Zacks: Brokerages Anticipate Phillips 66 (PSX) Will Announce Quarterly Sales of $29.57 Billion
Analysts forecast that Phillips 66 (NYSE:PSX) will announce $29.57 billion in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Phillips 66’s earnings, with estimates ranging from $21.27 billion to $39.02 billion. Phillips 66 posted sales of $22.04 billion in the same quarter last year, which suggests a positive year over year growth rate of 34.2%. The business is expected to announce its next earnings report on Friday, October 27th.
On average, analysts expect that Phillips 66 will report full year sales of $29.57 billion for the current financial year, with estimates ranging from $87.68 billion to $124.76 billion. For the next year, analysts forecast that the firm will report sales of $111.41 billion per share, with estimates ranging from $95.15 billion to $137.82 billion. Zacks’ sales averages are a mean average based on a survey of research firms that cover Phillips 66.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.07. The business had revenue of $24.58 billion during the quarter, compared to analysts’ expectations of $25.14 billion. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. During the same quarter in the previous year, the firm posted $0.94 EPS.
PSX has been the topic of a number of research reports. TheStreet raised Phillips 66 from a “c” rating to a “b-” rating in a report on Friday, April 28th. Scotiabank set a $86.00 price target on Phillips 66 and gave the stock a “hold” rating in a report on Tuesday, August 1st. Citigroup Inc. reissued a “neutral” rating and set a $83.00 price target (down previously from $84.00) on shares of Phillips 66 in a report on Saturday, April 22nd. Jefferies Group LLC set a $74.00 price target on Phillips 66 and gave the stock a “hold” rating in a report on Wednesday, April 19th. Finally, Zacks Investment Research lowered Phillips 66 from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $83.53.
Large investors have recently made changes to their positions in the stock. Jacobi Capital Management LLC increased its stake in shares of Phillips 66 by 27.4% in the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after buying an additional 277 shares during the last quarter. Winch Advisory Services LLC increased its stake in shares of Phillips 66 by 5,872.7% in the first quarter. Winch Advisory Services LLC now owns 1,314 shares of the oil and gas company’s stock worth $104,000 after buying an additional 1,292 shares during the last quarter. Motco increased its stake in shares of Phillips 66 by 4.0% in the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after buying an additional 50 shares during the last quarter. Westside Investment Management Inc. increased its stake in shares of Phillips 66 by 239.2% in the first quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after buying an additional 1,000 shares during the last quarter. Finally, FTB Advisors Inc. increased its stake in shares of Phillips 66 by 17.3% in the first quarter. FTB Advisors Inc. now owns 1,444 shares of the oil and gas company’s stock worth $113,000 after buying an additional 213 shares during the last quarter. Hedge funds and other institutional investors own 69.78% of the company’s stock.
Phillips 66 (PSX) opened at 85.02 on Wednesday. The firm has a market cap of $43.49 billion, a PE ratio of 25.42 and a beta of 1.22. Phillips 66 has a one year low of $75.14 and a one year high of $88.87. The stock has a 50 day moving average price of $82.46 and a 200 day moving average price of $79.81.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be given a $0.70 dividend. The ex-dividend date is Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a yield of 3.29%. Phillips 66’s payout ratio is currently 83.58%.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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