Evercore ISI Initiates Coverage on Phillips 66 (NYSE:PSX)

Equities researchers at Evercore ISI started coverage on shares of Phillips 66 (NYSE:PSX) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The brokerage set an “outperform” rating and a $130.00 price target on the oil and gas company’s stock. Evercore ISI’s price target would indicate a potential upside of 4.01% from the company’s previous close.

Other research analysts have also issued reports about the company. Mizuho increased their price objective on Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 13th. The Goldman Sachs Group lowered Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 target price for the company. in a research note on Thursday, March 27th. TD Cowen raised their target price on Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. lowered their target price on Phillips 66 from $138.00 to $131.00 and set an “overweight” rating for the company in a research note on Tuesday, April 29th. Finally, Raymond James Financial lowered their target price on Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $133.93.

Phillips 66 Stock Performance

Phillips 66 stock opened at $124.98 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. The stock has a fifty day moving average price of $111.89 and a two-hundred day moving average price of $117.30. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The firm has a market capitalization of $50.92 billion, a P/E ratio of 28.47, a P/E/G ratio of 1.94 and a beta of 1.02.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The company had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. During the same quarter in the prior year, the company earned $1.90 earnings per share. As a group, analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other Phillips 66 news, Director Robert W. Pease purchased 439 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were bought at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the transaction, the director now directly owns 4,091 shares in the company, valued at $465,760.35. This trade represents a 12.02% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Hedge funds have recently modified their holdings of the business. Tallon Kerry Patrick bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $336,000. Brighton Jones LLC grew its stake in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after buying an additional 7,214 shares in the last quarter. Principal Securities Inc. grew its stake in shares of Phillips 66 by 3.0% in the fourth quarter. Principal Securities Inc. now owns 16,739 shares of the oil and gas company’s stock valued at $1,907,000 after buying an additional 484 shares in the last quarter. Allworth Financial LP grew its stake in shares of Phillips 66 by 19.4% in the fourth quarter. Allworth Financial LP now owns 15,262 shares of the oil and gas company’s stock valued at $1,809,000 after buying an additional 2,484 shares in the last quarter. Finally, CIBC Asset Management Inc grew its stake in shares of Phillips 66 by 1.2% in the fourth quarter. CIBC Asset Management Inc now owns 72,684 shares of the oil and gas company’s stock valued at $8,281,000 after buying an additional 851 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.