Raymond James Financial Issues Positive Forecast for Phillips 66 (NYSE:PSX) Stock Price

Phillips 66 (NYSE:PSX) had its target price boosted by Raymond James Financial from $160.00 to $175.00 in a research note issued to investors on Friday morning,MarketScreener reports. Raymond James Financial currently has an outperform rating on the oil and gas company’s stock.

Several other research analysts also recently commented on the company. Mizuho lifted their target price on Phillips 66 from $150.00 to $152.00 and gave the stock a “neutral” rating in a report on Monday, January 12th. UBS Group reiterated a “buy” rating on shares of Phillips 66 in a report on Tuesday, January 6th. Scotiabank restated a “sector perform” rating and set a $140.00 price target on shares of Phillips 66 in a report on Friday, January 16th. JPMorgan Chase & Co. dropped their price target on shares of Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Finally, TD Cowen reiterated a “buy” rating on shares of Phillips 66 in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 has an average rating of “Hold” and an average price target of $153.53.

Phillips 66 Trading Down 0.3%

NYSE PSX traded down $0.42 during trading hours on Friday, reaching $141.51. The company’s stock had a trading volume of 2,046,767 shares, compared to its average volume of 2,216,975. The firm has a fifty day simple moving average of $136.13 and a 200-day simple moving average of $132.42. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $146.88. The stock has a market cap of $57.02 billion, a P/E ratio of 38.66, a P/E/G ratio of 0.41 and a beta of 0.90.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.38. The firm had revenue of $33.69 billion during the quarter, compared to analysts’ expectations of $32.29 billion. Phillips 66 had a net margin of 1.12% and a return on equity of 5.53%. During the same period in the prior year, the company posted $2.04 EPS. Equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $138.00, for a total value of $4,140,000.00. Following the completion of the sale, the chief financial officer directly owned 89,771 shares of the company’s stock, valued at approximately $12,388,398. This represents a 25.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 26,200 shares of Phillips 66 stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the transaction, the executive vice president directly owned 56,838 shares in the company, valued at $7,825,455.84. This represents a 31.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 86,094 shares of company stock worth $11,955,366. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Several institutional investors have recently modified their holdings of PSX. Vanguard Group Inc. increased its position in shares of Phillips 66 by 11.6% in the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock worth $7,035,574,000 after purchasing an additional 5,356,558 shares during the last quarter. Elliott Investment Management L.P. raised its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after buying an additional 3,526,000 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Phillips 66 by 17.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after acquiring an additional 1,532,967 shares during the last quarter. Bank of New York Mellon Corp grew its position in Phillips 66 by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock worth $1,120,794,000 after acquiring an additional 537,245 shares in the last quarter. Finally, Norges Bank purchased a new stake in Phillips 66 during the second quarter valued at about $523,755,000. 76.93% of the stock is owned by institutional investors.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.