Phillips 66 (NYSE:PSX) issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.62 by $0.04, Bloomberg Earnings reports. The company had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. During the same period in the prior year, the firm posted $1.05 EPS.
Shares of Phillips 66 (NYSE:PSX) traded down $0.76 during midday trading on Friday, reaching $93.66. 1,347,700 shares of the company were exchanged, compared to its average volume of 1,950,602. The firm has a market cap of $47,908.12, a PE ratio of 26.99, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $95.00. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31.
The business 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 dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.99%. Phillips 66’s dividend payout ratio (DPR) is presently 70.18%.
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Phillips 66 announced that its Board of Directors has approved a share buyback plan on Monday, October 9th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.
A number of equities analysts have recently issued reports on PSX shares. Goldman Sachs Group, Inc. (The) raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and increased their target price for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a report on Tuesday, October 10th. Scotiabank restated a “hold” rating on shares of Phillips 66 in a research report on Friday, September 8th. Jefferies Group LLC lowered shares of Phillips 66 from a “hold” rating to an “underperform” rating and dropped their target price for the company from $95.00 to $75.14 in a research report on Monday, October 16th. Finally, Barclays PLC set a $95.00 target price on shares of Phillips 66 and gave the company an “equal weight” rating in a research report on Tuesday, October 10th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $93.33.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in PSX. Waldron LP boosted its stake in shares of Phillips 66 by 14.5% during the 1st 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. Peoples Bank OH boosted its stake in shares of Phillips 66 by 22.1% during the 1st quarter. Peoples Bank OH now owns 5,005 shares of the oil and gas company’s stock worth $397,000 after purchasing an additional 905 shares during the last quarter. Argent Trust Co boosted its stake in shares of Phillips 66 by 0.8% during the 1st quarter. Argent Trust Co now owns 3,434 shares of the oil and gas company’s stock worth $272,000 after purchasing an additional 27 shares during the last quarter. HL Financial Services LLC boosted its stake in shares of Phillips 66 by 3.3% during the 1st quarter. HL Financial Services LLC now owns 20,824 shares of the oil and gas company’s stock worth $1,650,000 after purchasing an additional 656 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Phillips 66 by 3.9% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,049,325 shares of the oil and gas company’s stock worth $83,128,000 after purchasing an additional 39,846 shares during the last quarter. 69.64% of the stock is currently owned by institutional investors.
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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