Phillips 66 (PSX) Given Average Recommendation of “Hold” by Brokerages
Phillips 66 (NYSE:PSX) has been assigned an average recommendation of “Hold” from the twenty-one brokerages that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $95.29.
PSX has been the topic of several recent analyst reports. UBS Group lifted their price objective on Phillips 66 from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, November 15th. Vetr cut Phillips 66 from a “buy” rating to a “hold” rating and set a $97.16 price objective on the stock. in a report on Thursday, November 2nd. Goldman Sachs Group upgraded Phillips 66 to a “buy” rating in a report on Monday, December 18th. Jefferies Group cut 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 report on Monday, October 16th. Finally, Wells Fargo & Co reiterated 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.
Phillips 66 (NYSE:PSX) traded up $2.60 during trading hours on Tuesday, hitting $104.97. The stock had a trading volume of 1,849,200 shares, compared to its average volume of 1,377,356. Phillips 66 has a fifty-two week low of $75.14 and a fifty-two week high of $105.09. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86. The company has a market cap of $52,800.00, a PE ratio of 26.44, a PEG ratio of 1.63 and a beta of 1.24.
Phillips 66 announced that its Board of Directors has initiated a share repurchase 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 often an indication that the company’s leadership believes its stock is undervalued.
In other news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $100.25, for a total transaction of $270,675.00. Following the sale, the vice president now owns 2,700 shares in the company, valued at approximately $270,675. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Beach Investment Management LLC. acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $1,693,000. Alps Advisors Inc. acquired a new position in shares of Phillips 66 during the 2nd quarter worth approximately $212,000. Murphy Pohlad Asset Management LLC increased its holdings in shares of Phillips 66 by 6.2% during the 2nd quarter. Murphy Pohlad Asset Management LLC now owns 43,379 shares of the oil and gas company’s stock worth $3,587,000 after acquiring an additional 2,545 shares during the last quarter. Fernwood Investment Management LLC increased its holdings in shares of Phillips 66 by 0.5% during the 2nd quarter. Fernwood Investment Management LLC now owns 20,008 shares of the oil and gas company’s stock worth $1,654,000 after acquiring an additional 100 shares during the last quarter. Finally, Allegis Investment Advisors LLC increased its holdings in shares of Phillips 66 by 18.3% during the 2nd quarter. Allegis Investment Advisors LLC now owns 29,125 shares of the oil and gas company’s stock worth $2,408,000 after acquiring an additional 4,514 shares during the last quarter. Institutional investors own 70.12% of the company’s stock.
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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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