Phillips 66 (NYSE:PSX) was upgraded by Vetr from a “hold” rating to a “buy” rating in a report issued on Monday, October 16th. The firm currently has a $97.16 price target on the oil and gas company’s stock. Vetr‘s price target suggests a potential upside of 5.62% from the stock’s current price.
Several other research firms have also recently commented on PSX. Jefferies Group LLC cut Phillips 66 from a “hold” rating to an “underperform” rating and lowered their target price for the stock from $95.00 to $75.14 in a research note on Monday, October 16th. Argus reissued a “buy” rating and set a $108.00 target price (up from $96.00) on shares of Phillips 66 in a research note on Thursday, October 12th. Zacks Investment Research cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Barclays PLC set a $95.00 target price on Phillips 66 and gave the stock an “equal weight” rating in a research note on Tuesday, October 10th. Finally, Goldman Sachs Group, Inc. (The) raised Phillips 66 from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Two 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. The company presently has a consensus rating of “Hold” and an average target price of $93.22.
Shares of Phillips 66 (NYSE:PSX) traded up 0.89% during midday trading on Monday, hitting $91.99. 2,082,916 shares of the stock were exchanged. The firm’s 50 day moving average price is $90.25 and its 200-day moving average price is $83.14. The stock has a market cap of $47.05 billion, a P/E ratio of 27.53 and a beta of 1.19. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $95.00.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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%. The firm had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. During the same quarter in the previous year, the business earned $1.05 EPS. On average, equities research analysts expect that Phillips 66 will post $4.39 earnings per share for the current fiscal year.
Phillips 66 announced that its board has approved a stock 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 purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
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In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jacobi Capital Management LLC raised its stake in shares of Phillips 66 by 27.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after buying an additional 277 shares in the last quarter. Motco raised its stake in shares of Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after buying an additional 50 shares in the last quarter. Ffcm LLC purchased a new position in shares of Phillips 66 during the 2nd quarter worth approximately $113,000. Bruderman Asset Management LLC purchased a new position in shares of Phillips 66 during the 2nd quarter worth approximately $112,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Phillips 66 during the 2nd quarter worth approximately $116,000. 69.62% of the stock is owned by hedge funds and other institutional investors.
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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