Phillips 66 (NYSE:PSX) Given New $201.00 Price Target at Wells Fargo & Company

Phillips 66 (NYSE:PSX) had its target price hoisted by Wells Fargo & Company from $163.00 to $201.00 in a research report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other brokerages have also recently issued reports on PSX. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 14th. Barclays set a $158.00 price target on shares of Phillips 66 in a report on Friday, February 20th. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. BMO Capital Markets reiterated an “outperform” rating and set a $170.00 target price on shares of Phillips 66 in a report on Friday, February 6th. Finally, Argus raised their target price on Phillips 66 from $152.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average price target of $166.11.

Phillips 66 Trading Down 1.5%

Shares of PSX stock opened at $182.08 on Tuesday. The stock has a market capitalization of $72.97 billion, a PE ratio of 16.83, a P/E/G ratio of 0.33 and a beta of 0.86. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $190.61. The business has a 50-day moving average of $161.04 and a 200 day moving average of $144.19. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91.

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

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a 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 presently 46.95%.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 16,856 shares of the firm’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $168.22, for a total value of $2,835,516.32. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,380,590.72. This trade represents a 14.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the sale, the executive vice president directly owned 61,595 shares in the company, valued at $10,442,200.35. The trade was a 41.00% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders 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

Several large investors have recently bought and sold shares of the company. Evolution Wealth Management Inc. purchased a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $25,000. Board of the Pension Protection Fund purchased a new stake in Phillips 66 in the fourth quarter worth $26,000. Accordant Advisory Group Inc raised its holdings in Phillips 66 by 900.0% in the fourth 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 bought a new position in Phillips 66 in the fourth quarter worth $27,000. Finally, SWAN Capital LLC lifted its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the period. 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.