$29.94 Billion in Sales Expected for Phillips 66 (PSX) This Quarter
Equities analysts predict that Phillips 66 (NYSE:PSX) will report sales of $29.94 billion for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Phillips 66’s earnings. The lowest sales estimate is $23.49 billion and the highest is $38.03 billion. Phillips 66 reported sales of $22.04 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 35.8%. The company is scheduled to report its next earnings report before the market opens on Friday, October 27th.
According to Zacks, analysts expect that Phillips 66 will report full year sales of $29.94 billion for the current fiscal year, with estimates ranging from $96.11 billion to $124.21 billion. For the next fiscal year, analysts forecast that the company will report sales of $114.98 billion per share, with estimates ranging from $97.33 billion to $138.79 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Phillips 66.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.07. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. The firm had revenue of $24.58 billion during the quarter, compared to analysts’ expectations of $25.14 billion. During the same period in the previous year, the company earned $0.94 earnings per share.
Several analysts have recently issued reports on the company. Barclays PLC set a $95.00 price target on Phillips 66 and gave the stock an “equal weight” rating in a research note on Tuesday, October 10th. Scotiabank reiterated a “hold” rating and set a $86.00 price target on shares of Phillips 66 in a research note on Tuesday, June 27th. Jefferies Group LLC reiterated a “hold” rating and set a $78.00 price target on shares of Phillips 66 in a research note on Tuesday, September 5th. Vetr upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price target for the company in a research note on Monday, October 16th. Finally, BidaskClub downgraded Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Two analysts have rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $93.22.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of PSX. Jacobi Capital Management LLC raised its holdings in Phillips 66 by 27.4% in 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 acquiring an additional 277 shares in the last quarter. 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 valued at $108,000 after acquiring 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 valued at $110,000 after acquiring an additional 1,000 shares in the last quarter. Bruderman Asset Management LLC acquired a new position in Phillips 66 in the 2nd quarter valued at approximately $112,000. Finally, Farmers National Bank acquired a new position in Phillips 66 in the 1st quarter valued at approximately $113,000. 69.54% of the stock is owned by hedge funds and other institutional investors.
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Phillips 66 (NYSE PSX) opened at 90.80 on Friday. The stock has a market capitalization of $46.45 billion, a PE ratio of 27.17 and a beta of 1.19. The stock’s 50 day moving average is $89.76 and its 200 day moving average is $82.80. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $95.00.
Phillips 66 declared that its board has authorized a stock repurchase program on Monday, October 9th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 3.08%. Phillips 66’s dividend payout ratio is presently 83.58%.
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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