Phillips 66 (NYSE:PSX) Price Target Raised to $205.00

Phillips 66 (NYSE:PSX) had its target price increased by Raymond James Financial from $175.00 to $205.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the oil and gas company’s stock.

PSX has been the subject of several other research reports. Citigroup lifted their target price on shares of Phillips 66 from $146.00 to $159.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Wells Fargo & Company boosted their price objective on Phillips 66 from $162.00 to $163.00 and gave the stock an “overweight” rating in a report on Thursday, February 5th. Jefferies Financial Group raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 16th. Finally, Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $164.00.

Phillips 66 Stock Performance

PSX opened at $188.20 on Wednesday. The business’s 50-day simple moving average is $159.24 and its 200 day simple moving average is $143.29. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $188.53. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30. The firm has a market capitalization of $75.42 billion, a PE ratio of 17.39, a PEG ratio of 0.34 and a beta of 0.86.

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

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were given a dividend of $1.27 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a yield of 2.7%. The ex-dividend date was Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is presently 46.95%.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the transaction, the executive vice president owned 61,595 shares in the company, valued at $10,442,200.35. The trade was a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the sale, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 84,688 shares of company stock worth $14,066,145. 0.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Evolution Wealth Management Inc. acquired a new position in shares of Phillips 66 in the second quarter worth approximately $25,000. Board of the Pension Protection Fund acquired a new stake in Phillips 66 during the 4th quarter valued at approximately $26,000. Accordant Advisory Group Inc raised its holdings in Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in Phillips 66 during the 4th quarter worth approximately $27,000. Finally, SWAN Capital LLC lifted its position in shares of Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 190 shares during the period. 76.93% of the stock is 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.