According to Zacks, “Phillips 66’s diversified presence across the U.S. supported by extensive transportation and logistics assets, which provide a steady supply of crude from domestic, Canadian and international sources is a positive. The company has been paying attractrive dividend since its spin-off from ConocoPhillips in 2012. Moreover, we expect the company to go on increasing dividend in the long run . However, Phillips 66 suffers from the carnage that has been generated as a result of volatile oil prices. We believe that the company’s earnings from the refining business will be hampered over time as the gasoline demand in the U.S is likely to decline in the coming days. Moreover, lower production from persistent weak oil prices might also drag the demand of the company's midstream assets. All those points account for our cautious stance on this stock.”
PSX has been the topic of several other reports. Vetr lowered Phillips 66 from a strong-buy rating to a buy rating and set a $87.77 target price on the stock. in a report on Monday, September 19th. Scotiabank lowered Phillips 66 from an outperform rating to a sector perform rating and cut their target price for the company from $90.00 to $89.00 in a report on Monday, July 11th. Piper Jaffray Cos. raised their target price on Phillips 66 from $68.00 to $74.00 and gave the company a neutral rating in a report on Monday, August 22nd. TheStreet lowered Phillips 66 from a buy rating to a hold rating in a report on Thursday, July 21st. Finally, Morgan Stanley restated a hold rating on shares of Phillips 66 in a report on Monday, August 1st. Fourteen research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Hold and an average target price of $86.23.
Phillips 66 (NYSE:PSX) opened at 80.55 on Wednesday. The company has a market cap of $42.12 billion, a P/E ratio of 13.94 and a beta of 1.37. The firm’s 50-day moving average price is $78.87 and its 200-day moving average price is $80.42. Phillips 66 has a 12-month low of $71.74 and a 12-month high of $94.12.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. Phillips 66 had a return on equity of 13.44% and a net margin of 3.51%. During the same quarter in the previous year, the business earned $1.83 earnings per share. Analysts expect that Phillips 66 will post $3.40 EPS for the current year.
In related news, major shareholder Berkshire Hathaway Inc acquired 290,116 shares of the firm’s stock in a transaction on Monday, August 22nd. The shares were bought at an average cost of $77.04 per share, with a total value of $22,350,536.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.05% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp increased its position in shares of Phillips 66 by 1.5% in the first quarter. State Street Corp now owns 23,555,046 shares of the company’s stock valued at $2,039,627,000 after buying an additional 358,052 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Phillips 66 by 3.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,562,698 shares of the company’s stock valued at $1,155,404,000 after buying an additional 459,964 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of Phillips 66 by 6.9% in the second quarter. BlackRock Fund Advisors now owns 7,109,567 shares of the company’s stock valued at $564,073,000 after buying an additional 457,220 shares during the last quarter. BlackRock Group LTD increased its position in shares of Phillips 66 by 5.1% in the first quarter. BlackRock Group LTD now owns 5,211,834 shares of the company’s stock valued at $451,292,000 after buying an additional 252,187 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Phillips 66 by 1.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,145,924 shares of the company’s stock valued at $408,293,000 after buying an additional 91,054 shares during the last quarter. 69.98% of the stock is currently owned by institutional investors and hedge funds.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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