Phillips 66 (PSX) Lowered to Underperform at Jefferies Group LLC
Jefferies Group LLC downgraded shares of Phillips 66 (NYSE:PSX) from a hold rating to an underperform rating in a report issued on Monday morning. The firm currently has $75.14 target price on the oil and gas company’s stock, down from their prior target price of $95.00.
PSX has been the subject of a number of other reports. Scotiabank reiterated a hold rating and set a $86.00 price target on shares of Phillips 66 in a report on Tuesday, June 27th. TheStreet upgraded shares of Phillips 66 from a c rating to a b- rating in a report on Friday, June 30th. Zacks Investment Research lowered shares of Phillips 66 from a buy rating to a hold rating in a report on Thursday, October 12th. Piper Jaffray Companies reiterated a buy rating and set a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Finally, Barclays PLC set a $95.00 price target on shares of Phillips 66 and gave the company an equal weight rating in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. Phillips 66 currently has a consensus rating of Hold and a consensus target price of $93.38.
Phillips 66 (NYSE PSX) opened at 90.87 on Monday. The firm has a market capitalization of $46.48 billion, a PE ratio of 27.19 and a beta of 1.19. The firm has a 50-day moving average of $88.92 and a 200 day moving average of $82.43. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $95.00.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.07. The firm had revenue of $24.58 billion during the quarter, compared to analyst estimates of $25.14 billion. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. During the same period in the previous year, the business posted $0.94 EPS. Equities research analysts forecast that Phillips 66 will post $4.34 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Thursday, November 16th. Phillips 66’s payout ratio is currently 83.58%.
Phillips 66 declared that its Board of Directors has initiated a share buyback plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its position in shares of Phillips 66 by 0.9% in the 2nd quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock worth $696,418,000 after buying an additional 71,098 shares during the period. Great Lakes Advisors LLC grew its position in shares of Phillips 66 by 3.5% in the 2nd quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock worth $49,919,000 after buying an additional 20,264 shares during the period. Bank of The Ozarks grew its position in shares of Phillips 66 by 7.0% in the 1st quarter. Bank of The Ozarks now owns 8,836 shares of the oil and gas company’s stock worth $700,000 after buying an additional 575 shares during the period. Pennsylvania Trust Co grew its position in shares of Phillips 66 by 698.9% in the 2nd quarter. Pennsylvania Trust Co now owns 48,694 shares of the oil and gas company’s stock worth $4,033,000 after buying an additional 42,599 shares during the period. Finally, Bank of Montreal Can grew its position in shares of Phillips 66 by 39.4% in the 2nd quarter. Bank of Montreal Can now owns 516,922 shares of the oil and gas company’s stock worth $42,745,000 after buying an additional 145,986 shares during the period. 69.54% of the stock is currently owned by hedge funds and other institutional investors.
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 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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