Phillips 66 (PSX) Given Average Recommendation of “Hold” by Brokerages
Phillips 66 (NYSE:PSX) has been given an average recommendation of “Hold” by the nineteen brokerages that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and nine have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $92.55.
PSX has been the topic of several research analyst reports. BidaskClub cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Jefferies Group LLC lowered shares of Phillips 66 from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $95.00 to $75.14 in a research note on Monday, October 16th. Scotiabank set a $86.00 price objective on shares of Phillips 66 and gave the company a “hold” rating in a research note on Tuesday, August 1st. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $91.00 price objective (up previously from $84.00) on shares of Phillips 66 in a research note on Tuesday, October 17th. Finally, Zacks Investment Research lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.60%. The business had revenue of $26.21 billion for the quarter, compared to analysts’ expectations of $29.94 billion. During the same period in the previous year, the company posted $1.05 EPS.
Phillips 66 declared that its Board of Directors has approved a share repurchase plan on Monday, October 9th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date is Thursday, November 16th. Phillips 66’s dividend payout ratio (DPR) is currently 70.18%.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.50% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Smith Moore & CO. grew its position in shares of Phillips 66 by 22.0% in the 3rd quarter. Smith Moore & CO. now owns 8,646 shares of the oil and gas company’s stock valued at $792,000 after acquiring an additional 1,558 shares during the period. American Century Companies Inc. bought a new position in shares of Phillips 66 in the 3rd quarter valued at about $5,569,000. Gabelli Funds LLC grew its position in shares of Phillips 66 by 19.2% in the 3rd quarter. Gabelli Funds LLC now owns 298,000 shares of the oil and gas company’s stock valued at $27,300,000 after acquiring an additional 48,100 shares during the period. Gamco Investors INC. ET AL grew its position in shares of Phillips 66 by 9.0% in the 3rd quarter. Gamco Investors INC. ET AL now owns 42,512 shares of the oil and gas company’s stock valued at $3,895,000 after acquiring an additional 3,500 shares during the period. Finally, State of Tennessee Treasury Department grew its position in shares of Phillips 66 by 43.2% in the 3rd quarter. State of Tennessee Treasury Department now owns 171,862 shares of the oil and gas company’s stock valued at $15,744,000 after acquiring an additional 51,877 shares during the period. 69.58% of the stock is owned by institutional investors.
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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