Phillips 66 (NYSE:PSX) Stock Price Target Raised at The Goldman Sachs Group

Phillips 66 (NYSE:PSX) had its price target hoisted by The Goldman Sachs Group from $245.00 to $274.00 in a research note issued to investors on Wednesday. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 8.86% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Wells Fargo & Company raised their price target on shares of Phillips 66 from $239.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, September 1st. Barclays increased their price objective on Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Jefferies Financial Group raised their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Raymond James Financial lifted their target price on Phillips 66 from $240.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday, September 14th. Finally, TD Cowen increased their price target on Phillips 66 from $255.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $246.50.

Phillips 66 Trading Down 0.7%

Shares of PSX stock opened at $251.70 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $277.12. The company’s 50-day moving average price is $238.39 and its 200-day moving average price is $198.12. The stock has a market cap of $100.43 billion, a price-to-earnings ratio of 14.34 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same period last year, the business earned $2.38 earnings per share. As a group, equities analysts predict that Phillips 66 will post 28.28 earnings per share for the current year.

Phillips 66 declared that its board has approved a share repurchase program on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Phillips 66

In other news, EVP Vanessa Sutherland sold 3,523 shares of Phillips 66 stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 123,907 shares of company stock valued at $27,973,214. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PSX. BlackRock Inc. purchased a new position in Phillips 66 in the 2nd quarter valued at approximately $5,766,779,000. Bank of New York Mellon Corp purchased a new stake in shares of Phillips 66 during the second quarter worth $1,093,206,000. Bank of America Corp DE purchased a new stake in shares of Phillips 66 during the second quarter worth $469,970,000. Legal & General Group Plc acquired a new stake in shares of Phillips 66 in the second quarter valued at $303,648,000. Finally, Deutsche Bank AG acquired a new stake in shares of Phillips 66 in the second quarter valued at $271,128,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.