Phillips 66 (NYSE:PSX) Shares Gap Down on Disappointing Earnings

Phillips 66 (NYSE:PSX) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $157.24, but opened at $152.50. Phillips 66 shares last traded at $150.37, with a volume of 930,074 shares trading hands.

The oil and gas company reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.60 by ($0.70). Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. During the same quarter in the prior year, the company earned $4.21 EPS.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a $1.15 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a yield of 3.04%. The ex-dividend date of this dividend is Friday, May 17th. Phillips 66’s payout ratio is currently 27.15%.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. lifted their price target on Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Barclays increased their price target on Phillips 66 from $139.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. The Goldman Sachs Group increased their target price on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Piper Sandler lifted their price target on Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Finally, Raymond James lifted their price objective on shares of Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $158.00.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Robert W. Pease acquired 682 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was acquired at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the acquisition, the director now owns 1,900 shares in the company, valued at $278,502. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares in the company, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. Insiders sold a total of 35,056 shares of company stock valued at $5,272,681 over the last quarter. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently made changes to their positions in PSX. DekaBank Deutsche Girozentrale lifted its stake in shares of Phillips 66 by 12.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 201,592 shares of the oil and gas company’s stock valued at $26,501,000 after purchasing an additional 22,278 shares during the last quarter. Eldred Rock Partners LLC bought a new stake in shares of Phillips 66 during the 4th quarter worth about $10,402,000. Choate Investment Advisors acquired a new position in shares of Phillips 66 during the 3rd quarter valued at about $247,000. First Dallas Securities Inc. bought a new position in shares of Phillips 66 in the 3rd quarter valued at approximately $753,000. Finally, TIAA Trust National Association lifted its holdings in Phillips 66 by 32.9% in the 4th quarter. TIAA Trust National Association now owns 14,816 shares of the oil and gas company’s stock worth $1,973,000 after purchasing an additional 3,670 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 3.6 %

The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The business has a 50-day simple moving average of $155.55 and a 200-day simple moving average of $136.88. The stock has a market cap of $64.82 billion, a P/E ratio of 9.79, a PEG ratio of 1.91 and a beta of 1.37.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.