Phillips 66 (PSX) Lowered to Underperform at Jefferies Group LLC

Phillips 66 (NYSE:PSX) was downgraded by Jefferies Group LLC from a “hold” rating to an “underperform” rating in a research note issued on Monday.

A number of other equities research analysts also recently commented on PSX. Scotiabank reaffirmed a “hold” rating and issued a $86.00 target price on shares of Phillips 66 in a research report on Tuesday, June 27th. TheStreet raised shares of Phillips 66 from a “c” rating to a “b-” rating in a research report on Friday, June 30th. Zacks Investment Research downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $84.00 target price on shares of Phillips 66 in a research report on Friday, July 14th. Finally, Barclays PLC reaffirmed an “equal weight” rating and issued a $89.00 target price (up previously from $87.00) on shares of Phillips 66 in a research report on Wednesday, August 2nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $92.67.

Phillips 66 (NYSE:PSX) opened at 94.43 on Monday. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $95.00. The stock has a 50 day moving average price of $88.92 and a 200 day moving average price of $82.43. The company has a market capitalization of $48.30 billion, a price-to-earnings ratio of 28.26 and a beta of 1.19.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.07. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. The company had revenue of $24.58 billion during the quarter, compared to the consensus estimate of $25.14 billion. During the same quarter last year, the firm earned $0.94 earnings per share. On average, analysts expect that Phillips 66 will post $4.34 EPS for the current year.

Phillips 66 announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 9th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

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In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Guardian Life Insurance Co. of America grew its holdings in Phillips 66 by 0.6% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,708 shares of the oil and gas company’s stock valued at $135,000 after purchasing an additional 11 shares during the last quarter. Joel Isaacson & Co. LLC grew its holdings in Phillips 66 by 0.4% during the 2nd quarter. Joel Isaacson & Co. LLC now owns 3,821 shares of the oil and gas company’s stock valued at $316,000 after purchasing an additional 14 shares during the last quarter. Hudock Capital Group LLC grew its holdings in Phillips 66 by 0.6% during the 2nd quarter. Hudock Capital Group LLC now owns 2,509 shares of the oil and gas company’s stock valued at $207,000 after purchasing an additional 16 shares during the last quarter. Good Life Advisors LLC grew its holdings in Phillips 66 by 0.3% during the 2nd quarter. Good Life Advisors LLC now owns 6,198 shares of the oil and gas company’s stock valued at $511,000 after purchasing an additional 17 shares during the last quarter. Finally, Northwest Quadrant Wealth Management LLC grew its holdings in Phillips 66 by 0.6% during the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 2,862 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 18 shares during the last quarter. Hedge funds and other institutional investors own 69.54% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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