Phillips 66 (NYSE:PSX) Trading Up 5.6% – Time to Buy?

Shares of Phillips 66 (NYSE:PSX) traded up 5.6% on Wednesday . The stock traded as high as $187.89 and last traded at $188.8250. Approximately 614,078 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,844,972 shares. The stock had previously closed at $178.84.

Analyst Upgrades and Downgrades

PSX has been the subject of several recent research reports. TD Cowen lifted their price objective on Phillips 66 from $213.00 to $220.00 and gave the company a “buy” rating in a report on Monday, June 29th. Piper Sandler increased their target price on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a report on Wednesday, April 8th. Barclays raised their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 8th. BMO Capital Markets upped their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Finally, Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $192.72.

Phillips 66 Price Performance

The firm has a market capitalization of $74.77 billion, a P/E ratio of 18.37, a P/E/G ratio of 0.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The stock’s fifty day simple moving average is $175.11 and its 200 day simple moving average is $161.94.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company’s revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business earned ($0.90) EPS. On average, equities research analysts predict that Phillips 66 will post 19.27 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.7%. The ex-dividend date was Monday, May 18th. Phillips 66’s dividend payout ratio (DPR) is 50.05%.

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. The trade was a 23.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of large investors have recently modified their holdings of the business. Somerset Trust Co boosted its stake in Phillips 66 by 0.3% in the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock worth $3,601,000 after purchasing an additional 63 shares in the last quarter. Clifford Group LLC increased its stake in Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after purchasing an additional 64 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC increased its stake in Phillips 66 by 0.8% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,255 shares of the oil and gas company’s stock valued at $1,504,000 after purchasing an additional 65 shares in the last quarter. CYBER HORNET ETFs LLC raised its holdings in shares of Phillips 66 by 5.7% in the fourth quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock worth $158,000 after buying an additional 66 shares during the last quarter. Finally, GHP Investment Advisors Inc. lifted its stake in shares of Phillips 66 by 2.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock worth $414,000 after buying an additional 72 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

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.