Phillips 66 (NYSE:PSX) Given New $193.00 Price Target at Wolfe Research

Phillips 66 (NYSE:PSX) had its target price increased by Wolfe Research from $187.00 to $193.00 in a research report released on Monday morning,MarketScreener reports. The brokerage currently has an outperform rating on the oil and gas company’s stock.

Several other brokerages have also recently issued reports on PSX. TD Cowen boosted their price target on shares of Phillips 66 from $155.00 to $213.00 and gave the company a “buy” rating in a research report on Wednesday, April 1st. Raymond James Financial boosted their price target on shares of Phillips 66 from $175.00 to $205.00 and gave the company an “outperform” rating in a research report on Wednesday, March 25th. Mizuho boosted their price target on shares of Phillips 66 from $152.00 to $170.00 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. JPMorgan Chase & Co. reduced their price target on shares of Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Finally, Scotiabank upgraded shares of Phillips 66 to a “hold” rating in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $173.39.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $177.06 on Monday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $190.61. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company’s 50-day moving average is $163.83 and its 200 day moving average is $145.43. The stock has a market capitalization of $70.96 billion, a P/E ratio of 16.36, a P/E/G ratio of 0.31 and a beta of 0.76.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results 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 net margin of 3.22% and a return on equity of 9.13%. The company had revenue of $32.16 billion for the quarter, compared to analysts’ expectations of $33.81 billion. During the same quarter in the previous year, the company earned ($0.15) earnings per share. On average, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were given a $1.27 dividend. The ex-dividend date of this dividend was Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s payout ratio is presently 46.95%.

Insider Activity

In other news, Director Lisa Ann Davis sold 3,800 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the sale, the director owned 8,701 shares in the company, valued at $1,517,193.37. This represents a 30.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Don Baldridge sold 7,500 shares of the 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 in the company, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 100,317 shares of company stock valued at $17,036,749. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Institutional investors have recently made changes to their positions in the company. Evolution Wealth Management Inc. purchased a new stake in shares of Phillips 66 during the second quarter valued at approximately $25,000. Board of the Pension Protection Fund purchased a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $26,000. Accordant Advisory Group Inc grew its holdings in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $27,000. Finally, SWAN Capital LLC grew its holdings in shares of 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 last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Company Profile

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.