Phillips 66 (NYSE:PSX) Price Target Raised to $290.00

Phillips 66 (NYSE:PSX) had its target price boosted by Morgan Stanley from $284.00 to $290.00 in a report issued on Monday morning,Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other brokerages have also commented on PSX. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Raymond James Financial reaffirmed an “outperform” rating and issued a $335.00 target price on shares of Phillips 66 in a research note on Monday, October 19th. UBS Group lifted their price target on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. TD Cowen upped their price objective on shares of Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Finally, Barclays increased their target price on Phillips 66 from $216.00 to $282.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $270.12.

Phillips 66 Trading Down 4.6%

Shares of PSX stock opened at $259.38 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.04 and a current ratio of 1.34. Phillips 66 has a 52-week low of $127.16 and a 52-week high of $299.39. The company has a market capitalization of $101.18 billion, a PE ratio of 8.28, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69. The business’s fifty day moving average is $267.86 and its 200 day moving average is $200.44.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping the consensus estimate of $11.73 by $2.35. The business had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same period in the previous year, the business earned $2.52 earnings per share. On average, equities research analysts anticipate that Phillips 66 will post 33.63 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has initiated a stock 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 repurchase up to 11.8% of its stock through open market purchases. Share repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be given a $1.33 dividend. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.32 annualized dividend and a dividend yield of 2.1%. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio is currently 16.22%.

Insider Buying and Selling

In other news, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was 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 owned 61,595 shares in the company, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Richard Harbison sold 52,100 shares of Phillips 66 stock in a transaction that occurred 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Phillips 66

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new position in shares of Phillips 66 in the second quarter worth about $384,000. BlackRock Inc. bought a new stake in Phillips 66 during the 2nd quarter valued at about $5,766,779,000. Fifth Third Bancorp lifted its holdings in Phillips 66 by 543.7% during the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock valued at $23,348,000 after buying an additional 108,248 shares in the last quarter. Perpetual Ltd boosted its position in Phillips 66 by 71.4% in the 3rd quarter. Perpetual Ltd now owns 9,947 shares of the oil and gas company’s stock valued at $2,540,000 after buying an additional 4,142 shares during the period. Finally, Stack Financial Management Inc purchased a new stake in Phillips 66 in the 2nd quarter valued at about $36,317,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Trending Headlines about Phillips 66

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

• Positive Sentiment: Phillips 66 agreed to a long-term deal with Restaurant Technologies to supply used cooking oil for renewable diesel and sustainable aviation fuel production at its Rodeo facility. The agreement supports feedstock access and the company’s lower-carbon fuels business. Article: Phillips 66 secures long-term used cooking oil supply
• Positive Sentiment: Morgan Stanley issued a buy rating on PSX, signaling confidence in the shares’ prospects. Article: Morgan Stanley issues a buy rating
• Neutral Sentiment: Citigroup raised its price target to $302 from $297 but kept a neutral rating. The higher target is supportive, though the unchanged rating suggests the bank sees limited reason to upgrade its stance. Article: Citigroup adjusts price target
• Negative Sentiment: A report highlighted a steep single-session drop in PSX shares, signaling notable near-term selling pressure. The article did not identify a specific company catalyst for the decline. Article: Phillips 66 drops in one session

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.