Phillips 66 (NYSE:PSX) Rating Lowered to “Hold” at Zacks Research

Phillips 66 (NYSE:PSX) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other brokerages have also recently commented on PSX. TD Cowen increased their price target on shares of Phillips 66 from $213.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Wells Fargo & Company raised their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a research note on Tuesday, March 31st. Wolfe Research boosted their price target on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Finally, BMO Capital Markets upped their price objective on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $192.72.

Phillips 66 Stock Up 0.8%

PSX stock opened at $178.83 on Monday. The company has a market cap of $71.70 billion, a price-to-earnings ratio of 17.62, a P/E/G ratio of 0.24 and a beta of 0.69. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $190.61. The business has a 50 day moving average price of $175.11 and a two-hundred day moving average price of $161.94. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter in the prior year, the business posted ($0.90) EPS. The business’s revenue was up 6.9% compared to the same quarter last year. Analysts anticipate that Phillips 66 will post 19.27 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 600 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $16,705,826.56. This represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently modified their holdings of PSX. Vanguard Group Inc. boosted its holdings in Phillips 66 by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after purchasing an additional 205,480 shares during the period. State Street Corp grew its position in Phillips 66 by 0.8% during the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC increased its stake in Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after acquiring an additional 45,340 shares during the period. Norges Bank bought a new position in Phillips 66 during the 4th quarter worth $640,206,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in Phillips 66 by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after acquiring an additional 89,621 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Company Profile

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.