Phillips 66 (NYSE:PSX) Stock Price Up 3% – Time to Buy?

Phillips 66 (NYSE:PSX)’s share price was up 3% during mid-day trading on Monday. The stock traded as high as $253.48 and last traded at $253.0780. 3,087,855 shares changed hands during trading, an increase of 8% from the average daily volume of 2,867,380 shares. The stock had previously closed at $245.72.

Wall Street Analyst Weigh In

A number of research firms have commented on PSX. Wells Fargo & Company boosted their price target on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $245.00 to $274.00 and gave the company a “neutral” rating in a research report on Wednesday, September 30th. Piper Sandler lifted their price objective on shares of Phillips 66 from $264.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Finally, Freedom Broker upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating and upped their target price for the stock from $173.00 to $258.00 in a research report on Friday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $270.12.

Phillips 66 Stock Up 3.0%

The stock has a 50 day moving average price of $268.05 and a 200-day moving average price of $201.52. The stock has a market capitalization of $98.72 billion, a P/E ratio of 8.08, a PEG ratio of 0.13 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04.

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, topping the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The firm had revenue of $50.54 billion for the quarter, compared to the consensus estimate of $44.91 billion. During the same quarter in the previous year, the business earned $2.52 earnings per share. As a group, research analysts expect that Phillips 66 will post 33.63 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be given a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, November 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio is 16.99%.

Phillips 66 declared that its board has initiated a stock repurchase program on Friday, July 31st that authorizes the company to buy back $10 billion in shares. This buyback authorization authorizes the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was 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 owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 105,500 shares of company stock worth $24,310,300 over the last ninety days. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Richardson Financial Services Inc. increased its holdings in Phillips 66 by 142.5% during the 3rd quarter. Richardson Financial Services Inc. now owns 97 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 57 shares during the period. NFSG Corp raised its position in Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new position in Phillips 66 during the 1st quarter valued at approximately $27,000. Compass Financial Management LLC bought a new position in Phillips 66 during the 2nd quarter valued at approximately $28,000. Finally, Kelleher Financial Advisors purchased a new stake in Phillips 66 in the 2nd quarter worth approximately $29,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Company Profile

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.