Phillips 66 (PSX) Issues Quarterly Earnings Results

Phillips 66 (NYSE:PSX) issued its earnings results on Friday. The oil and gas company reported $4.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.76 by $2.11, MarketWatch Earnings reports. The company had revenue of $29.84 billion during the quarter, compared to analysts’ expectations of $35.51 billion. Phillips 66 had a return on equity of 14.97% and a net margin of 5.72%. During the same period in the prior year, the business earned $1.07 EPS.

Shares of Phillips 66 stock opened at $93.52 on Friday. Phillips 66 has a 52 week low of $78.44 and a 52 week high of $123.97. The firm has a market capitalization of $43.12 billion, a PE ratio of 7.92, a price-to-earnings-growth ratio of 1.28 and a beta of 0.94. The company has a current ratio of 1.28, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43.

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The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Tuesday, February 19th will be paid a $0.80 dividend. This represents a $3.20 annualized dividend and a dividend yield of 3.42%. The ex-dividend date is Friday, February 15th. Phillips 66’s dividend payout ratio (DPR) is presently 27.33%.

Several brokerages have issued reports on PSX. Jefferies Financial Group upgraded Phillips 66 from an “underperform” rating to a “hold” rating and set a $108.00 target price for the company in a report on Tuesday, October 16th. Raymond James dropped their target price on Phillips 66 from $139.00 to $135.00 and set an “outperform” rating for the company in a report on Monday, October 29th. Wells Fargo & Co upped their target price on Phillips 66 from $137.00 to $140.00 and gave the company a “buy” rating in a report on Monday, October 29th. JPMorgan Chase & Co. upgraded Phillips 66 from a “neutral” rating to an “overweight” rating and set a $138.00 target price for the company in a report on Tuesday, October 30th. They noted that the move was a valuation call. Finally, Zacks Investment Research restated a “buy” rating and issued a $113.00 target price on shares of Phillips 66 in a report on Wednesday, November 14th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $123.62.

In other Phillips 66 news, Director J Brian Ferguson purchased 21,500 shares of the firm’s stock in a transaction dated Tuesday, November 20th. The shares were acquired at an average price of $92.31 per share, with a total value of $1,984,665.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.56% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. lifted its stake in shares of Phillips 66 by 13.6% in the 3rd quarter. BlackRock Inc. now owns 33,103,803 shares of the oil and gas company’s stock valued at $3,731,461,000 after purchasing an additional 3,956,900 shares during the last quarter. Vanguard Group Inc lifted its stake in shares of Phillips 66 by 2.8% in the 3rd quarter. Vanguard Group Inc now owns 32,998,567 shares of the oil and gas company’s stock valued at $3,719,598,000 after purchasing an additional 885,979 shares during the last quarter. FMR LLC lifted its stake in shares of Phillips 66 by 9.0% in the 2nd quarter. FMR LLC now owns 14,400,087 shares of the oil and gas company’s stock valued at $1,617,273,000 after purchasing an additional 1,188,567 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Phillips 66 by 0.5% in the 3rd quarter. Wells Fargo & Company MN now owns 8,468,401 shares of the oil and gas company’s stock valued at $954,557,000 after purchasing an additional 39,493 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Phillips 66 by 0.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,429,513 shares of the oil and gas company’s stock valued at $724,735,000 after purchasing an additional 36,370 shares during the last quarter. 69.45% of the stock is currently owned by institutional investors and hedge funds.

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About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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