StockNews.com Downgrades Phillips 66 (NYSE:PSX) to Hold

StockNews.com lowered shares of Phillips 66 (NYSE:PSX) from a buy rating to a hold rating in a research note released on Saturday.

A number of other equities research analysts also recently commented on PSX. JPMorgan Chase & Co. increased 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. Bank of America lifted their price target on Phillips 66 from $150.00 to $180.00 and gave the stock a neutral rating in a research note on Friday, March 15th. Piper Sandler boosted their price objective on Phillips 66 from $169.00 to $187.00 and gave the stock an overweight rating in a report on Friday, April 5th. Barclays raised their target price on shares of Phillips 66 from $139.00 to $155.00 and gave the stock an equal weight rating in a report on Thursday, April 18th. Finally, Citigroup initiated coverage on shares of Phillips 66 in a report on Wednesday, January 24th. They set a buy rating on the stock. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Phillips 66 presently has a consensus rating of Moderate Buy and an average price target of $157.43.

Phillips 66 Trading Down 5.6 %

Shares of PSX stock opened at $143.09 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The stock has a 50-day simple moving average of $155.74 and a 200 day simple moving average of $137.75. Phillips 66 has a fifty-two week low of $89.74 and a fifty-two week high of $174.08. The stock has a market capitalization of $61.22 billion, a P/E ratio of 11.01, a P/E/G ratio of 1.83 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.07%. The business had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same quarter last year, the business posted $4.21 EPS. On average, sell-side analysts expect that Phillips 66 will post 13.77 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. The ex-dividend date is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.21%. Phillips 66’s dividend payout ratio (DPR) is 32.31%.

Insider Activity at Phillips 66

In other Phillips 66 news, VP Joseph Scott Pruitt sold 7,200 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the vice president now directly owns 6,583 shares of the company’s stock, valued at $1,035,242.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $3,648,120.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Joseph Scott Pruitt sold 7,200 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the transaction, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,056 shares of company stock valued at $5,272,681. 0.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Phillips 66

A number of institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Phillips 66 during the fourth quarter worth approximately $559,435,000. Boston Partners raised its stake in Phillips 66 by 962.0% during the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock valued at $513,327,000 after purchasing an additional 3,494,878 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Phillips 66 by 38.0% in the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock valued at $1,309,954,000 after purchasing an additional 2,209,043 shares during the period. International Assets Investment Management LLC acquired a new stake in Phillips 66 in the 4th quarter worth $254,336,000. Finally, Wellington Management Group LLP increased its holdings in shares of 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 worth $1,451,643,000 after purchasing an additional 1,842,226 shares during the period. 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.