Phillips 66 (NYSE:PSX) Price Target Raised to $302.00

Phillips 66 (NYSE:PSX) had its price target raised by Citigroup from $297.00 to $302.00 in a report published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a report on Thursday, October 29th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $276.00 price target on shares of Phillips 66 in a report on Sunday, October 11th. UBS Group upped their price target on shares of Phillips 66 from $235.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, September 8th. Piper Sandler increased their price target on Phillips 66 from $264.00 to $268.00 and gave the stock a “neutral” rating in a research report on Thursday, October 29th. Finally, TD Cowen lifted their price objective on Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $270.12.

Phillips 66 Stock Performance

PSX traded down $1.59 during trading on Wednesday, reaching $245.45. 3,068,963 shares of the company’s stock were exchanged, compared to its average volume of 2,535,110. Phillips 66 has a 1 year low of $127.16 and a 1 year high of $299.39. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04. The stock has a market capitalization of $95.74 billion, a P/E ratio of 7.84, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69. The company’s fifty day simple moving average is $268.05 and its 200-day simple moving average is $201.52.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, beating the consensus estimate of $11.73 by $2.35. The business had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. During the same period in the prior year, the firm earned $2.52 EPS. As a group, research analysts predict that Phillips 66 will post 33.63 earnings per share for the current fiscal year.

Phillips 66 declared that its board has authorized a stock repurchase plan on Friday, July 31st that permits the company to repurchase $10 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Share buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $5.32 annualized dividend and a dividend yield of 2.2%. Phillips 66’s payout ratio is presently 16.22%.

Insider Buying and Selling at Phillips 66

In related news, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 108,800 shares of company stock valued at $25,016,566. Company insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PSX. BlackRock Inc. acquired a new stake in shares of Phillips 66 during the 2nd quarter valued at about $5,766,779,000. State Street Corp increased its stake 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 purchasing an additional 271,841 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Phillips 66 in the 2nd quarter worth about $1,093,206,000. Amundi raised its holdings in Phillips 66 by 62.0% in the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after purchasing an additional 1,403,493 shares during the period. Finally, Bank of America Corp DE raised its holdings in Phillips 66 by 1.2% in the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after purchasing an additional 35,167 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 (NYSE: PSX) is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel.

The company’s midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.

Phillips 66 was established in 2012 when ConocoPhillips separated its downstream and midstream businesses.