Phillips 66 (NYSE:PSX) Announces Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Phillips 66 (NYSE:PSX) posted its quarterly earnings results on Friday. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15), Briefing.com reports. The company had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. During the same period in the prior year, the business earned $4.21 EPS.

Phillips 66 Price Performance

PSX opened at $151.41 on Friday. The company has a market capitalization of $64.78 billion, a P/E ratio of 11.65, a PEG ratio of 1.83 and a beta of 1.37. The company has a 50-day moving average of $155.55 and a 200-day moving average of $137.06. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.02 and a current ratio of 1.26. Phillips 66 has a 1-year low of $89.74 and a 1-year high of $174.08.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a yield of 3.04%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. Phillips 66’s dividend payout ratio is 32.31%.

Insider Buying and Selling

In other news, VP Joseph Scott Pruitt sold 7,200 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the sale, the vice president now directly owns 6,583 shares in the company, valued at approximately $1,035,242.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, VP Joseph Scott Pruitt sold 7,200 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total value of $1,132,272.00. Following the transaction, the vice president now directly owns 6,583 shares in the company, valued at approximately $1,035,242.58. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert W. Pease purchased 682 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average cost of $146.58 per share, with a total value of $99,967.56. Following the completion of the acquisition, the director now directly owns 1,900 shares in the company, valued at approximately $278,502. The disclosure for this purchase can be found here. Over the last three months, insiders sold 35,056 shares of company stock worth $5,272,681. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PSX shares. Citigroup began coverage on shares of Phillips 66 in a research report on Wednesday, January 24th. They set a “buy” rating on the stock. Scotiabank upped their price target on shares of Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. JPMorgan Chase & Co. raised their price objective on Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Piper Sandler upped their target price on Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Finally, Bank of America raised their target price on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.00.

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.