Phillips 66 (NYSE:PSX) – Equities researchers at Jefferies Group cut their Q3 2017 earnings per share (EPS) estimates for Phillips 66 in a research note issued to investors on Monday. Jefferies Group analyst C. Goldman now forecasts that the oil and gas company will earn $2.03 per share for the quarter, down from their previous forecast of $2.52. Jefferies Group has a “Underperform” rating and a $75.14 price target on the stock. Jefferies Group also issued estimates for Phillips 66’s Q4 2017 earnings at $1.34 EPS, FY2017 earnings at $5.01 EPS, Q3 2018 earnings at $1.93 EPS, Q4 2018 earnings at $1.76 EPS, FY2018 earnings at $6.73 EPS, FY2019 earnings at $6.73 EPS, FY2020 earnings at $6.54 EPS and FY2021 earnings at $6.19 EPS.
Several other equities research analysts also recently commented on PSX. Scotiabank reissued a “hold” rating and issued a $86.00 target price on shares of Phillips 66 in a report on Tuesday, June 27th. TheStreet raised Phillips 66 from a “c” rating to a “b-” rating in a report on Friday, June 30th. Zacks Investment Research downgraded Phillips 66 from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Piper Jaffray Companies reissued a “buy” rating and issued a $84.00 target price on shares of Phillips 66 in a report on Friday, July 14th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $89.00 target price (up from $87.00) on shares of Phillips 66 in a report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. Phillips 66 presently has a consensus rating of “Hold” and a consensus target price of $93.22.
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Shares of Phillips 66 (PSX) opened at 90.24 on Thursday. The company has a 50-day moving average price of $89.37 and a 200-day moving average price of $82.65. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $95.00. The stock has a market capitalization of $46.16 billion, a price-to-earnings ratio of 27.00 and a beta of 1.19.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.07. The business had revenue of $24.58 billion during the quarter, compared to analyst estimates of $25.14 billion. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. During the same period in the prior year, the firm posted $0.94 EPS.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 83.58%.
Phillips 66 announced that its board has approved a share repurchase plan on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. Jacobi Capital Management LLC raised its stake in shares of Phillips 66 by 27.4% in the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after purchasing an additional 277 shares during the last quarter. Motco raised its stake in shares of Phillips 66 by 4.0% in the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 50 shares during the last quarter. Ffcm LLC purchased a new position in shares of Phillips 66 in the second quarter worth $113,000. Bruderman Asset Management LLC purchased a new position in shares of Phillips 66 in the second quarter worth $112,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Phillips 66 in the second quarter worth $116,000. Hedge funds and other institutional investors own 69.54% of the company’s stock.
About Phillips 66
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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