Phillips 66 (PSX) Lifted to “Buy” at Goldman Sachs Group
A number of other research firms have also weighed in on PSX. US Capital Advisors lowered shares of Phillips 66 from an overweight rating to a hold rating in a research report on Monday, December 4th. Jefferies Group lowered shares of Phillips 66 from a hold rating to an underperform rating and cut their price objective for the company from $95.00 to $75.14 in a research report on Monday, October 16th. Zacks Investment Research lowered shares of Phillips 66 from a buy rating to a hold rating in a research report on Thursday, October 12th. Argus reissued a buy rating and issued a $108.00 price objective (up previously from $96.00) on shares of Phillips 66 in a research report on Thursday, October 12th. Finally, Piper Jaffray Companies set a $93.00 target price on shares of Phillips 66 and gave the company a buy rating in a report on Monday, November 13th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Phillips 66 currently has an average rating of Hold and a consensus price target of $94.14.
Phillips 66 (NYSE PSX) opened at $100.72 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86. The firm has a market cap of $50,711.18, a P/E ratio of 28.57, a PEG ratio of 2.55 and a beta of 1.24. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $100.98.
Phillips 66 announced that its board has initiated a share repurchase plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Tuesday, October 17th were issued a $0.70 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.78%. Phillips 66’s payout ratio is 70.18%.
In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $100.25, for a total value of $270,675.00. Following the completion of the sale, the vice president now directly owns 2,700 shares in the company, valued at $270,675. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.50% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSX. FMR LLC grew its stake in Phillips 66 by 37.1% during the second quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock worth $621,890,000 after buying an additional 2,036,258 shares during the period. Vaughan David Investments Inc. IL grew its stake in Phillips 66 by 5,820.5% during the third quarter. Vaughan David Investments Inc. IL now owns 468,782 shares of the oil and gas company’s stock worth $21,395,000 after buying an additional 460,864 shares during the period. Bank of New York Mellon Corp grew its stake in Phillips 66 by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 6,838,096 shares of the oil and gas company’s stock worth $626,438,000 after buying an additional 422,652 shares during the period. Public Employees Retirement Association of Colorado grew its stake in Phillips 66 by 75.9% during the second quarter. Public Employees Retirement Association of Colorado now owns 820,620 shares of the oil and gas company’s stock worth $67,857,000 after buying an additional 354,175 shares during the period. Finally, Parametric Portfolio Associates LLC grew its stake in Phillips 66 by 29.8% during the second quarter. Parametric Portfolio Associates LLC now owns 1,459,200 shares of the oil and gas company’s stock worth $120,661,000 after buying an additional 334,915 shares during the period. Institutional investors own 70.13% 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 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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