Phillips 66 (PSX) Given a $72.00 Price Target at Jefferies Group
Phillips 66 (NYSE:PSX) received a $72.00 price target from equities research analysts at Jefferies Group in a report released on Saturday. The firm currently has a a “hold” rating on the stock. Jefferies Group’s price objective would indicate a potential downside of 9.22% from the stock’s previous close.
A number of other research firms have also recently commented on PSX. Vetr raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $87.26 price objective for the company in a research report on Wednesday, July 6th. Howard Weil cut shares of Phillips 66 from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $90.00 to $89.00 in a research report on Monday, July 11th. Wells Fargo & Co. cut shares of Phillips 66 from an “outperform” rating to a “market perform” rating in a research report on Friday, July 8th. Morgan Stanley cut shares of Phillips 66 from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $105.00 to $90.00 in a research report on Friday, June 17th. Finally, Piper Jaffray Cos. lifted their price objective on shares of Phillips 66 from $68.00 to $74.00 and gave the stock a “neutral” rating in a research report on Monday, August 22nd. Fourteen investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Phillips 66 presently has an average rating of “Hold” and an average target price of $86.12.
Phillips 66 (NYSE:PSX) traded up 0.20% during midday trading on Friday, hitting $79.31. 1,420,794 shares of the stock traded hands. The firm’s 50 day moving average is $79.50 and its 200-day moving average is $79.90. Phillips 66 has a 12-month low of $71.74 and a 12-month high of $94.12. The stock has a market capitalization of $41.47 billion, a PE ratio of 13.73 and a beta of 1.37.
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Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 29th. The company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same period in the previous year, the firm earned $1.83 earnings per share. On average, analysts anticipate that Phillips 66 will post $3.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Thursday, November 17th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.18%. The ex-dividend date is Tuesday, November 15th. Phillips 66’s dividend payout ratio (DPR) is currently 43.83%.
In other news, major shareholder Berkshire Hathaway Inc purchased 215,869 shares of Phillips 66 stock in a transaction dated Tuesday, August 23rd. The shares were bought at an average cost of $77.83 per share, for a total transaction of $16,801,084.27. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.05% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Gerstein Fisher boosted its stake in Phillips 66 by 12.7% in the third quarter. Gerstein Fisher now owns 7,966 shares of the company’s stock valued at $612,000 after buying an additional 898 shares during the period. Simmons First Trust Co. NA boosted its stake in Phillips 66 by 279.5% in the fourth quarter. Simmons First Trust Co. NA now owns 15,887 shares of the company’s stock valued at $1,299,000 after buying an additional 11,701 shares during the period. Baxter Bros Inc. boosted its stake in Phillips 66 by 0.6% in the fourth quarter. Baxter Bros Inc. now owns 13,215 shares of the company’s stock valued at $1,081,000 after buying an additional 79 shares during the period. Strs Ohio boosted its stake in shares of Phillips 66 by 0.9% in the fourth quarter. Strs Ohio now owns 338,689 shares of the company’s stock valued at $27,704,000 after buying an additional 2,876 shares during the last quarter. Finally, Chicago Trust Company boosted its stake in shares of Phillips 66 by 5.6% in the fourth quarter. Chicago Trust Company now owns 16,495 shares of the company’s stock valued at $1,349,000 after buying an additional 869 shares during the last quarter. Institutional investors own 69.99% of the company’s stock.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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