Phillips 66 (NYSE:PSX) Shares Gap Up on Analyst Upgrade

Phillips 66 (NYSE:PSX) gapped up before the market opened on Tuesday after TD Cowen raised their price target on the stock from $114.00 to $120.00. The stock had previously closed at $118.68, but opened at $123.61. TD Cowen currently has a buy rating on the stock. Phillips 66 shares last traded at $122.73, with a volume of 410,185 shares traded.

A number of other equities research analysts have also issued reports on the stock. Scotiabank dropped their price objective on shares of Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a report on Friday, April 11th. Barclays boosted their price target on shares of Phillips 66 from $106.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday. Raymond James reduced their price objective on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Wells Fargo & Company cut their price target on Phillips 66 from $162.00 to $149.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Finally, The Goldman Sachs Group downgraded Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 target price on the stock. in a research note on Thursday, March 27th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $137.43.

Hedge Funds Weigh In On Phillips 66

Institutional investors and hedge funds have recently made changes to their positions in the company. William B. Walkup & Associates Inc. boosted its holdings in shares of Phillips 66 by 4.2% in the 1st quarter. William B. Walkup & Associates Inc. now owns 15,662 shares of the oil and gas company’s stock valued at $1,934,000 after buying an additional 628 shares during the last quarter. National Pension Service grew its stake in shares of Phillips 66 by 5.3% during the first quarter. National Pension Service now owns 1,180,552 shares of the oil and gas company’s stock worth $145,775,000 after buying an additional 59,895 shares during the last quarter. MSH Capital Advisors LLC boosted its position in Phillips 66 by 3.0% during the 1st quarter. MSH Capital Advisors LLC now owns 3,456 shares of the oil and gas company’s stock worth $427,000 after buying an additional 101 shares during the period. GKV Capital Management Co. Inc. raised its holdings in Phillips 66 by 111.5% during the 1st quarter. GKV Capital Management Co. Inc. now owns 330 shares of the oil and gas company’s stock worth $41,000 after purchasing an additional 174 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Phillips 66 by 18.3% in the first quarter. Russell Investments Group Ltd. now owns 446,528 shares of the oil and gas company’s stock worth $55,099,000 after purchasing an additional 69,122 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Trading Up 4.3%

The business has a 50 day moving average of $111.58 and a two-hundred day moving average of $119.18. The firm has a market capitalization of $50.43 billion, a price-to-earnings ratio of 25.05, a P/E/G ratio of 4.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The business had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. During the same quarter last year, the business posted $1.90 EPS. Equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date is Monday, May 19th. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s payout ratio is currently 109.34%.

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.