Phillips 66 (NYSE:PSX) Reaches New 1-Year High – Here’s What Happened

Phillips 66 (NYSE:PSX)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $164.28 and last traded at $163.83, with a volume of 1115373 shares traded. The stock had previously closed at $159.78.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PSX shares. TD Cowen reiterated a “buy” rating on shares of Phillips 66 in a research report on Friday, February 6th. Scotiabank reaffirmed a “sector perform” rating and set a $140.00 price objective on shares of Phillips 66 in a research report on Friday, January 16th. Mizuho increased their price objective on shares of Phillips 66 from $150.00 to $152.00 and gave the stock a “neutral” rating in a research note on Monday, January 12th. The Goldman Sachs Group boosted their target price on shares of Phillips 66 from $152.00 to $164.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. Finally, Morgan Stanley upped their price target on shares of Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $160.11.

Phillips 66 Price Performance

The stock has a market cap of $65.87 billion, a price-to-earnings ratio of 15.19, a price-to-earnings-growth ratio of 0.56 and a beta of 0.86. 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 business’s 50-day simple moving average is $145.28 and its two-hundred day simple moving average is $137.89.

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, topping the consensus estimate of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The company had revenue of $32.16 billion for the quarter, compared to analysts’ expectations of $33.81 billion. During the same period in the previous year, the business posted ($0.15) earnings per share. Research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be paid a dividend of $1.27 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Monday, February 23rd. Phillips 66’s payout ratio is currently 46.95%.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, the executive vice president owned 25,799 shares of the company’s stock, valued at $3,869,850. The trade was a 14.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Don Baldridge sold 7,500 shares of the stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the sale, the executive vice president directly owned 38,488 shares of the company’s stock, valued at $6,158,080. The trade was a 16.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 16,288 shares of company stock valued at $2,496,230 over the last 90 days. Corporate insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rehmann Capital Advisory Group boosted its stake in shares of Phillips 66 by 23.9% in the 4th quarter. Rehmann Capital Advisory Group now owns 2,534 shares of the oil and gas company’s stock worth $327,000 after buying an additional 488 shares during the last quarter. SHP Wealth Management purchased a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $88,000. Tulsa Wealth Advisors INC bought a new stake in Phillips 66 during the fourth quarter worth $2,494,000. Bank of Hawaii boosted its position in Phillips 66 by 5.7% in the fourth quarter. Bank of Hawaii now owns 5,574 shares of the oil and gas company’s stock worth $719,000 after purchasing an additional 299 shares during the last quarter. Finally, CFO Capital Management LLC bought a new position in Phillips 66 in the 4th quarter valued at $403,000. 76.93% of the stock is currently owned by hedge funds and other 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.