Morgan Stanley Analysts Give Phillips 66 (NYSE:PSX) a $128.00 Price Target

Morgan Stanley set a $128.00 price target on Phillips 66 (NYSE:PSX) in a research report report published on Wednesday, MarketBeat Ratings reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.

PSX has been the subject of a number of other research reports. TD Cowen raised their price objective on Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Evercore ISI began coverage on Phillips 66 in a research report on Wednesday, June 18th. They set an “outperform” rating and a $130.00 price objective for the company. Piper Sandler set a $148.00 price objective on Phillips 66 and gave the company a “neutral” rating in a research report on Thursday, July 10th. Citigroup lowered Phillips 66 from a “buy” rating to a “neutral” rating and raised their price objective for the company from $126.00 to $130.00 in a research report on Wednesday. Finally, The Goldman Sachs Group lowered 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. Ten 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 has a consensus rating of “Hold” and a consensus target price of $135.27.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $126.03 on Wednesday. Phillips 66 has a one year low of $91.01 and a one year high of $150.12. The stock’s fifty day moving average is $121.35 and its 200 day moving average is $118.21. The stock has a market cap of $51.35 billion, a P/E ratio of 28.71, a P/E/G ratio of 1.96 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23.

Phillips 66 (NYSE:PSX) last posted 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). The business had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period in the prior year, the business earned $1.90 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Tuesday, August 19th. Phillips 66’s dividend payout ratio is presently 109.34%.

Insider Activity

In related news, Director Robert W. Pease purchased 439 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the purchase, the director owned 4,091 shares of the company’s stock, valued at approximately $465,760.35. The trade was a 12.02% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Large investors have recently bought and sold shares of the business. Elliott Investment Management L.P. grew its holdings in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in Phillips 66 by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock worth $968,844,000 after purchasing an additional 82,758 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after purchasing an additional 682,459 shares during the last quarter. Invesco Ltd. grew its holdings in Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after purchasing an additional 653,248 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Phillips 66 by 10.6% in the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock worth $522,834,000 after purchasing an additional 440,107 shares during 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.