TD Cowen Forecasts Strong Price Appreciation for Phillips 66 (NYSE:PSX) Stock

Phillips 66 (NYSE:PSX) had its target price lifted by analysts at TD Cowen from $255.00 to $295.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s price target would indicate a potential upside of 17.20% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. BMO Capital Markets upped their target price on shares of Phillips 66 from $260.00 to $310.00 and gave the company an “outperform” rating in a research note on Thursday, September 17th. Piper Sandler lifted their target price on Phillips 66 from $209.00 to $264.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. UBS Group raised their price target on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, September 8th. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Finally, Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.06.

Phillips 66 Stock Down 0.7%

Shares of Phillips 66 stock opened at $251.70 on Wednesday. The business has a fifty day simple moving average of $238.39 and a 200 day simple moving average of $198.12. The stock has a market cap of $100.43 billion, a PE ratio of 14.34 and a beta of 0.71. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. Phillips 66 has a 12 month low of $126.74 and a 12 month high of $277.12.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the business earned $2.38 earnings per share. Research analysts predict that Phillips 66 will post 28.28 EPS for the current year.

Phillips 66 announced that its Board of Directors has initiated a stock repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’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 transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Sutherland sold 3,523 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% 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. In the last quarter, insiders have sold 123,907 shares of company stock valued at $27,973,214. Corporate insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

A number of institutional investors have recently added to or reduced their stakes in PSX. QRG Capital Management Inc. raised its position in Phillips 66 by 22.4% during the second quarter. QRG Capital Management Inc. now owns 55,595 shares of the oil and gas company’s stock worth $9,398,000 after acquiring an additional 10,186 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Phillips 66 by 1.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 16,403 shares of the oil and gas company’s stock valued at $2,773,000 after acquiring an additional 232 shares during the period. State Street Corp grew its position in shares of Phillips 66 by 1.1% in the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock valued at $4,402,856,000 after acquiring an additional 271,841 shares during the period. Security National Bank of Sioux City Iowa IA acquired a new position in shares of Phillips 66 during the 2nd quarter worth about $42,000. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Phillips 66 by 5.6% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 39,247 shares of the oil and gas company’s stock worth $6,635,000 after purchasing an additional 2,065 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.