Phillips 66 (PSX) Rating Lowered to Underweight at Barclays PLC
Barclays PLC downgraded shares of Phillips 66 (NYSE:PSX) from an equal weight rating to an underweight rating in a report issued on Tuesday morning, Marketbeat.com reports. The brokerage currently has $100.00 target price on the oil and gas company’s stock, up from their prior target price of $95.00.
Other analysts also recently issued reports about the stock. Argus reissued a buy rating and issued a $108.00 price target (up from $96.00) on shares of Phillips 66 in a report on Thursday, October 12th. Zacks Investment Research upgraded shares of Phillips 66 from a hold rating to a buy rating and set a $105.00 price objective for the company in a research note on Tuesday, October 10th. The Goldman Sachs Group, Inc. upgraded shares of Phillips 66 from a neutral rating to a buy rating and increased their price objective for the company from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Piper Jaffray Companies restated a buy rating and issued a $98.00 price objective on shares of Phillips 66 in a research note on Tuesday, September 26th. Finally, Vetr upgraded shares of Phillips 66 from a hold rating to a buy rating and set a $97.16 price objective for the company in a research note on Monday, October 16th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $93.25.
Shares of Phillips 66 (NYSE PSX) traded up $0.19 during trading on Tuesday, reaching $92.65. 1,258,365 shares of the company’s stock were exchanged, compared to its average volume of 2,226,717. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $95.00. The company has a market cap of $46,850.00, a P/E ratio of 26.75, a PEG ratio of 2.39 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The firm had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. During the same period in the prior year, the firm earned $1.05 EPS. analysts forecast that Phillips 66 will post 4.58 earnings per share for the current year.
ILLEGAL ACTIVITY WARNING: “Phillips 66 (PSX) Rating Lowered to Underweight at Barclays PLC” was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this news story on another publication, it was illegally copied and republished in violation of United States & international copyright law. The legal version of this news story can be viewed at https://www.thecerbatgem.com/2017/11/18/phillips-66-psx-rating-lowered-to-underweight-at-barclays-plc.html.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors 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 dividend yield of 3.02%. The ex-dividend date is Thursday, November 16th. Phillips 66’s dividend payout ratio (DPR) is currently 70.53%.
Phillips 66 announced that its Board of Directors has initiated a share repurchase program on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.
A number of large investors have recently modified their holdings of PSX. Jacobi Capital Management LLC grew its holdings in Phillips 66 by 27.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after acquiring an additional 277 shares during the last quarter. Motco grew its holdings in Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after acquiring an additional 50 shares during the last quarter. Westside Investment Management Inc. grew its holdings in Phillips 66 by 239.2% during the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 1,000 shares during the last quarter. Bruderman Asset Management LLC bought a new stake in Phillips 66 during the 2nd quarter worth about $112,000. Finally, Farmers National Bank bought a new stake in Phillips 66 during the 1st quarter worth about $113,000. 69.81% of the stock is currently owned by hedge funds and other institutional investors.
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.
Receive News & Stock Ratings for Phillips 66 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 and related stocks with our FREE daily email newsletter.