Cowen and Company reaffirmed their buy rating on shares of Phillips 66 (NYSE:PSX) in a research report report published on Tuesday, October 17th. Cowen and Company currently has a $101.00 price target on the oil and gas company’s stock.
A number of other equities analysts have also recently weighed in on the company. Vetr raised Phillips 66 from a hold rating to a buy rating and set a $97.16 price objective on the stock in a report on Monday, October 16th. Jefferies Group LLC cut Phillips 66 from a hold rating to an underperform rating and decreased their price objective for the company from $95.00 to $75.14 in a report on Monday, October 16th. Zacks Investment Research cut Phillips 66 from a buy rating to a hold rating in a research note on Thursday, October 12th. Argus reaffirmed a buy rating and issued a $108.00 price target (up from $96.00) on shares of Phillips 66 in a research note on Thursday, October 12th. Finally, Barclays PLC set a $95.00 price target on Phillips 66 and gave the stock an equal weight rating in a research note on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the stock. Phillips 66 presently has a consensus rating of Hold and an average price target of $93.22.
Phillips 66 (NYSE:PSX) traded up 0.38% on Tuesday, reaching $91.53. The company had a trading volume of 486,330 shares. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $95.00. The stock has a market capitalization of $46.82 billion, a P/E ratio of 27.39 and a beta of 1.19. The stock’s 50-day moving average price is $90.25 and its 200-day moving average price is $83.14.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.04. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. During the same quarter in the previous year, the business posted $1.05 EPS. On average, equities research analysts anticipate that Phillips 66 will post $4.39 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 3.07%. Phillips 66’s dividend payout ratio is presently 83.58%.
Phillips 66 declared that its Board of Directors has initiated a share buyback plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction on Tuesday, September 19th. The stock was 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 Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of PSX. Waldron LP raised its stake in shares of Phillips 66 by 14.5% in the first quarter. Waldron LP now owns 3,151 shares of the oil and gas company’s stock worth $251,000 after purchasing an additional 399 shares during the last quarter. Pax World Management LLC raised its stake in shares of Phillips 66 by 6.3% in the first quarter. Pax World Management LLC now owns 3,377 shares of the oil and gas company’s stock worth $268,000 after purchasing an additional 200 shares during the last quarter. Engineers Gate Manager LP raised its stake in shares of Phillips 66 by 131.1% in the first quarter. Engineers Gate Manager LP now owns 12,248 shares of the oil and gas company’s stock worth $970,000 after purchasing an additional 6,948 shares during the last quarter. Symphony Asset Management LLC raised its stake in shares of Phillips 66 by 12.8% in the first quarter. Symphony Asset Management LLC now owns 16,595 shares of the oil and gas company’s stock worth $1,314,000 after purchasing an additional 1,889 shares during the last quarter. Finally, Check Capital Management Inc. CA raised its stake in shares of Phillips 66 by 71.0% in the first quarter. Check Capital Management Inc. CA now owns 184,161 shares of the oil and gas company’s stock worth $14,589,000 after purchasing an additional 76,442 shares during the last quarter. Hedge funds and other institutional investors own 69.62% 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.
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