Phillips 66 (NYSE:PSX) had its price objective upped by Citigroup from $90.00 to $110.00 in a report released on Wednesday. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price target would indicate a potential upside of 2.90% from the company’s previous close.
Other equities analysts also recently issued reports about the company. Barclays set a $95.00 price objective on Phillips 66 and gave the company an “equal weight” rating in a research report on Tuesday, October 10th. Scotiabank reaffirmed a “buy” rating and issued a $112.00 target price on shares of Phillips 66 in a report on Wednesday, January 10th. Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 target price on the stock in a report on Monday, October 16th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $115.00 target price on shares of Phillips 66 in a report on Monday. Finally, Cowen reaffirmed a “buy” rating and issued a $101.00 target price on shares of Phillips 66 in a report on Tuesday, October 17th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $99.55.
Phillips 66 (PSX) traded up $0.24 during mid-day trading on Wednesday, hitting $106.90. The stock had a trading volume of 1,436,500 shares, compared to its average volume of 1,552,453. The stock has a market cap of $54,170.00, a P/E ratio of 26.93, a P/E/G ratio of 1.54 and a beta of 1.24. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $107.34. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40.
Phillips 66 announced that its board has authorized a share repurchase program 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. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the company’s stock in a transaction 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 completion of the sale, the vice president now owns 2,700 shares in the company, valued at $270,675. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in PSX. Rowland & Co. Investment Counsel ADV purchased a new stake in shares of Phillips 66 during the 4th quarter worth about $102,000. Motco boosted its stake in shares of Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after acquiring an additional 50 shares in the last quarter. Ffcm LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter worth about $113,000. Bruderman Asset Management LLC purchased a new position in Phillips 66 in the 2nd quarter valued at about $112,000. Finally, FTB Advisors Inc. lifted its stake 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 valued at $134,000 after buying an additional 780 shares in the last quarter. 70.12% of the stock is currently owned by 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.
