Phillips 66 (NYSE:PSX) Sets New 1-Year High – Here’s Why

Shares of Phillips 66 (NYSE:PSX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $185.37 and last traded at $184.1970, with a volume of 4227756 shares changing hands. The stock had previously closed at $176.76.

Wall Street Analysts Forecast Growth

PSX has been the topic of several recent research reports. Mizuho increased their target price on Phillips 66 from $152.00 to $170.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Raymond James Financial boosted their price objective on Phillips 66 from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Friday, January 23rd. The Goldman Sachs Group increased their price objective on Phillips 66 from $168.00 to $186.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Citigroup raised their target price on Phillips 66 from $146.00 to $159.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $140.00 target price on shares of Phillips 66 in a report on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.33.

Phillips 66 Price Performance

The stock has a market capitalization of $73.82 billion, a PE ratio of 17.02, a price-to-earnings-growth ratio of 0.61 and a beta of 0.86. The business’s 50-day moving average price is $156.56 and its 200 day moving average price is $142.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The company had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. During the same quarter last year, the company earned ($0.15) earnings per share. Research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were issued a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, February 23rd. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s payout ratio is 46.95%.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 16,856 shares of Phillips 66 stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,380,590.72. The trade was a 14.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the sale, the executive vice president owned 38,488 shares of the company’s stock, valued at approximately $6,158,080. The trade was a 16.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 84,688 shares of company stock worth $14,066,145. Company insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

Hedge funds have recently made changes to their positions in the stock. Evolution Wealth Management Inc. bought a new position in Phillips 66 in the second quarter valued at $25,000. Board of the Pension Protection Fund bought a new stake in Phillips 66 during the fourth quarter worth about $26,000. Accordant Advisory Group Inc boosted its holdings in shares of Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares in the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Phillips 66 in the 4th quarter worth about $27,000. Finally, SWAN Capital LLC increased its position in shares of Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 190 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

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.