Phillips 66 (NYSE:PSX) Reaches New 52-Week High – Still a Buy?

Phillips 66 (NYSE:PSX)’s stock price reached a new 52-week high on Friday . The stock traded as high as $145.68 and last traded at $143.1060, with a volume of 194946 shares trading hands. The stock had previously closed at $144.22.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. TD Cowen raised their target price on shares of Phillips 66 from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Thursday, October 30th. Mizuho raised their price objective on shares of Phillips 66 from $145.00 to $150.00 and gave the stock a “neutral” rating in a report on Friday, December 12th. Jefferies Financial Group upped their target price on shares of Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a research note on Friday, October 10th. Wolfe Research increased their target price on Phillips 66 from $158.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, December 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Phillips 66 in a report on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $146.88.

Phillips 66 Stock Performance

The company has a market capitalization of $57.89 billion, a price-to-earnings ratio of 39.18, a P/E/G ratio of 0.37 and a beta of 0.90. The stock’s 50 day moving average price is $135.74 and its 200 day moving average price is $131.09. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.38. The business had revenue of $33.69 billion for the quarter, compared to analyst estimates of $32.29 billion. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.During the same quarter in the prior year, the company posted $2.04 earnings per share. Analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the transaction, the chief financial officer directly owned 89,771 shares in the company, valued at approximately $12,388,398. The trade was a 25.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 26,200 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,825,455.84. This trade represents a 31.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 81,700 shares of company stock valued at $11,318,236 over the last three months. 0.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On Phillips 66

Hedge funds have recently bought and sold shares of the company. Elliott Investment Management L.P. raised its stake in Phillips 66 by 22.4% in the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after purchasing an additional 3,526,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 14.8% during the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after purchasing an additional 5,978,841 shares during the period. Chronos Wealth Management LLC acquired a new stake in shares of Phillips 66 in the second quarter valued at approximately $281,000. Edgestream Partners L.P. bought a new stake in shares of Phillips 66 in the second quarter valued at approximately $4,952,000. Finally, California Public Employees Retirement System grew its position in Phillips 66 by 3.9% during the second quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock worth $83,102,000 after buying an additional 26,238 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.