Phillips 66 (PSX) Lowered to “Hold” at Vetr Inc.
Phillips 66 (NYSE:PSX) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a research note issued on Thursday. They currently have a $97.16 price target on the oil and gas company’s stock.
Several other equities analysts also recently issued reports on the company. J P Morgan Chase & Co lifted their price objective on Phillips 66 from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday. Wells Fargo & Company reiterated a “market perform” rating and issued a $91.00 price objective (up previously from $84.00) on shares of Phillips 66 in a research report on Tuesday, October 17th. Cowen and Company reiterated a “buy” rating and issued a $101.00 price objective on shares of Phillips 66 in a research report on Tuesday, October 17th. Jefferies Group LLC downgraded Phillips 66 from a “hold” rating to an “underperform” rating and cut their price objective for the company from $95.00 to $75.14 in a research report on Monday, October 16th. Finally, Zacks Investment Research downgraded Phillips 66 from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. Phillips 66 currently has an average rating of “Hold” and a consensus price target of $93.33.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. The firm had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. During the same quarter in the previous year, the company posted $1.05 EPS.
Phillips 66 announced that its board has approved a share repurchase plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.
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In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Phillips 66 by 0.4% in the second quarter. Vanguard Group Inc. now owns 31,826,155 shares of the oil and gas company’s stock valued at $2,631,704,000 after purchasing an additional 130,653 shares during the last quarter. BlackRock Inc. grew its stake in Phillips 66 by 0.7% in the second quarter. BlackRock Inc. now owns 28,025,035 shares of the oil and gas company’s stock valued at $2,317,389,000 after acquiring an additional 203,138 shares during the period. State Street Corp grew its stake in Phillips 66 by 4.0% in the first quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock valued at $1,908,079,000 after acquiring an additional 921,895 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Phillips 66 by 4.3% in the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,349,815 shares of the oil and gas company’s stock valued at $1,136,792,000 after acquiring an additional 585,176 shares during the period. Finally, Wells Fargo & Company MN grew its stake in Phillips 66 by 0.9% in the second quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock valued at $696,418,000 after acquiring an additional 71,098 shares during the period. Institutional investors and hedge funds own 69.58% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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