Phillips 66 (NYSE:PSX) Now Covered by Evercore ISI

Evercore ISI began coverage on shares of Phillips 66 (NYSE:PSX) in a research note released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an outperform rating and a $130.00 price objective on the oil and gas company’s stock.

Several other research analysts also recently issued reports on the company. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research report on Monday, April 28th. UBS Group cut their price objective on Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Mizuho lifted their price objective on Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 13th. The Goldman Sachs Group downgraded Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price objective for the company. in a research report on Thursday, March 27th. Finally, Tudor Pickering downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 22nd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $133.93.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $124.98 on Wednesday. The business’s 50 day simple moving average is $111.33 and its 200-day simple moving average is $117.38. The firm has a market capitalization of $50.92 billion, a price-to-earnings ratio of 28.47, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $150.12.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. During the same period last year, the firm earned $1.90 EPS. As a group, equities analysts forecast 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. Stockholders of record on Monday, May 19th were issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.84%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Monday, May 19th. Phillips 66’s dividend payout ratio is presently 109.34%.

Insider Buying and Selling

In related news, Director Robert W. Pease purchased 439 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the acquisition, the director now owns 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.22% of the stock is owned by corporate insiders.

Institutional Trading of Phillips 66

Several large investors have recently added to or reduced their stakes in PSX. Elliott Investment Management L.P. increased its holdings in Phillips 66 by 1,929.0% in 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 purchasing an additional 14,950,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Phillips 66 by 283.5% in 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 during the last quarter. Norges Bank purchased a new position in Phillips 66 in the 4th quarter valued at about $497,648,000. Raymond James Financial Inc. purchased a new position in Phillips 66 in the 4th quarter valued at about $168,790,000. Finally, Nuveen LLC purchased a new position in Phillips 66 in the 1st quarter valued at about $156,482,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

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.