Phillips 66 (NYSE:PSX) Price Target Cut to $142.00 by Analysts at Barclays

Phillips 66 (NYSE:PSX) had its price target cut by Barclays from $147.00 to $142.00 in a report released on Monday, Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

Several other analysts also recently issued reports on the stock. TD Cowen cut their target price on shares of Phillips 66 from $164.00 to $155.00 and set a buy rating on the stock in a research note on Friday, June 21st. Argus restated a buy rating and set a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. The Goldman Sachs Group upped their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a buy rating in a report on Friday, March 22nd. JPMorgan Chase & Co. upped their price target on shares of Phillips 66 from $149.00 to $167.00 and gave the company an overweight rating in a report on Monday, April 1st. Finally, Piper Sandler decreased their price target on shares of Phillips 66 from $170.00 to $151.00 and set an overweight rating for the company in a report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $157.43.

Phillips 66 Stock Down 0.2 %

Shares of NYSE PSX opened at $140.93 on Monday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. The firm has a market cap of $59.75 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 2.12 and a beta of 1.34. Phillips 66 has a 1 year low of $94.51 and a 1 year high of $174.08. The stock’s 50-day simple moving average is $142.91 and its 200-day simple moving average is $144.83.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to analyst estimates of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter in the previous year, the firm earned $4.21 earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 11.08 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were paid a dividend of $1.15 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Friday, May 17th. Phillips 66’s dividend payout ratio is 35.38%.

Insider Buying and Selling at Phillips 66

In other news, EVP Timothy D. Roberts sold 37,742 shares of Phillips 66 stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at $7,051,617. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently made changes to their positions in PSX. Norges Bank bought a new stake in shares of Phillips 66 during the 4th quarter worth about $559,435,000. Boston Partners boosted its holdings in shares of Phillips 66 by 962.0% during the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after buying an additional 3,494,878 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Phillips 66 by 38.0% during the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock worth $1,309,954,000 after buying an additional 2,209,043 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Phillips 66 during the 4th quarter worth about $254,336,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after buying an additional 1,842,226 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

About Phillips 66

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.