Investment analysts at Credit Suisse Group assumed coverage on shares of Phillips 66 (NYSE:PSX) in a report released on Wednesday, The Fly reports. The firm set a “neutral” rating on the oil and gas company’s stock.
PSX has been the subject of several other research reports. Piper Jaffray Companies set a $93.00 price objective on shares of Phillips 66 and gave the company a “buy” rating in a report on Monday, November 13th. Vetr raised shares of 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 27th. Jefferies Group reissued a “hold” rating and set a $78.00 price objective on shares of Phillips 66 in a report on Tuesday, September 5th. Zacks Investment Research downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. Finally, US Capital Advisors downgraded shares of Phillips 66 from an “overweight” rating to a “hold” rating in a report on Monday, December 4th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $94.14.
Phillips 66 (PSX) opened at $101.75 on Wednesday. The firm has a market cap of $51,739.32, a price-to-earnings ratio of 25.50, a P/E/G ratio of 1.61 and a beta of 1.24. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $102.43.
Phillips 66 announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 9th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.
In other news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the company’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $100.25, for a total transaction of $270,675.00. Following the sale, the vice president now directly owns 2,700 shares in the company, valued at approximately $270,675. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in PSX. Motco raised its position in Phillips 66 by 4.0% in the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 50 shares during the period. Ffcm LLC purchased a new stake in Phillips 66 in the 2nd quarter worth about $113,000. Bruderman Asset Management LLC purchased a new stake in Phillips 66 in the 2nd quarter worth about $112,000. FTB Advisors Inc. raised its position in Phillips 66 by 112.9% in the 3rd quarter. FTB Advisors Inc. now owns 1,471 shares of the oil and gas company’s stock worth $134,000 after purchasing an additional 780 shares during the period. Finally, Mountain Capital Investment Advisors Inc purchased a new stake in Phillips 66 in the 2nd quarter worth about $127,000. Hedge funds and other institutional investors own 70.12% 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.
