Scotiabank Reiterates “Hold” Rating for Phillips 66 (PSX)
Phillips 66 (NYSE:PSX)‘s stock had its “hold” rating restated by research analysts at Scotiabank in a report issued on Tuesday. They currently have a $86.00 price objective on the oil and gas company’s stock. Scotiabank’s price target suggests a potential upside of 6.78% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the company. TheStreet upgraded Phillips 66 from a “c” rating to a “b-” rating in a research report on Friday, April 28th. Citigroup Inc. restated a “neutral” rating and issued a $83.00 target price (down previously from $84.00) on shares of Phillips 66 in a research report on Saturday, April 22nd. Jefferies Group LLC set a $74.00 target price on Phillips 66 and gave the company a “hold” rating in a research report on Wednesday, April 19th. US Capital Advisors restated a “buy” rating on shares of Phillips 66 in a research report on Monday, May 22nd. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $87.00 target price on shares of Phillips 66 in a research report on Thursday, April 20th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $84.86.
Shares of Phillips 66 (NYSE:PSX) traded up 0.37% during mid-day trading on Tuesday, hitting $80.54. The stock had a trading volume of 1,653,917 shares. The stock has a market cap of $41.57 billion, a P/E ratio of 24.99 and a beta of 1.27. Phillips 66 has a one year low of $73.67 and a one year high of $88.87. The firm has a 50 day moving average of $78.60 and a 200-day moving average of $80.50.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, April 28th. The oil and gas company reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.53. The company had revenue of $23.71 billion for the quarter, compared to analyst estimates of $22.30 billion. Phillips 66 had a return on equity of 5.98% and a net margin of 1.86%. During the same quarter in the previous year, the company posted $0.67 earnings per share. Equities research analysts expect that Phillips 66 will post $4.32 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 1st. Investors of record on Thursday, May 18th were paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.48%. This is a boost from Phillips 66’s previous quarterly dividend of $0.63. The ex-dividend date was Tuesday, May 16th. Phillips 66’s payout ratio is presently 86.96%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. BlackRock Inc. boosted its position in Phillips 66 by 2,329.3% in the first quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after buying an additional 26,676,647 shares in the last quarter. Norges Bank acquired a new position in Phillips 66 during the fourth quarter valued at about $465,132,000. OppenheimerFunds Inc. boosted its position in Phillips 66 by 599.8% in the first quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock valued at $364,472,000 after buying an additional 3,943,299 shares in the last quarter. Clearbridge Investments LLC boosted its position in Phillips 66 by 4,771.9% in the first quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after buying an additional 1,396,918 shares in the last quarter. Finally, New England Asset Management Inc. acquired a new position in Phillips 66 during the first quarter valued at about $104,095,000. 70.00% of the stock is owned by hedge funds and other institutional investors.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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