Phillips 66 (PSX) Cut to Hold at Vetr Inc.
Phillips 66 (NYSE:PSX) was downgraded by stock analysts at Vetr from a “buy” rating to a “hold” rating in a report issued on Tuesday. They presently have a $97.16 price objective on the oil and gas company’s stock. Vetr‘s price objective suggests a potential upside of 3.78% from the company’s previous close.
Several other analysts have also recently commented on PSX. Piper Jaffray Companies set a $93.00 price target on shares of Phillips 66 and gave the stock a “buy” rating in a report on Monday, November 13th. UBS AG lifted their target price on shares of Phillips 66 from $85.00 to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, November 15th. Barclays PLC reiterated an “equal weight” rating and issued a $89.00 target price (up from $87.00) on shares of Phillips 66 in a research note on Wednesday, August 2nd. Howard Weil upgraded shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $86.00 to $98.00 in a research note on Thursday, September 28th. Finally, BidaskClub cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. Phillips 66 presently has a consensus rating of “Hold” and a consensus target price of $93.25.
Phillips 66 (NYSE:PSX) traded up $1.00 during trading on Tuesday, hitting $93.62. 1,509,095 shares of the stock traded hands, compared to its average volume of 2,217,720. The stock has a market capitalization of $47,440.00, a P/E ratio of 26.70, a P/E/G ratio of 2.38 and a beta of 1.20. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $95.00.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.04. The business had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. During the same period last year, the firm posted $1.05 earnings per share. research analysts predict that Phillips 66 will post 4.58 earnings per share for the current fiscal year.
Phillips 66 declared that its Board of Directors has initiated a stock buyback program on Monday, October 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated 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 filing with the SEC, which is accessible through the SEC website. 0.50% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Jacobi Capital Management LLC lifted 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 worth $100,000 after buying an additional 277 shares in the last quarter. Motco lifted its position in Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after purchasing an additional 50 shares during the period. Ffcm LLC acquired a new position in Phillips 66 during the 2nd quarter valued at about $113,000. Bruderman Asset Management LLC acquired a new position in Phillips 66 during the 2nd quarter valued at about $112,000. Finally, Meeder Asset Management Inc. acquired a new position in Phillips 66 during the 2nd quarter valued at about $116,000. Institutional investors and hedge funds own 69.92% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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