Phillips 66’s (PSX) “Buy” Rating Reiterated at Scotiabank
Phillips 66 (NYSE:PSX)‘s stock had its “buy” rating reaffirmed by analysts at Scotiabank in a report released on Wednesday. They currently have a $112.00 target price on the oil and gas company’s stock. Scotiabank’s target price suggests a potential upside of 9.72% from the company’s previous close.
A number of other brokerages have also recently commented on PSX. Credit Suisse Group began coverage on Phillips 66 in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $108.00 price objective on the stock. Royal Bank of Canada reiterated a “hold” rating and issued a $102.00 price target on shares of Phillips 66 in a research note on Wednesday, December 20th. Goldman Sachs Group upgraded Phillips 66 to a “buy” rating in a research note on Monday, December 18th. US Capital Advisors cut Phillips 66 from an “overweight” rating to a “hold” rating in a research note on Monday, December 4th. Finally, Jefferies Group cut Phillips 66 from a “hold” rating to an “underperform” rating and cut their price target for the stock from $95.00 to $75.14 in a research note on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $96.66.
Shares of Phillips 66 (NYSE:PSX) traded up $0.36 on Wednesday, hitting $102.08. The company’s stock had a trading volume of 364,147 shares, compared to its average volume of 1,730,000. The firm has a market capitalization of $51,730.00, a PE ratio of 25.71, a PEG ratio of 1.62 and a beta of 1.24. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $102.80. 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 announced that its Board of Directors has authorized a stock buyback 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the business’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $100.25, for a total value of $270,675.00. Following the completion of the sale, the vice president now directly owns 2,700 shares of the company’s stock, valued at $270,675. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. Motco increased its holdings in Phillips 66 by 4.0% in the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after buying an additional 50 shares during the last quarter. Ffcm LLC bought a new stake in Phillips 66 in the second quarter valued at about $113,000. Bruderman Asset Management LLC bought a new stake in Phillips 66 in the second quarter valued at about $112,000. FTB Advisors Inc. increased its holdings in Phillips 66 by 112.9% in the third quarter. FTB Advisors Inc. now owns 1,471 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 780 shares during the last quarter. Finally, Mountain Capital Investment Advisors Inc bought a new stake in Phillips 66 in the second quarter valued at about $127,000. 70.12% of the stock is owned by hedge funds and other institutional investors.
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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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