StockNews.com initiated coverage on shares of Phillips 66 (NYSE:PSX – Get Rating) in a report published on Thursday morning. The brokerage issued a buy rating on the oil and gas company’s stock.
Other equities analysts have also issued reports about the stock. Piper Sandler decreased their price objective on shares of Phillips 66 from $155.00 to $137.00 and set an overweight rating for the company in a research report on Monday, December 19th. The Goldman Sachs Group raised their price target on shares of Phillips 66 to $123.00 in a research report on Wednesday, November 16th. Mizuho dropped their price objective on shares of Phillips 66 from $121.00 to $120.00 in a research note on Friday, March 10th. Wells Fargo & Company dropped their price objective on shares of Phillips 66 from $134.00 to $127.00 and set an overweight rating on the stock in a research note on Thursday, January 5th. Finally, Raymond James raised their price objective on shares of Phillips 66 from $130.00 to $135.00 and gave the stock an outperform rating in a research note on Friday, January 13th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Phillips 66 presently has a consensus rating of Moderate Buy and an average target price of $121.27.
Phillips 66 Stock Performance
PSX stock opened at $94.72 on Thursday. The firm has a market cap of $43.94 billion, a price-to-earnings ratio of 4.13, a PEG ratio of 0.32 and a beta of 1.37. The firm has a 50-day simple moving average of $102.53 and a two-hundred day simple moving average of $99.45. Phillips 66 has a one year low of $74.02 and a one year high of $113.53. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.17 and a current ratio of 1.38.
Phillips 66 Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Tuesday, February 21st were given a $1.05 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $0.97. This represents a $4.20 annualized dividend and a yield of 4.43%. The ex-dividend date was Friday, February 17th. Phillips 66’s payout ratio is currently 18.30%.
Insider Buying and Selling at Phillips 66
In other news, Director Gregory Hayes bought 10,250 shares of the company’s stock in a transaction on Thursday, February 2nd. The stock was bought at an average cost of $97.75 per share, with a total value of $1,001,937.50. Following the transaction, the director now directly owns 14,299 shares in the company, valued at approximately $1,397,727.25. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.74% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Phillips 66
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSX. Moneta Group Investment Advisors LLC lifted its stake in Phillips 66 by 100,843.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 9,979,304 shares of the oil and gas company’s stock valued at $1,038,646,000 after buying an additional 9,969,418 shares during the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 during the fourth quarter worth approximately $364,237,000. Wellington Management Group LLP raised its stake in shares of Phillips 66 by 62.1% during the first quarter. Wellington Management Group LLP now owns 7,188,087 shares of the oil and gas company’s stock worth $620,979,000 after purchasing an additional 2,753,700 shares during the last quarter. FMR LLC raised its stake in shares of Phillips 66 by 18.9% during the second quarter. FMR LLC now owns 10,264,690 shares of the oil and gas company’s stock worth $841,602,000 after purchasing an additional 1,634,573 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of Phillips 66 by 16.2% during the fourth quarter. Morgan Stanley now owns 6,961,625 shares of the oil and gas company’s stock worth $724,566,000 after purchasing an additional 968,055 shares during the last quarter. Hedge funds and other institutional investors own 70.76% of the company’s stock.
About Phillips 66
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.
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