Phillips 66 (NYSE:PSX) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Wall Street Zen upgraded shares of Phillips 66 (NYSE:PSX) from a buy rating to a strong-buy rating in a research note released on Sunday morning.

PSX has been the topic of a number of other reports. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Scotiabank lifted their target price on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. BMO Capital Markets lifted their target price on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Piper Sandler reissued a “neutral” rating and issued a $208.00 target price on shares of Phillips 66 in a research report on Thursday. Finally, Wolfe Research upped their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $200.44.

Phillips 66 Trading Up 0.1%

Shares of NYSE:PSX opened at $206.94 on Friday. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $216.08. The stock has a market cap of $82.97 billion, a PE ratio of 20.39, a P/E/G ratio of 0.16 and a beta of 0.69. The business has a 50 day moving average of $182.54 and a 200-day moving average of $168.48. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.90) earnings per share. As a group, equities research analysts forecast that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is 50.05%.

Insider Buying and Selling at Phillips 66

In related news, Director Kevin Omar Meyers acquired 175 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 41,021 shares of company stock valued at $7,195,257 over the last ninety days. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Several institutional investors and hedge funds have recently bought and sold shares of PSX. Accordant Advisory Group Inc raised its position in shares of Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 180 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Phillips 66 during the 4th quarter worth approximately $27,000. NFSG Corp increased its stake in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new position in Phillips 66 in the first quarter valued at approximately $27,000. Finally, SWAN Capital LLC raised its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 190 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

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.