Phillips 66 (NYSE:PSX) Raised to Outperform at Wolfe Research

Wolfe Research upgraded shares of Phillips 66 (NYSE:PSX) from a peer perform rating to an outperform rating in a research report released on Friday morning, Marketbeat.com reports. They currently have $143.00 price target on the oil and gas company’s stock.

Several other analysts have also recently weighed in on the stock. TD Cowen decreased their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Piper Sandler set a $144.00 price target on Phillips 66 in a research report on Thursday, October 17th. UBS Group dropped their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a report on Monday, November 4th. Bank of America initiated coverage on Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $148.57.

Phillips 66 Price Performance

Phillips 66 stock opened at $116.09 on Friday. The business has a 50 day simple moving average of $123.89 and a 200 day simple moving average of $131.22. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The company has a market capitalization of $47.94 billion, a PE ratio of 14.90, a price-to-earnings-growth ratio of 4.06 and a beta of 1.35. Phillips 66 has a one year low of $108.90 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. During the same period last year, the business earned $4.63 earnings per share. The business’s revenue was down 10.3% on a year-over-year basis. On average, sell-side analysts forecast that Phillips 66 will post 7.56 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Monday, November 18th. Phillips 66’s dividend payout ratio is 59.05%.

Hedge Funds Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Founders Financial Securities LLC boosted its position in shares of Phillips 66 by 14.6% in the 2nd quarter. Founders Financial Securities LLC now owns 3,659 shares of the oil and gas company’s stock worth $517,000 after purchasing an additional 466 shares during the last quarter. Foundations Investment Advisors LLC grew its position in shares of Phillips 66 by 22.2% during the 2nd quarter. Foundations Investment Advisors LLC now owns 3,959 shares of the oil and gas company’s stock worth $559,000 after buying an additional 720 shares during the period. Larson Financial Group LLC increased its stake in shares of Phillips 66 by 204.6% in the 2nd quarter. Larson Financial Group LLC now owns 3,869 shares of the oil and gas company’s stock valued at $546,000 after acquiring an additional 2,599 shares during the last quarter. National Bank of Canada FI raised its position in shares of Phillips 66 by 21.3% in the 2nd quarter. National Bank of Canada FI now owns 346,984 shares of the oil and gas company’s stock valued at $48,897,000 after acquiring an additional 60,982 shares during the period. Finally, MCF Advisors LLC boosted its stake in Phillips 66 by 1.5% during the 2nd quarter. MCF Advisors LLC now owns 6,732 shares of the oil and gas company’s stock worth $950,000 after acquiring an additional 97 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

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.