Phillips 66’s (PSX) “Buy” Rating Reaffirmed at Argus
Phillips 66 (NYSE:PSX)‘s stock had its “buy” rating restated by analysts at Argus in a note issued to investors on Thursday. They presently have a $108.00 price objective on the oil and gas company’s stock, up from their previous price objective of $96.00. Argus’ target price suggests a potential upside of 15.29% from the stock’s current price.
A number of other brokerages have also commented on PSX. Barclays PLC set a $95.00 price target on shares of Phillips 66 and gave the stock a “hold” rating in a report on Tuesday. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a report on Tuesday. Goldman Sachs Group, Inc. (The) raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and increased their price target for the stock from $88.00 to $109.00 in a report on Tuesday, October 3rd. Howard Weil raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $86.00 to $98.00 in a report on Thursday, September 28th. Finally, Scotiabank raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and increased their price target for the stock from $89.00 to $98.00 in a report on Saturday, September 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $92.67.
Shares of Phillips 66 (PSX) opened at 93.68 on Thursday. The firm has a market cap of $47.92 billion, a price-to-earnings ratio of 28.03 and a beta of 1.19. The firm has a 50-day moving average of $88.12 and a 200-day moving average of $82.15. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $94.69.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.07. The firm had revenue of $24.58 billion for the quarter, compared to analyst estimates of $25.14 billion. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. During the same quarter in the prior year, the firm earned $0.94 EPS. On average, analysts anticipate that Phillips 66 will post $4.35 EPS for the current year.
Phillips 66 announced that its Board of Directors has authorized a stock buyback plan on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
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In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Jacobi Capital Management LLC boosted its position in Phillips 66 by 27.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after buying an additional 277 shares during the period. Motco raised its holdings in Phillips 66 by 4.0% in the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 50 shares in the last quarter. Westside Investment Management Inc. raised its holdings in Phillips 66 by 239.2% in the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after purchasing an additional 1,000 shares in the last quarter. Bruderman Asset Management LLC bought a new position in Phillips 66 in the 2nd quarter worth $112,000. Finally, Farmers National Bank bought a new position in Phillips 66 in the 1st quarter worth $113,000. 69.54% of the stock is owned by institutional investors and hedge funds.
Phillips 66 Company Profile
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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