Vetr Inc. Upgrades Phillips 66 (PSX) to Strong-Buy
Phillips 66 (NYSE:PSX) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $94.28 target price on the stock. Vetr‘s price objective would indicate a potential upside of 16.12% from the company’s current price.
Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Phillips 66 in a research report on Sunday, June 12th. Cowen and Company raised Phillips 66 from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $76.15 to $92.00 in a research report on Wednesday, August 3rd. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Phillips 66 in a research report on Wednesday, June 29th. Scotiabank cut Phillips 66 from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $90.00 to $89.00 in a report on Monday, July 11th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $86.00 price target on shares of Phillips 66 in a report on Thursday, July 28th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Phillips 66 presently has an average rating of “Hold” and an average price target of $85.86.
Phillips 66 (NYSE:PSX) opened at 81.19 on Tuesday. The firm has a market capitalization of $42.45 billion, a P/E ratio of 14.05 and a beta of 1.38. The firm has a 50-day moving average price of $78.74 and a 200-day moving average price of $80.47. Phillips 66 has a one year low of $71.74 and a one year high of $94.12.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 29th. The company reported $0.94 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. Phillips 66 had a return on equity of 13.44% and a net margin of 3.51%. During the same quarter in the previous year, the business posted $1.83 earnings per share. Equities analysts anticipate that Phillips 66 will post $3.38 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Tuesday, August 16th. Phillips 66’s dividend payout ratio is currently 43.83%.
In other Phillips 66 news, major shareholder Berkshire Hathaway Inc acquired 17,910 shares of the stock in a transaction dated Thursday, September 15th. The stock was acquired at an average price of $77.52 per share, with a total value of $1,388,383.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.05% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cognios Capital LLC increased its stake in Phillips 66 by 0.3% in the second quarter. Cognios Capital LLC now owns 2,754 shares of the company’s stock worth $218,000 after buying an additional 9 shares during the period. LVW Advisors LLC increased its stake in Phillips 66 by 0.3% in the first quarter. LVW Advisors LLC now owns 3,049 shares of the company’s stock worth $264,000 after buying an additional 10 shares during the period. Benedict Financial Advisors Inc. increased its stake in Phillips 66 by 0.4% in the second quarter. Benedict Financial Advisors Inc. now owns 2,685 shares of the company’s stock worth $214,000 after buying an additional 12 shares during the period. Beese Fulmer Investment Management Inc. increased its stake in Phillips 66 by 0.3% in the second quarter. Beese Fulmer Investment Management Inc. now owns 3,806 shares of the company’s stock worth $302,000 after buying an additional 13 shares during the period. Finally, Ropes Wealth Advisors LLC increased its stake in Phillips 66 by 0.6% in the first quarter. Ropes Wealth Advisors LLC now owns 2,372 shares of the company’s stock worth $205,000 after buying an additional 15 shares during the period. Hedge funds and other institutional investors own 69.98% of the company’s stock.
Phillips 66 Company Profile
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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