Phillips 66 (NYSE:PSX) Lowered to “Buy” Rating by Wall Street Zen

Wall Street Zen lowered shares of Phillips 66 (NYSE:PSX) from a strong-buy rating to a buy rating in a research report released on Saturday.

PSX has been the topic of several other reports. Morgan Stanley increased their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Piper Sandler lifted their target price on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a report on Wednesday, April 8th. Barclays upped their target price on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Jefferies Financial Group increased their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Finally, Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $196.06.

Phillips 66 Trading Up 2.8%

Phillips 66 stock opened at $206.96 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The business’s fifty day simple moving average is $179.03 and its two-hundred day simple moving average is $165.49. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $207.14. The company has a market capitalization of $82.97 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 0.27 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned ($0.90) earnings per share. As a group, equities analysts predict that Phillips 66 will post 19.84 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Insider Activity

In related news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction on Wednesday, May 6th. The shares were acquired 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 approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 41,021 shares of company stock worth $7,195,257 in the last 90 days. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Large investors have recently added to or reduced their stakes in the stock. Key Client Fiduciary Advisors LLC raised its holdings in shares of Phillips 66 by 3.5% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after acquiring an additional 55 shares in the last quarter. Threadgill Financial LLC grew its holdings in Phillips 66 by 3.5% during the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after acquiring an additional 58 shares in the last quarter. Somerset Trust Co grew its holdings in Phillips 66 by 0.3% during the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock worth $3,601,000 after acquiring an additional 63 shares in the last quarter. Clifford Group LLC increased its position in Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after purchasing an additional 64 shares during the period. Finally, Annis Gardner Whiting Capital Advisors LLC increased its position in Phillips 66 by 0.8% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,255 shares of the oil and gas company’s stock valued at $1,504,000 after purchasing an additional 65 shares during the period. Institutional investors 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.