Phillips 66 (NYSE:PSX) Given New $302.00 Price Target at Citigroup

Phillips 66 (NYSE:PSX) had its target price hoisted by equities researchers at Citigroup from $297.00 to $302.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the oil and gas company’s stock. Citigroup‘s price target would indicate a potential upside of 16.43% from the stock’s previous close.

PSX has been the topic of several other research reports. Freedom Broker upgraded Phillips 66 from a “sell” rating to a “hold” rating and lifted their price target for the stock from $173.00 to $258.00 in a report on Friday, October 30th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Weiss Ratings upgraded shares of Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Finally, Barclays boosted their target price on shares of Phillips 66 from $216.00 to $282.00 and gave the company an “equal weight” rating in a report on Monday, October 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $270.12.

Phillips 66 Price Performance

Shares of PSX stock traded down $12.55 during trading hours on Wednesday, reaching $259.38. The company had a trading volume of 5,473,635 shares, compared to its average volume of 2,854,914. Phillips 66 has a 12-month low of $127.16 and a 12-month high of $299.39. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.04 and a current ratio of 1.34. The company has a market capitalization of $101.18 billion, a price-to-earnings ratio of 8.28, a PEG ratio of 0.15 and a beta of 0.69. The stock has a fifty day moving average of $267.41 and a 200-day moving average of $199.84.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. The firm had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same quarter last year, the business posted $2.52 earnings per share. On average, equities analysts anticipate that Phillips 66 will post 33.22 earnings per share for the current year.

Phillips 66 declared that its board has approved a share buyback plan on Friday, July 31st that authorizes the company to buy back $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PSX. BlackRock Inc. purchased a new stake in Phillips 66 during the second quarter valued at about $5,766,779,000. Bank of New York Mellon Corp acquired a new position in shares of Phillips 66 in the 2nd quarter valued at about $1,093,206,000. Bank of America Corp DE acquired a new position in shares of Phillips 66 in the 2nd quarter valued at about $469,970,000. Legal & General Group Plc purchased a new stake in shares of Phillips 66 during the 2nd quarter worth about $303,648,000. Finally, Deutsche Bank AG purchased a new stake in shares of Phillips 66 during the 2nd quarter worth about $271,128,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

About Phillips 66

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.