Phillips 66 (NYSE:PSX) Price Target Raised to $268.00

Phillips 66 (NYSE:PSX) had its price target increased by Piper Sandler from $264.00 to $268.00 in a report published on Thursday morning,Benzinga reports. Piper Sandler currently has a neutral rating on the oil and gas company’s stock.

Several other analysts have also issued reports on the company. The Goldman Sachs Group increased their target price on Phillips 66 from $245.00 to $274.00 and gave the stock a “neutral” rating in a report on Wednesday, September 30th. Weiss Ratings raised Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Wells Fargo & Company upped their price objective on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research report on Thursday. Zacks Research raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. Finally, Morgan Stanley increased their price objective on shares of Phillips 66 from $196.00 to $284.00 and gave the stock an “overweight” rating in a research note on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $270.19.

Phillips 66 Stock Performance

Shares of PSX opened at $283.18 on Thursday. The stock has a market capitalization of $110.46 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 0.16 and a beta of 0.71. Phillips 66 has a 12 month low of $127.16 and a 12 month high of $299.39. The firm has a fifty day simple moving average of $266.19 and a 200 day simple moving average of $198.51. The company has a current ratio of 1.34, a quick ratio of 1.00 and a debt-to-equity ratio of 0.49.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. The company had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. During the same period in the prior year, the business posted $2.52 EPS. Research analysts forecast that Phillips 66 will post 33.11 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has initiated a share repurchase program on Friday, July 31st that permits the company to repurchase $10 billion in outstanding shares. This repurchase authorization permits the oil and gas company to buy up to 11.8% of its stock through open market purchases. Share repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a dividend yield of 1.9%. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. The ex-dividend date is Tuesday, November 17th. Phillips 66’s dividend payout ratio (DPR) is currently 16.22%.

Insider Activity

In other news, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was 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 owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. This represents a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 108,800 shares of company stock valued at $25,016,566 over the last quarter. Corporate insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Several hedge funds have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC lifted its stake in Phillips 66 by 8.1% in the third quarter. Chicago Partners Investment Group LLC now owns 21,572 shares of the oil and gas company’s stock worth $6,109,000 after purchasing an additional 1,622 shares during the last quarter. Covestor Ltd increased its holdings in shares of Phillips 66 by 13.8% in the third quarter. Covestor Ltd now owns 363 shares of the oil and gas company’s stock worth $93,000 after buying an additional 44 shares during the period. Richardson Financial Services Inc. increased its holdings in shares of Phillips 66 by 142.5% in the third quarter. Richardson Financial Services Inc. now owns 97 shares of the oil and gas company’s stock worth $25,000 after buying an additional 57 shares during the period. Cordgrass Capital Advisors LLC purchased a new position in shares of Phillips 66 in the third quarter worth about $297,000. Finally, Verity Asset Management Inc. lifted its position in Phillips 66 by 5.8% in the third quarter. Verity Asset Management Inc. now owns 1,704 shares of the oil and gas company’s stock valued at $435,000 after purchasing an additional 93 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn’t Care
• Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
• Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
• Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.