Barclays Cuts Phillips 66 (NYSE:PSX) Price Target to $133.00

Phillips 66 (NYSE:PSX) had its price objective cut by investment analysts at Barclays from $138.00 to $133.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Barclays‘s target price would suggest a potential upside of 0.10% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the company. Wells Fargo & Company upped their target price on shares of Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a research note on Tuesday, September 3rd. Piper Sandler upped their price objective on shares of Phillips 66 from $136.00 to $144.00 and gave the company an “overweight” rating in a research report on Tuesday. Morgan Stanley decreased their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. TD Cowen cut their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Finally, Mizuho decreased their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $152.93.

Phillips 66 Price Performance

PSX stock traded down $5.63 on Tuesday, hitting $132.87. 1,221,542 shares of the company’s stock traded hands, compared to its average volume of 2,721,424. The stock has a market cap of $56.33 billion, a price-to-earnings ratio of 10.22, a P/E/G ratio of 5.46 and a beta of 1.33. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The stock has a fifty day moving average of $133.79 and a 200-day moving average of $142.02. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The company had revenue of $38.91 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the company earned $3.87 earnings per share. On average, analysts forecast that Phillips 66 will post 8.21 EPS for the current fiscal year.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.22% of the stock is owned by company insiders.

Institutional Trading of Phillips 66

Several hedge funds and other institutional investors have recently modified their holdings of PSX. Manning & Napier Advisors LLC acquired a new position in shares of Phillips 66 in the second quarter valued at about $17,670,000. M&G Plc bought a new position in shares of Phillips 66 during the second quarter worth approximately $3,596,000. Duality Advisers LP acquired a new stake in shares of Phillips 66 in the first quarter valued at approximately $3,596,000. Mirae Asset Global Investments Co. Ltd. grew its position in Phillips 66 by 42.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after buying an additional 39,775 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Phillips 66 by 14.3% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock worth $38,530,000 after acquiring an additional 36,116 shares during the period. Institutional investors own 76.93% of the company’s stock.

About Phillips 66

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.