing an additional 14,209 shares during the last quarter. Finally, Olympiad Research LP purchased a new position in shares of Phillips 66 in the third quarter worth $607,000. 76.93% of the stock is currently owned by hedge funds and other 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.