Phillips 66 (NYSE:PSX) Hits New 12-Month High After Analyst Upgrade

Phillips 66 (NYSE:PSX)’s share price reached a new 52-week high during mid-day trading on Friday after TD Cowen raised their price target on the stock from $145.00 to $151.00. TD Cowen currently has a buy rating on the stock. Phillips 66 traded as high as $146.88 and last traded at $145.2880, with a volume of 169151 shares trading hands. The stock had previously closed at $141.93.

A number of other research firms have also recently weighed in on PSX. UBS Group reaffirmed a “buy” rating on shares of Phillips 66 in a research report on Tuesday, January 6th. Weiss Ratings restated a “hold (c)” rating on shares of Phillips 66 in a research note on Thursday. Jefferies Financial Group lifted their price target on shares of Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a report on Friday, October 10th. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Finally, Wall Street Zen cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $153.53.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction on Friday, January 9th. The shares were sold at an average price of $145.00, for a total value of $637,130.00. Following the sale, the executive vice president directly owned 30,193 shares in the company, valued at approximately $4,377,985. The trade was a 12.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Brian Mandell sold 25,500 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,959,593.52. The trade was a 30.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 86,094 shares of company stock worth $11,955,366 over the last quarter. Insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Phillips 66 by 11.6% in the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock worth $7,035,574,000 after acquiring an additional 5,356,558 shares during the last quarter. Elliott Investment Management L.P. boosted its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 17.4% in the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after purchasing an additional 1,532,967 shares in the last quarter. Bank of New York Mellon Corp increased its position in Phillips 66 by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock worth $1,120,794,000 after purchasing an additional 537,245 shares during the last quarter. Finally, Norges Bank purchased a new stake in Phillips 66 during the second quarter valued at $523,755,000. 76.93% of the stock is owned by institutional investors.

Phillips 66 Trading Down 0.3%

The company has a quick ratio of 0.87, a current ratio of 1.23 and a debt-to-equity ratio of 0.68. The stock’s 50 day moving average is $136.13 and its 200-day moving average is $132.44. The company has a market cap of $57.02 billion, a PE ratio of 38.66, a P/E/G ratio of 0.40 and a beta of 0.90.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a net margin of 1.12% and a return on equity of 5.53%. The firm had revenue of $33.69 billion for the quarter, compared to the consensus estimate of $32.29 billion. During the same period in the previous year, the firm posted $2.04 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.