Phillips 66 (NYSE:PSX) had its price target lowered by equities research analysts at Citigroup from $110.00 to $103.00 in a report released on Tuesday. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price would suggest a potential upside of 8.13% from the company’s previous close.
A number of other research firms have also recently commented on PSX. Piper Jaffray Companies reaffirmed a “buy” rating and set a $115.00 price target on shares of Phillips 66 in a research note on Monday, January 22nd. Royal Bank of Canada reissued a “hold” rating and issued a $106.00 price objective on shares of Phillips 66 in a research report on Tuesday, January 30th. Morgan Stanley reissued an “equal weight” rating on shares of Phillips 66 in a research report on Thursday, January 11th. Credit Suisse Group began coverage on shares of Phillips 66 in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $108.00 price objective for the company. Finally, Scotiabank reissued a “buy” rating and issued a $112.00 price objective on shares of Phillips 66 in a research report on Wednesday, January 10th. Three analysts have rated the stock with a sell rating, nine have assigned 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 $99.37.
Phillips 66 (PSX) traded up $0.05 during mid-day trading on Tuesday, hitting $95.26. 378,694 shares of the company were exchanged, compared to its average volume of 1,995,510. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $107.47. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. The stock has a market cap of $49,621.66, a PE ratio of 9.59, a PEG ratio of 1.38 and a beta of 1.11.
Phillips 66 announced that its Board of Directors has authorized a stock repurchase program on Monday, October 9th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are 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 shares were 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 owns 2,700 shares of the company’s stock, valued at approximately $270,675. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Waters Parkerson & CO. LLC lifted its position in shares of Phillips 66 by 1.7% in the 2nd quarter. Waters Parkerson & CO. LLC now owns 3,606 shares of the oil and gas company’s stock worth $298,000 after purchasing an additional 62 shares during the period. EP Wealth Advisors LLC lifted its position in shares of Phillips 66 by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 3,806 shares of the oil and gas company’s stock worth $315,000 after purchasing an additional 70 shares during the period. Monetary Management Group Inc. lifted its position in shares of Phillips 66 by 2.1% in the 2nd quarter. Monetary Management Group Inc. now owns 4,877 shares of the oil and gas company’s stock worth $403,000 after purchasing an additional 100 shares during the period. Laurel Wealth Advisors Inc. lifted its position in shares of Phillips 66 by 0.6% in the 2nd quarter. Laurel Wealth Advisors Inc. now owns 19,058 shares of the oil and gas company’s stock worth $1,575,000 after purchasing an additional 105 shares during the period. Finally, YorkBridge Wealth Partners LLC lifted its position in shares of Phillips 66 by 3.2% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 4,460 shares of the oil and gas company’s stock worth $372,000 after purchasing an additional 139 shares during the period. 70.17% of the stock is owned by hedge funds and other institutional investors.
Phillips 66 Company Profile
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.
