Phillips 66 (PSX) Earns Market Perform Rating from Wells Fargo & Company

Wells Fargo & Company reissued their market perform rating on shares of Phillips 66 (NYSE:PSX) in a report published on Tuesday, October 17th, The Fly reports. The brokerage currently has a $91.00 price target on the oil and gas company’s stock, up from their prior price target of $84.00.

PSX has been the subject of several other research reports. TheStreet raised Phillips 66 from a c rating to a b- rating in a research note on Friday, June 30th. Piper Jaffray Companies reaffirmed a buy rating and set a $98.00 target price on shares of Phillips 66 in a research note on Tuesday, September 26th. Goldman Sachs Group, Inc. (The) raised Phillips 66 from a neutral rating to a buy rating and raised their target price for the stock from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Zacks Investment Research raised Phillips 66 from a hold rating to a buy rating and set a $105.00 target price for the company in a research note on Tuesday, October 10th. Finally, Argus reaffirmed a buy rating and set a $108.00 target price (up previously from $96.00) on shares of Phillips 66 in a research note on Thursday, October 12th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $93.22.

Shares of Phillips 66 (NYSE PSX) opened at 91.99 on Tuesday. The firm has a market capitalization of $47.05 billion, a P/E ratio of 27.53 and a beta of 1.19. Phillips 66 has a one year low of $75.14 and a one year high of $95.00. The firm has a 50-day moving average of $90.25 and a 200-day moving average of $83.14.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the 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 period in the previous year, the business earned $1.05 earnings per share. On average, equities analysts predict that Phillips 66 will post $4.39 earnings per share for the current fiscal year.

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Phillips 66 declared that its board has authorized a share buyback plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be issued a $0.70 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.04%. Phillips 66’s dividend payout ratio is presently 83.58%.

In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’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 value of $102,531.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.50% of the stock is owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Institute for Wealth Management LLC. bought a new position in shares of Phillips 66 in the second quarter valued at approximately $979,000. Wells Fargo & Company MN lifted its holdings in shares of Phillips 66 by 0.9% in the second quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock valued at $696,418,000 after purchasing an additional 71,098 shares in the last quarter. Great Lakes Advisors LLC lifted its holdings in shares of Phillips 66 by 3.5% in the second quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock valued at $49,919,000 after purchasing an additional 20,264 shares in the last quarter. Bank of The Ozarks lifted its holdings in shares of Phillips 66 by 7.0% in the first quarter. Bank of The Ozarks now owns 8,836 shares of the oil and gas company’s stock valued at $700,000 after purchasing an additional 575 shares in the last quarter. Finally, Pennsylvania Trust Co lifted its holdings in shares of Phillips 66 by 698.9% in the second quarter. Pennsylvania Trust Co now owns 48,694 shares of the oil and gas company’s stock valued at $4,033,000 after purchasing an additional 42,599 shares in the last quarter. Institutional investors own 69.62% 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.

The Fly

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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