BMO Capital Markets Issues Positive Forecast for Phillips 66 (NYSE:PSX) Stock Price

Phillips 66 (NYSE:PSX) had its price objective hoisted by equities research analysts at BMO Capital Markets from $175.00 to $195.00 in a research report issued to clients and investors on Tuesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 17.85% from the stock’s current price.

A number of other research analysts have also recently issued reports on PSX. UBS Group lifted their price target on shares of Phillips 66 from $172.00 to $212.00 and gave the company a “buy” rating in a research report on Thursday, April 2nd. JPMorgan Chase & Co. lifted their price target on shares of Phillips 66 from $161.00 to $188.00 and gave the company an “overweight” rating in a research report on Wednesday. Jefferies Financial Group raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 16th. Barclays lifted their price target on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Wolfe Research lifted their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday. One equities research 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.06.

Phillips 66 Trading Down 5.3%

NYSE PSX opened at $165.47 on Tuesday. The stock’s 50-day simple moving average is $164.51 and its two-hundred day simple moving average is $145.74. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $190.61. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $66.31 billion, a price-to-earnings ratio of 15.29, a PEG ratio of 0.31 and a beta of 0.76.

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

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 15,629 shares of the firm’s stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $190.07, for a total value of $2,970,604.03. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,508,256.32. This trade represents a 13.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 42,800 shares of the firm’s 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 completion of the sale, the executive vice president owned 61,595 shares in the company, valued at $10,442,200.35. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 100,317 shares of company stock valued at $17,036,749. 0.22% of the stock is currently owned by company insiders.

Institutional Trading of Phillips 66

Institutional investors have recently modified their holdings of the company. Elliott Investment Management L.P. raised its position in shares of Phillips 66 by 22.4% in the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after purchasing an additional 3,526,000 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Phillips 66 by 57.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock valued at $7,734,000 after purchasing an additional 20,742 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in shares of Phillips 66 by 5.0% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock valued at $28,523,000 after purchasing an additional 10,000 shares during the last quarter. TD Asset Management Inc raised its position in shares of Phillips 66 by 15.5% in the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company’s stock valued at $23,724,000 after purchasing an additional 23,364 shares during the last quarter. Finally, First National Bank of Omaha purchased a new position in shares of Phillips 66 in the 3rd quarter valued at approximately $2,357,000. 76.93% of the stock is currently owned by institutional investors.

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.