FY2017 EPS Estimates for Phillips 66 (PSX) Lifted by Analyst
Phillips 66 (NYSE:PSX) – Equities researchers at US Capital Advisors upped their FY2017 earnings estimates for shares of Phillips 66 in a report issued on Monday. US Capital Advisors analyst C. Weiland now anticipates that the oil and gas company will post earnings per share of $4.63 for the year, up from their previous estimate of $4.56. US Capital Advisors has a “Hold” rating on the stock. US Capital Advisors also issued estimates for Phillips 66’s Q3 2018 earnings at $1.89 EPS and FY2018 earnings at $5.80 EPS.
PSX has been the subject of several other research reports. UBS boosted their price objective on Phillips 66 from $85.00 to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, November 15th. Wells Fargo & Company reissued a “market perform” rating and set a $91.00 price objective (up previously from $84.00) on shares of Phillips 66 in a report on Tuesday, October 17th. Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective for the company in a report on Monday, November 13th. Howard Weil raised 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 report on Thursday, September 28th. Finally, J P Morgan Chase & Co boosted their price objective on Phillips 66 from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, October 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $93.25.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share 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 for the quarter, compared to analysts’ expectations of $29.94 billion. During the same period in the prior year, the business posted $1.05 earnings per share.
A number of institutional investors and hedge funds have recently modified their holdings of PSX. FMR LLC boosted its stake in shares of Phillips 66 by 37.1% during the second quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock valued at $621,890,000 after purchasing an additional 2,036,258 shares during the period. Clearbridge Investments LLC boosted its stake in shares of Phillips 66 by 4,771.9% during the first quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after purchasing an additional 1,396,918 shares during the period. New England Asset Management Inc. purchased a new stake in shares of Phillips 66 during the first quarter valued at approximately $104,095,000. State Street Corp boosted its stake in shares of Phillips 66 by 4.0% during 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 purchasing an additional 921,895 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of Phillips 66 by 81.2% during the second quarter. Russell Investments Group Ltd. now owns 1,608,000 shares of the oil and gas company’s stock valued at $132,965,000 after purchasing an additional 720,568 shares during the period. 70.24% of the stock is owned by institutional investors and hedge funds.
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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.85%. The ex-dividend date was Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 announced that its board has authorized a share repurchase plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
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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.
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