Brokers Set Expectations for Phillips 66’s Q3 2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for Phillips 66 in a research report issued on Tuesday, October 1st. Zacks Research analyst R. Department now forecasts that the oil and gas company will earn $2.11 per share for the quarter, down from their previous estimate of $2.40. The consensus estimate for Phillips 66’s current full-year earnings is $8.27 per share. Zacks Research also issued estimates for Phillips 66’s Q4 2024 earnings at $2.05 EPS, FY2024 earnings at $8.37 EPS, Q1 2026 earnings at $2.82 EPS and Q3 2026 earnings at $3.35 EPS.

Other research analysts have also issued reports about the company. Wolfe Research assumed coverage on Phillips 66 in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Piper Sandler cut their price objective on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. Morgan Stanley decreased their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Barclays lifted their price target on shares of Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Raymond James boosted their price objective on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $152.71.

Phillips 66 Stock Performance

NYSE:PSX opened at $138.93 on Thursday. The company has a market cap of $58.15 billion, a P/E ratio of 10.69, a P/E/G ratio of 5.28 and a beta of 1.33. The firm’s 50 day moving average is $133.90 and its two-hundred day moving average is $142.51. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same period in the prior year, the firm posted $3.87 EPS. The company’s revenue was up 8.9% on a year-over-year basis.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.31%. The ex-dividend date was Tuesday, August 20th. Phillips 66’s payout ratio is currently 35.38%.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Several institutional investors have recently made changes to their positions in PSX. Vanguard Group Inc. grew its stake in Phillips 66 by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after buying an additional 1,578,669 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Phillips 66 by 20.3% in 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 acquiring an additional 1,842,226 shares during the period. Bank of New York Mellon Corp lifted its position in Phillips 66 by 5.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock valued at $1,189,035,000 after purchasing an additional 402,925 shares during the last quarter. Boston Partners boosted its stake in Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock valued at $889,214,000 after purchasing an additional 1,595,722 shares during the period. Finally, Legal & General Group Plc grew its position in Phillips 66 by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 3,699,370 shares of the oil and gas company’s stock worth $522,240,000 after purchasing an additional 18,238 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

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.