Phillips 66 (NYSE:PSX) Given New $183.00 Price Target at Barclays

Phillips 66 (NYSE:PSX) had its price objective increased by Barclays from $177.00 to $183.00 in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has an equal weight rating on the oil and gas company’s stock.

PSX has been the topic of several other research reports. BMO Capital Markets increased their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Argus upped their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research note on Thursday, May 14th. Scotiabank raised their price target on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Finally, Jefferies Financial Group lifted their price objective on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $193.94.

Phillips 66 Price Performance

Phillips 66 stock opened at $189.83 on Thursday. The company has a market capitalization of $76.11 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 0.25 and a beta of 0.69. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $190.66. The stock’s 50 day moving average is $176.08 and its 200-day moving average is $162.78.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.90) EPS. Equities research analysts expect that Phillips 66 will post 19.27 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s dividend payout ratio is 50.05%.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kevin Omar Meyers bought 175 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 0.40% of the stock is currently owned by company insiders.

Institutional Trading of Phillips 66

Several large investors have recently made changes to their positions in the company. Norges Bank bought a new position in Phillips 66 in the fourth quarter valued at approximately $640,206,000. M&T Bank Corp lifted its stake in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC lifted its stake in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Amundi boosted its holdings in shares of Phillips 66 by 62.0% in the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after purchasing an additional 1,403,493 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new position in shares of Phillips 66 in the 2nd quarter valued at $107,967,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 News Summary

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 declared a quarterly dividend of $1.27 per share, reinforcing its shareholder-return story and likely supporting demand for the stock. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Rising crude prices and renewed geopolitical risk in the Middle East have lifted the broader energy complex, and Phillips 66 is benefiting from expectations that tighter fuel supplies could improve refining margins. Phillips 66 (PSX) Could Be 3% Undervalued After Oil Spiked On Middle East Tensions
• Positive Sentiment: Analysts have been highlighting Phillips 66 as a strong long-term momentum name, while Barclays also recently raised its price target to $183, keeping attention on the stock’s valuation and earnings power. Why Phillips 66 (PSX) is a Top Momentum Stock for the Long-Term
• Neutral Sentiment: Commentary on Phillips 66 being on the S&P 500 radar and other momentum-focused articles are adding visibility, but do not appear to reflect a material company-specific catalyst. What Puts Phillips 66 (NYSE:PSX) on the S&P 500 Radar?
• Negative Sentiment: Some headline risk remains from higher crude costs after U.S. strikes on Iran, which could pressure refining economics if feedstock prices rise faster than product prices. Phillips 66 (PSX) Stock Faces Higher Crude Costs After U.S. Strikes On Iran
• Negative Sentiment: Barclays’ updated target of $183 sits below the current share price, suggesting limited near-term upside from that firm’s perspective. Barclays price target update

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.