Phillips 66 (NYSE:PSX) Price Target Lowered to $114.00 at TD Cowen

Phillips 66 (NYSE:PSX) had its target price lowered by TD Cowen from $127.00 to $114.00 in a report issued on Monday, Marketbeat reports. TD Cowen currently has a buy rating on the oil and gas company’s stock.

PSX has been the topic of several other reports. Wolfe Research raised shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 target price on the stock in a research note on Friday, January 3rd. Scotiabank dropped their target price on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Morgan Stanley decreased their price target on shares of Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Mizuho dropped their price objective on shares of Phillips 66 from $140.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. Finally, Raymond James decreased their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $136.36.

Phillips 66 Trading Down 1.7 %

Shares of Phillips 66 stock opened at $104.15 on Monday. The business has a fifty day simple moving average of $114.30 and a 200-day simple moving average of $120.61. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12. The firm has a market cap of $42.43 billion, a price-to-earnings ratio of 21.08, a price-to-earnings-growth ratio of 4.84 and a beta of 1.17. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The company had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the prior year, the company earned $1.90 earnings per share. On average, equities analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Monday, May 19th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a yield of 4.61%. Phillips 66’s dividend payout ratio (DPR) is presently 109.34%.

Institutional Investors Weigh In On Phillips 66

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in shares of Phillips 66 by 7.3% during the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock worth $1,064,601,000 after purchasing an additional 639,323 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Phillips 66 by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock worth $968,844,000 after buying an additional 82,758 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock worth $686,618,000 after buying an additional 4,455,220 shares during the last quarter. Northern Trust Corp boosted its position in shares of Phillips 66 by 10.6% in the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock valued at $522,834,000 after acquiring an additional 440,107 shares during the period. Finally, Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter worth $497,648,000. 76.93% of the stock is currently owned by institutional investors.

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.