Phillips 66 (NYSE:PSX) Hits New 52-Week Low Following Analyst Downgrade

Phillips 66 (NYSE:PSX) hit a new 52-week low during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $138.00 to $131.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Phillips 66 traded as low as $102.16 and last traded at $104.15, with a volume of 3202445 shares traded. The stock had previously closed at $106.00.

A number of other equities research analysts have also issued reports on PSX. StockNews.com upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research note on Monday. Barclays decreased their target price on Phillips 66 from $135.00 to $106.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 10th. Wolfe Research upgraded Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price target for the company in a research note on Friday, January 3rd. Scotiabank reduced their price objective on shares of Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Finally, Mizuho lowered their target price on shares of Phillips 66 from $140.00 to $132.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $136.36.

Institutional Trading of Phillips 66

A number of large investors have recently made changes to their positions in the business. Bogart Wealth LLC grew its position in Phillips 66 by 120.0% in the fourth quarter. Bogart Wealth LLC now owns 220 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 120 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in shares of Phillips 66 in the 1st quarter worth approximately $27,000. J.Safra Asset Management Corp bought a new position in shares of Phillips 66 during the 4th quarter valued at approximately $25,000. Olde Wealth Management LLC bought a new stake in Phillips 66 in the first quarter worth $28,000. Finally, Opal Wealth Advisors LLC bought a new stake in Phillips 66 in the first quarter worth $29,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Price Performance

The company has a market capitalization of $42.17 billion, a PE ratio of 20.95, a price-to-earnings-growth ratio of 4.84 and a beta of 1.17. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm’s 50 day simple moving average is $113.83 and its 200 day simple moving average is $120.39.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates 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 in the prior year, the firm posted $1.90 earnings per share. As a group, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 4.64%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date is Monday, May 19th. Phillips 66’s dividend payout ratio is presently 109.34%.

About Phillips 66

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.