Phillips 66 (NYSE:PSX) Reaches New 52-Week High – Here’s Why

Phillips 66 (NYSE:PSX)’s stock price hit a new 52-week high on Friday . The company traded as high as $141.10 and last traded at $140.80, with a volume of 240117 shares traded. The stock had previously closed at $139.08.

Analysts Set New Price Targets

Several research firms have recently commented on PSX. Jefferies Financial Group raised their target price on shares of Phillips 66 from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Monday, September 15th. Piper Sandler raised their target price on shares of Phillips 66 from $144.00 to $154.00 and gave the company a “neutral” rating in a report on Thursday, September 11th. Evercore ISI lifted their price target on shares of Phillips 66 from $130.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Barclays raised their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. Finally, Scotiabank reissued a “sector perform” rating and issued a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $139.38.

Phillips 66 Stock Up 0.3%

The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The company has a market capitalization of $56.35 billion, a price-to-earnings ratio of 33.52, a P/E/G ratio of 1.98 and a beta of 1.15. The stock’s fifty day simple moving average is $127.94 and its two-hundred day simple moving average is $120.15.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to the consensus estimate 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 prior year, the company earned $2.31 EPS. On average, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66’s dividend payout ratio is currently 115.38%.

Insider Buying and Selling

In other Phillips 66 news, Director Sigmund L. Cornelius bought 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total value of $593,055.00. Following the sale, the executive vice president owned 38,980 shares of the company’s stock, valued at approximately $5,262,300. The trade was a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have bought 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is owned by insiders.

Institutional Investors Weigh In On Phillips 66

Institutional investors and hedge funds have recently made changes to their positions in the business. WealthTrust Axiom LLC boosted its stake in Phillips 66 by 1.1% in the first quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company’s stock valued at $894,000 after acquiring an additional 81 shares in the last quarter. Wolff Wiese Magana LLC raised its holdings in shares of Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 82 shares during the last quarter. Magnus Financial Group LLC raised its holdings in shares of Phillips 66 by 2.8% during the second quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company’s stock worth $368,000 after purchasing an additional 84 shares during the last quarter. Biltmore Wealth Management LLC increased its holdings in Phillips 66 by 2.4% in the second quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company’s stock valued at $431,000 after buying an additional 85 shares in the last quarter. Finally, XML Financial LLC increased its holdings in Phillips 66 by 0.5% in the second quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company’s stock valued at $2,093,000 after buying an additional 85 shares in 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.