Phillips 66 (NYSE:PSX) Sets New 52-Week High – Still a Buy?

Phillips 66 (NYSE:PSX) hit a new 52-week high on Wednesday . The company traded as high as $185.37 and last traded at $184.1970, with a volume of 4227756 shares changing hands. The stock had previously closed at $176.76.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSX shares. Piper Sandler upped their target price on Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. Jefferies Financial Group upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday, March 16th. Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Mizuho increased their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Finally, Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $162.33.

Phillips 66 Stock Up 4.2%

The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. The company has a 50-day simple moving average of $156.56 and a two-hundred day simple moving average of $142.33. The stock has a market cap of $73.82 billion, a P/E ratio of 17.02, a P/E/G ratio of 0.61 and a beta of 0.86.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The firm had revenue of $32.16 billion for the quarter, compared to analysts’ expectations of $33.81 billion. During the same quarter last year, the business earned ($0.15) earnings per share. On average, equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Monday, February 23rd. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s dividend payout ratio is currently 46.95%.

Insiders Place Their Bets

In other news, Director Lisa Ann Davis sold 3,800 shares of the stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the sale, the director directly owned 8,701 shares in the company, valued at approximately $1,517,193.37. This represents a 30.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kevin Omar Meyers bought 175 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was acquired at an average cost of $173.20 per share, for a total transaction of $30,310.00. Following the completion of the purchase, the director directly owned 16,624 shares of the company’s stock, valued at $2,879,276.80. The trade was a 1.06% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have sold 84,688 shares of company stock worth $14,066,145. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Phillips 66

Institutional investors and hedge funds have recently bought and sold shares of the business. Brighton Jones LLC increased its stake in shares of Phillips 66 by 238.5% during 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 during the period. Woodline Partners LP lifted its stake in Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after acquiring an additional 10,089 shares during the period. Journey Strategic Wealth LLC lifted its stake in Phillips 66 by 27.1% in the second quarter. Journey Strategic Wealth LLC now owns 2,083 shares of the oil and gas company’s stock worth $249,000 after acquiring an additional 444 shares during the period. American Century Companies Inc. boosted its holdings in Phillips 66 by 2.9% in the second quarter. American Century Companies Inc. now owns 80,942 shares of the oil and gas company’s stock valued at $9,657,000 after acquiring an additional 2,299 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Phillips 66 by 5.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 3,268,830 shares of the oil and gas company’s stock valued at $389,971,000 after acquiring an additional 165,514 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.