JPMorgan Chase & Co. Cuts Phillips 66 (NYSE:PSX) Price Target to $131.00

Phillips 66 (NYSE:PSX) had its price target lowered by JPMorgan Chase & Co. from $138.00 to $131.00 in a research report sent to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the oil and gas company’s stock.

A number of other brokerages have also weighed in on PSX. Mizuho cut their target price on shares of Phillips 66 from $140.00 to $132.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 9th. UBS Group reduced their target price on Phillips 66 from $144.00 to $140.00 and set a “buy” rating on the stock in a report on Monday. TD Cowen lowered their target price on Phillips 66 from $127.00 to $114.00 and set a “buy” rating for the company in a research note on Monday. Morgan Stanley reduced their price target on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Finally, Wolfe Research raised Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price objective for the company in a research report on Friday, January 3rd. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $136.36.

Phillips 66 Trading Down 0.5 %

PSX opened at $103.51 on Tuesday. Phillips 66 has a one year low of $91.01 and a one year high of $150.12. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The business has a 50 day simple moving average of $113.83 and a two-hundred day simple moving average of $120.39. The firm has a market capitalization of $42.17 billion, a price-to-earnings ratio of 20.95, a PEG ratio of 4.84 and a beta of 1.17.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). The business had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter in the prior year, the company earned $1.90 EPS. Analysts predict 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 will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, May 19th. This represents a $4.80 annualized dividend and a dividend yield of 4.64%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s dividend payout ratio (DPR) is 109.34%.

Hedge Funds Weigh In On Phillips 66

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. Forum Financial Management LP boosted its holdings in Phillips 66 by 1.0% in the fourth quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company’s stock worth $853,000 after purchasing an additional 77 shares during the last quarter. NewEdge Wealth LLC raised its holdings in Phillips 66 by 0.5% during the fourth quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company’s stock valued at $1,732,000 after acquiring an additional 81 shares during the period. JBR Co Financial Management Inc lifted its holdings in Phillips 66 by 0.9% in the 4th quarter. JBR Co Financial Management Inc now owns 9,520 shares of the oil and gas company’s stock worth $1,085,000 after purchasing an additional 85 shares in the last quarter. Nwam LLC boosted its position in shares of Phillips 66 by 2.2% during the fourth quarter. Nwam LLC now owns 3,876 shares of the oil and gas company’s stock worth $442,000 after acquiring an additional 85 shares during the last quarter. Finally, Webster Bank N. A. boosted its holdings in shares of Phillips 66 by 48.4% during the 4th quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 88 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Company Profile

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.