Phillips 66 (NYSE:PSX) Given New $147.00 Price Target at Wells Fargo & Company

Phillips 66 (NYSE:PSX) had its target price trimmed by Wells Fargo & Company from $149.00 to $147.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

A number of other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Phillips 66 from $138.00 to $131.00 and set an “overweight” rating on the stock in a report on Tuesday, April 29th. Tudor Pickering lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 22nd. Wall Street Zen upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Monday, April 28th. Mizuho upped their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Finally, UBS Group lowered their target price on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average price target of $135.46.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $120.92 on Wednesday. The firm’s 50-day moving average price is $108.74 and its 200-day moving average price is $117.74. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The firm has a market capitalization of $49.27 billion, a P/E ratio of 24.48, a P/E/G ratio of 4.84 and a beta of 1.02. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share 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 business had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. During the same quarter in the prior year, the company earned $1.90 EPS. Equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.97%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. Phillips 66’s dividend payout ratio is presently 109.34%.

Insider Activity

In related news, Director Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director now directly owns 4,091 shares of the company’s stock, valued at approximately $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PSX. Elliott Investment Management L.P. grew its position in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after buying an additional 4,455,220 shares in the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 during the 4th quarter valued at approximately $497,648,000. Raymond James Financial Inc. purchased a new stake in shares of Phillips 66 during the 4th quarter valued at approximately $168,790,000. Finally, Nuveen LLC purchased a new stake in shares of Phillips 66 during the 1st quarter valued at approximately $156,482,000. 76.93% of the stock is owned by institutional investors.

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.