Phillips 66 (NYSE:PSX) Receives New Coverage from Analysts at Bank of America

Bank of America started coverage on shares of Phillips 66 (NYSE:PSX) in a research report sent to investors on Thursday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $156.00 target price on the oil and gas company’s stock.

Other equities analysts also recently issued reports about the stock. Morgan Stanley cut their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Barclays cut their price target on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Raymond James lifted their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. TD Cowen cut their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a report on Wednesday, September 11th. Finally, Mizuho cut their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.50.

Phillips 66 Stock Performance

NYSE PSX opened at $133.35 on Thursday. 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 capitalization of $56.53 billion, a price-to-earnings ratio of 10.26, a P/E/G ratio of 5.48 and a beta of 1.33. The company’s fifty day moving average is $133.23 and its two-hundred day moving average is $140.84. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08.

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, topping the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the business posted $3.87 EPS. Equities research analysts forecast that Phillips 66 will post 8.19 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

Insider Activity at Phillips 66

In other 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 transaction, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

A number of institutional investors have recently modified their holdings of PSX. Crewe Advisors LLC acquired a new position in shares of Phillips 66 during the first quarter worth approximately $25,000. Keener Financial Planning LLC purchased a new position in Phillips 66 in the first quarter valued at approximately $26,000. Redmont Wealth Advisors LLC bought a new stake in Phillips 66 in the 1st quarter valued at about $28,000. Ruedi Wealth Management Inc. raised its holdings in 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 acquiring an additional 96 shares during the period. Finally, nVerses Capital LLC purchased a new stake in shares of Phillips 66 in the third quarter worth about $26,000. Institutional investors and hedge funds 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.