Phillips 66 (PSX) Expected to Post Quarterly Sales of $28.10 Billion

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Equities analysts expect Phillips 66 (NYSE:PSX) to announce sales of $28.10 billion for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Phillips 66’s earnings, with the lowest sales estimate coming in at $24.42 billion and the highest estimate coming in at $30.60 billion. Phillips 66 reported sales of $29.74 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 5.5%. The business is expected to report its next earnings report on Friday, July 26th.

According to Zacks, analysts expect that Phillips 66 will report full-year sales of $108.54 billion for the current fiscal year, with estimates ranging from $105.87 billion to $111.89 billion. For the next fiscal year, analysts expect that the company will post sales of $127.25 billion, with estimates ranging from $117.51 billion to $138.35 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Phillips 66.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.06. Phillips 66 had a net margin of 4.63% and a return on equity of 19.96%. The company had revenue of $23.66 billion during the quarter, compared to the consensus estimate of $24.66 billion. During the same quarter last year, the company earned $1.04 earnings per share.

Several analysts have issued reports on PSX shares. Argus lowered their price objective on shares of Phillips 66 to $116.00 and set a “buy” rating for the company in a research report on Thursday, February 14th. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a research report on Friday, February 8th. Bank of America raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price target for the company in a research report on Monday, April 29th. They noted that the move was a valuation call. Morgan Stanley decreased their price target on shares of Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, Jefferies Financial Group downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating and raised their price target for the stock from $105.00 to $107.00 in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $119.42.

In related news, Director John E. Lowe purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was acquired at an average price of $84.41 per share, with a total value of $168,820.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Greg C. Garland sold 42,728 shares of the firm’s stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $97.61, for a total transaction of $4,170,680.08. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc lifted its stake in Phillips 66 by 2.8% during the third quarter. Vanguard Group Inc now owns 32,998,567 shares of the oil and gas company’s stock worth $3,719,598,000 after purchasing an additional 885,979 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Phillips 66 by 7.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 13,645,296 shares of the oil and gas company’s stock worth $1,175,542,000 after purchasing an additional 958,545 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Phillips 66 by 8.0% during the first quarter. Wells Fargo & Company MN now owns 9,072,943 shares of the oil and gas company’s stock worth $863,471,000 after purchasing an additional 674,509 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Phillips 66 by 3.4% during the fourth quarter. Bank of New York Mellon Corp now owns 6,647,531 shares of the oil and gas company’s stock worth $572,684,000 after purchasing an additional 218,018 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Phillips 66 by 0.9% during the first quarter. Northern Trust Corp now owns 5,695,981 shares of the oil and gas company’s stock worth $542,087,000 after purchasing an additional 48,937 shares during the last quarter. Hedge funds and other institutional investors own 71.83% of the company’s stock.

Shares of NYSE:PSX opened at $84.81 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.84. Phillips 66 has a 52-week low of $78.44 and a 52-week high of $123.97. The company has a market capitalization of $39.60 billion, a price-to-earnings ratio of 7.24, a PEG ratio of 1.38 and a beta of 0.91.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, May 17th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.24%. This is an increase from Phillips 66’s previous quarterly dividend of $0.80. Phillips 66’s dividend payout ratio (DPR) is presently 27.33%.

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; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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