Phillips 66 (NYSE:PSX) Shares Up 1.7% – Time to Buy?

Phillips 66 (NYSE:PSX)’s stock price shot up 1.7% on Thursday. The stock traded as high as $265.81 and last traded at $263.0360. 2,757,510 shares were traded during trading, a decline of 4% from the average daily volume of 2,872,243 shares. The stock had previously closed at $258.68.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PSX. TD Cowen lifted their price target on Phillips 66 from $295.00 to $308.00 and gave the stock a “buy” rating in a research report on Thursday, October 22nd. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Raymond James Financial reaffirmed an “outperform” rating and issued a $335.00 target price on shares of Phillips 66 in a report on Monday, October 19th. Finally, Barclays lifted their target price on shares of Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a report on Monday, October 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $270.12.

Phillips 66 Stock Up 1.7%

The company has a 50 day moving average price of $268.43 and a two-hundred day moving average price of $203.20. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04. The stock has a market cap of $102.60 billion, a PE ratio of 8.40, a PEG ratio of 0.13 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, beating the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The company had revenue of $50.54 billion for the quarter, compared to analysts’ expectations of $44.91 billion. During the same period last year, the firm posted $2.52 earnings per share. Analysts expect that Phillips 66 will post 33.79 EPS for the current year.

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 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s payout ratio is 16.99%.

Phillips 66 announced that its Board of Directors has initiated a share repurchase plan on Friday, July 31st that authorizes the company to buy back $10 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Share buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 23,400 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $16,326,370.70. The trade was a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Phillips 66

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Richardson Financial Services Inc. grew its position in Phillips 66 by 142.5% in the 3rd quarter. Richardson Financial Services Inc. now owns 97 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 57 shares during the period. Next Level Wealth Planning LLC bought a new position in shares of Phillips 66 during the 3rd quarter valued at $36,000. NFSG Corp boosted its stake in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new position in shares of Phillips 66 in the 1st quarter worth $27,000. Finally, Compass Financial Management LLC bought a new stake in shares of Phillips 66 in the second quarter worth $28,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel. The company’s midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.