Phillips 66 (NYSE:PSX) Price Target Cut to $149.00 by Analysts at Wells Fargo & Company

Phillips 66 (NYSE:PSX) had its price objective trimmed by Wells Fargo & Company from $162.00 to $149.00 in a research note released on Monday,Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

Several other analysts have also weighed in on PSX. Scotiabank decreased their price target on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. TD Cowen decreased their price target on Phillips 66 from $127.00 to $114.00 and set a “buy” rating on the stock in a report on Monday. StockNews.com lowered Phillips 66 from a “hold” rating to a “sell” rating in a report on Sunday, March 2nd. Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Finally, Mizuho reduced their target price on Phillips 66 from $140.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $137.07.

Phillips 66 Stock Up 1.8 %

Shares of PSX opened at $105.80 on Monday. The stock has a market capitalization of $43.11 billion, a price-to-earnings ratio of 21.42, a price-to-earnings-growth ratio of 4.84 and a beta of 1.17. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $152.19. The business’s 50 day simple moving average is $115.31 and its 200-day simple moving average is $120.83. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The firm had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. During the same period last year, the company earned $1.90 earnings per share. As a group, equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a yield of 4.54%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s dividend payout ratio (DPR) is presently 97.17%.

Institutional Investors Weigh In On Phillips 66

A number of institutional investors have recently added to or reduced their stakes in the stock. D.A. Davidson & CO. boosted its position in Phillips 66 by 52.0% during the first quarter. D.A. Davidson & CO. now owns 96,057 shares of the oil and gas company’s stock valued at $11,861,000 after purchasing an additional 32,859 shares in the last quarter. Principal Financial Group Inc. boosted its position in Phillips 66 by 2.6% during the first quarter. Principal Financial Group Inc. now owns 531,381 shares of the oil and gas company’s stock valued at $65,615,000 after purchasing an additional 13,489 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Phillips 66 by 1.2% in the first quarter. Oregon Public Employees Retirement Fund now owns 35,849 shares of the oil and gas company’s stock worth $4,427,000 after acquiring an additional 420 shares in the last quarter. ZWJ Investment Counsel Inc. boosted its holdings in Phillips 66 by 4.8% in the first quarter. ZWJ Investment Counsel Inc. now owns 269,056 shares of the oil and gas company’s stock worth $33,223,000 after acquiring an additional 12,288 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in shares of Phillips 66 by 18.9% during the first quarter. First Horizon Advisors Inc. now owns 3,535 shares of the oil and gas company’s stock valued at $437,000 after acquiring an additional 561 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

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.