Morgan Stanley Cuts Phillips 66 (NYSE:PSX) Price Target to $144.00

Phillips 66 (NYSE:PSX) had its price target cut by Morgan Stanley from $150.00 to $144.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s target price indicates a potential upside of 13.68% from the company’s current price.

Several other research analysts also recently weighed in on the company. Wolfe Research began coverage on Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Barclays boosted their price target on Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. TD Cowen cut their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Mizuho cut their price target on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday. Finally, Raymond James boosted their price target on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $155.29.

Phillips 66 Price Performance

Shares of PSX stock traded down $0.03 during midday trading on Monday, reaching $126.67. 1,058,162 shares of the company traded hands, compared to its average volume of 2,661,803. The firm’s 50 day simple moving average is $135.79 and its two-hundred day simple moving average is $144.18. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The firm has a market cap of $53.02 billion, a PE ratio of 9.73, a price-to-earnings-growth ratio of 4.53 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same period last year, the firm earned $3.87 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, equities research analysts expect that Phillips 66 will post 9.25 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. Crewe Advisors LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at $25,000. Keener Financial Planning LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at $28,000. Ruedi Wealth Management Inc. raised its holdings in shares of Phillips 66 by 102.1% during the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 96 shares in the last quarter. Finally, Ables Iannone Moore & Associates Inc. bought a new position in shares of Phillips 66 during the 4th quarter valued at $27,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.