Phillips 66 (NYSE:PSX) Sets New 1-Year High – Here’s Why

Shares of Phillips 66 (NYSE:PSX) reached a new 52-week high during trading on Tuesday . The stock traded as high as $211.05 and last traded at $208.85, with a volume of 2119231 shares changing hands. The stock had previously closed at $206.86.

Analysts Set New Price Targets

PSX has been the subject of several recent analyst reports. UBS Group restated a “buy” rating and issued a $212.00 target price on shares of Phillips 66 in a research note on Monday, June 15th. TD Cowen boosted their target price on Phillips 66 from $213.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Barclays raised their price target on Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Wall Street Zen downgraded shares of Phillips 66 from a “strong-buy” rating to a “buy” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $196.06.

Phillips 66 Price Performance

The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The stock has a 50 day moving average of $179.71 and a 200-day moving average of $166.31. The company has a market cap of $83.73 billion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 0.27 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same period in the prior year, the company earned ($0.90) earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Equities analysts predict that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.4%. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insiders Place Their Bets

In related news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the purchase, the director directly owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,021 shares of company stock worth $7,195,257 in the last quarter. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Hedge funds have recently modified their holdings of the company. Family Wealth Partners LLC lifted its position in shares of Phillips 66 by 16.7% during the 2nd quarter. Family Wealth Partners LLC now owns 1,284 shares of the oil and gas company’s stock valued at $217,000 after buying an additional 184 shares in the last quarter. Tema ETFs LLC raised its holdings in shares of Phillips 66 by 10.5% during the 2nd quarter. Tema ETFs LLC now owns 7,651 shares of the oil and gas company’s stock worth $1,293,000 after acquiring an additional 725 shares during the period. City Holding Co. lifted its holdings in Phillips 66 by 2.8% in the second quarter. City Holding Co. now owns 19,351 shares of the oil and gas company’s stock valued at $3,271,000 after acquiring an additional 518 shares during the last quarter. Charles Schwab Trust Co lifted its stake in shares of Phillips 66 by 14.8% in the 2nd quarter. Charles Schwab Trust Co now owns 1,354 shares of the oil and gas company’s stock valued at $229,000 after purchasing an additional 175 shares during the last quarter. Finally, Spinnaker Investment Group LLC acquired a new position in Phillips 66 in the second quarter valued at about $344,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Company Profile

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.