Piper Sandler Issues Positive Forecast for Phillips 66 (NYSE:PSX) Stock Price

Phillips 66 (NYSE:PSX) had its target price raised by Piper Sandler from $144.00 to $154.00 in a research note released on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the oil and gas company’s stock.

A number of other brokerages also recently weighed in on PSX. Scotiabank reaffirmed a “sector perform” rating and issued a $133.00 target price on shares of Phillips 66 in a research note on Friday, July 11th. Tudor Pickering cut 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 Saturday, July 26th. Morgan Stanley boosted their price objective on shares of Phillips 66 from $122.00 to $128.00 and gave the company an “equal weight” rating in a report on Wednesday, July 16th. Finally, TD Cowen boosted their price objective on shares of Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of $136.40.

Phillips 66 Price Performance

NYSE:PSX opened at $132.49 on Thursday. The firm has a market cap of $53.54 billion, a PE ratio of 31.85, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.60. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The company’s 50-day moving average price is $126.87 and its two-hundred day moving average price is $119.55.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the previous year, the business earned $2.31 earnings per share. On average, equities analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were paid a $1.20 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. Phillips 66’s dividend payout ratio is 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the purchase, the director owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael A. Heim purchased 1,000 shares of the company’s stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the transaction, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 9,850 shares of company stock valued at $1,188,910 and sold 18,586 shares valued at $2,389,145. 0.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Phillips 66

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Elliott Investment Management L.P. increased its stake in shares of 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 acquiring an additional 14,950,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Phillips 66 by 20.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company’s stock valued at $19,625,000 after acquiring an additional 26,825 shares in the last quarter. Alta Advisers Ltd bought a new stake in shares of Phillips 66 in the 1st quarter valued at $253,000. Sustainable Insight Capital Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter valued at $1,457,000. Finally, Evergreen Wealth Solutions LLC bought a new stake in shares of Phillips 66 in the 1st quarter valued at $292,000. Institutional investors and hedge funds 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.