Phillips 66 (NYSE:PSX) Reaches New 1-Year High – Still a Buy?

Phillips 66 (NYSE:PSX)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $190.61 and last traded at $184.8350, with a volume of 2804072 shares. The stock had previously closed at $188.28.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Mizuho boosted their price target on Phillips 66 from $152.00 to $170.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. Wells Fargo & Company raised their price objective on Phillips 66 from $162.00 to $163.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Piper Sandler lifted their price objective on shares of Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. UBS Group reiterated a “buy” rating and set a $172.00 target price on shares of Phillips 66 in a research note on Friday, February 6th. Finally, Morgan Stanley increased their target price on shares of Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $164.00.

Phillips 66 Price Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company has a fifty day moving average price of $160.17 and a 200 day moving average price of $143.83. The company has a market capitalization of $74.07 billion, a P/E ratio of 17.08, a price-to-earnings-growth ratio of 0.35 and a beta of 0.86.

Phillips 66 (NYSE:PSX) last announced its quarterly 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 return on equity of 9.13% and a net margin of 3.22%.The business had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $33.81 billion. During the same quarter last year, the business posted ($0.15) EPS. On average, sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were paid a $1.27 dividend. The ex-dividend date was Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a yield of 2.7%. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 42,800 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at $10,442,200.35. This trade represents a 41.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the sale, the executive vice president owned 25,799 shares in the company, valued at approximately $3,869,850. This represents a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 84,688 shares of company stock valued at $14,066,145. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Several large investors have recently made changes to their positions in PSX. Vanguard Group Inc. boosted its position in shares of Phillips 66 by 11.6% during the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock worth $7,035,574,000 after buying an additional 5,356,558 shares during the period. Norges Bank bought a new position in Phillips 66 in the 4th quarter worth approximately $640,206,000. Elliott Investment Management L.P. increased its position in Phillips 66 by 22.4% in the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares during the period. M&T Bank Corp increased its position in Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after acquiring an additional 2,243,268 shares during the period. Finally, AQR Capital Management LLC raised its stake in Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after acquiring an additional 1,532,389 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Company Profile

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.