Q3 2016 EPS Estimates for Phillips 66 Cut by Analyst (PSX)
Phillips 66 (NYSE:PSX) – Investment analysts at Jefferies Group decreased their Q3 2016 earnings per share estimates for shares of Phillips 66 in a research note issued to investors on Thursday. Jefferies Group analyst S. Goldman now expects that the brokerage will earn $0.94 per share for the quarter, down from their prior estimate of $1.06. Jefferies Group currently has a “Hold” rating and a $72.00 target price on the stock. Jefferies Group also issued estimates for Phillips 66’s FY2016 earnings at $3.54 EPS and FY2017 earnings at $5.12 EPS.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 period in the prior year, the business posted $1.83 earnings per share.
Several other equities analysts also recently commented on the company. Barclays PLC reaffirmed an “equal weight” rating and issued a $84.00 target price (down previously from $86.00) on shares of Phillips 66 in a research report on Monday. Goldman Sachs Group Inc. raised Phillips 66 from a “sell” rating to a “neutral” rating and increased their price target for the stock from $74.00 to $85.00 in a research report on Thursday, September 29th. Zacks Investment Research raised Phillips 66 from a “strong sell” rating to a “hold” rating in a research report on Wednesday, September 28th. Vetr raised Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $94.28 price target on the stock in a research report on Tuesday, September 27th. Finally, Piper Jaffray Cos. increased their price target on Phillips 66 from $74.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, September 16th. Fourteen analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $86.12.
Phillips 66 (NYSE:PSX) traded up 0.385% during midday trading on Friday, hitting $79.455. The stock had a trading volume of 552,697 shares. The company’s 50-day moving average price is $79.49 and its 200 day moving average price is $79.96. The company has a market capitalization of $41.54 billion, a PE ratio of 13.754 and a beta of 1.37. Phillips 66 has a 52 week low of $71.74 and a 52 week high of $94.12.
A number of hedge funds have recently modified their holdings of PSX. State Street Corp increased its stake in shares of Phillips 66 by 1.5% in the first quarter. State Street Corp now owns 23,555,046 shares of the company’s stock valued at $2,039,627,000 after buying an additional 358,052 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Phillips 66 by 3.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,562,698 shares of the company’s stock valued at $1,155,404,000 after buying an additional 459,964 shares in the last quarter. BlackRock Fund Advisors increased its stake in shares of Phillips 66 by 6.9% in the second quarter. BlackRock Fund Advisors now owns 7,109,567 shares of the company’s stock valued at $564,073,000 after buying an additional 457,220 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Phillips 66 by 1.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,145,924 shares of the company’s stock valued at $408,293,000 after buying an additional 91,054 shares in the last quarter. Finally, Aristotle Capital Management LLC increased its stake in shares of Phillips 66 by 2.1% in the second quarter. Aristotle Capital Management LLC now owns 3,050,325 shares of the company’s stock valued at $242,013,000 after buying an additional 63,601 shares in the last quarter. Hedge funds and other institutional investors own 69.99% of the company’s stock.
In other Phillips 66 news, major shareholder Berkshire Hathaway Inc purchased 215,869 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was purchased at an average cost of $77.83 per share, for a total transaction of $16,801,084.27. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.05% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 17th will be issued a dividend of $0.63 per share. The ex-dividend date is Tuesday, November 15th. This represents a $2.52 dividend on an annualized basis and a yield of 3.18%. Phillips 66’s payout ratio is currently 43.83%.
About Phillips 66
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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