Phillips 66’s (PSX) Neutral Rating Reaffirmed at Mizuho

Phillips 66 (NYSE:PSX)‘s stock had its “neutral” rating reissued by research analysts at Mizuho in a report released on Thursday, Marketbeat reports. They presently have a $300.00 price objective on the oil and gas company’s stock, up from their previous price objective of $220.00. Mizuho’s price objective would indicate a potential upside of 10.58% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Barclays lifted their target price on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Jefferies Financial Group raised their price objective on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research report on Thursday, July 9th. TD Cowen boosted their price objective on Phillips 66 from $255.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, September 30th. The Goldman Sachs Group increased their target price on Phillips 66 from $245.00 to $274.00 and gave the company a “neutral” rating in a research note on Wednesday, September 30th. Finally, Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $252.00.

Phillips 66 Stock Up 0.6%

PSX opened at $271.29 on Thursday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $277.12. The firm has a 50 day moving average price of $245.38 and a 200 day moving average price of $202.00. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The company has a market cap of $108.25 billion, a PE ratio of 15.46 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts’ consensus estimates 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 $51 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same period in the previous year, the company posted $2.38 earnings per share. Sell-side analysts expect that Phillips 66 will post 29.01 earnings per share for the current year.

Phillips 66 declared that its board has authorized a share repurchase plan on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Vanessa Sutherland sold 3,523 shares of Phillips 66 stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following 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 legal filing with the Securities & Exchange Commission, 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 stock in a transaction dated 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 transaction, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 112,886 shares of company stock worth $25,878,894 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Phillips 66

Hedge funds have recently made changes to their positions in the stock. NFSG Corp raised its stake in Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 75 shares in the last quarter. Axiom Investment Management LLC bought a new position in shares of Phillips 66 during the first quarter worth about $27,000. Compass Financial Management LLC acquired a new stake in shares of Phillips 66 in the second quarter valued at approximately $28,000. Kelleher Financial Advisors bought a new stake in Phillips 66 during the 2nd quarter valued at $29,000. Finally, J.Safra Asset Management Corp bought a new stake in Phillips 66 during the 2nd quarter valued at $30,000. Institutional investors and hedge funds 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.