Phillips 66 (NYSE:PSX) Reaches New 52-Week High – Should You Buy?

Phillips 66 (NYSE:PSX) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $211.05 and last traded at $208.85, with a volume of 2119231 shares. The stock had previously closed at $206.86.

Analyst Ratings Changes

A number of brokerages have commented on PSX. Argus upped their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, May 14th. Raymond James Financial upped their price target on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Wall Street Zen downgraded Phillips 66 from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Weiss Ratings cut Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Finally, Wolfe Research raised their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research note on Monday, April 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $196.06.

Phillips 66 Stock Up 1.0%

The company has a 50 day simple moving average of $179.71 and a two-hundred day simple moving average of $166.31. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $83.73 billion, a P/E ratio of 20.58, a P/E/G ratio of 0.27 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.90) earnings per share. On average, equities analysts predict that Phillips 66 will post 19.84 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.4%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers purchased 175 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 41,021 shares of company stock worth $7,195,257 over the last quarter. 0.40% of the stock is owned by company insiders.

Institutional Trading of Phillips 66

Large investors have recently made changes to their positions in the business. Brighton Jones LLC boosted its holdings in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares during the period. Woodline Partners LP raised its position in Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after purchasing an additional 10,089 shares in the last quarter. Sei Investments Co. raised its holdings in shares of Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after acquiring an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after purchasing an additional 28,988 shares during the period. Finally, Glenview Trust co lifted its holdings in Phillips 66 by 2.6% during the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after buying an additional 229 shares during the period. 76.93% of the stock is currently owned by institutional investors.

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.