Phillips 66 (NYSE:PSX) Price Target Lowered to $136.00 at Piper Sandler

Phillips 66 (NYSE:PSX) had its price target reduced by Piper Sandler from $151.00 to $136.00 in a report published on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and gas company’s stock.

Several other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Phillips 66 from $165.00 to $162.00 and set an overweight rating for the company in a report on Tuesday, July 2nd. Morgan Stanley reduced their target price on shares of Phillips 66 from $150.00 to $144.00 and set an equal weight rating for the company in a research note on Monday, September 16th. Wells Fargo & Company lifted their price target on Phillips 66 from $176.00 to $182.00 and gave the company an overweight rating in a research note on Tuesday, September 3rd. Raymond James upped their price objective on Phillips 66 from $150.00 to $155.00 and gave the stock an outperform rating in a research report on Wednesday, July 31st. Finally, Barclays lifted their target price on Phillips 66 from $136.00 to $138.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $154.21.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $129.97 on Friday. The stock’s fifty day simple moving average is $135.20 and its 200 day simple moving average is $143.69. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $55.10 billion, a PE ratio of 10.00, a PEG ratio of 4.67 and a beta of 1.33. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter last year, the firm posted $3.87 earnings per share. Phillips 66’s revenue was up 8.9% compared to the same quarter last year. On average, research analysts predict that Phillips 66 will post 9.1 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.54%. Phillips 66’s payout ratio is 35.38%.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at approximately $11,390,062.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Hedge funds and other institutional investors have recently bought and sold shares of the business. Gryphon Financial Partners LLC increased its holdings in shares of Phillips 66 by 11.4% during the 4th quarter. Gryphon Financial Partners LLC now owns 4,166 shares of the oil and gas company’s stock worth $546,000 after acquiring an additional 426 shares during the last quarter. TrinityPoint Wealth LLC increased its holdings in shares of Phillips 66 by 14.9% in the fourth quarter. TrinityPoint Wealth LLC now owns 5,170 shares of the oil and gas company’s stock valued at $688,000 after purchasing an additional 672 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Phillips 66 by 55.1% in the fourth quarter. Clearbridge Investments LLC now owns 33,625 shares of the oil and gas company’s stock valued at $4,477,000 after purchasing an additional 11,945 shares during the period. Assetmark Inc. lifted its stake in shares of Phillips 66 by 792.6% during the 4th quarter. Assetmark Inc. now owns 1,455 shares of the oil and gas company’s stock worth $194,000 after buying an additional 1,292 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Phillips 66 by 0.4% during the 4th quarter. US Bancorp DE now owns 263,400 shares of the oil and gas company’s stock worth $35,070,000 after buying an additional 1,017 shares during the period. Institutional investors own 76.93% of the company’s stock.

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.