Phillips 66 (NYSE:PSX) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Phillips 66 (NYSE:PSX) from a buy rating to a hold rating in a report released on Saturday.

Several other analysts have also recently weighed in on the company. TD Cowen raised their price target on Phillips 66 from $140.00 to $145.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 31st. Jefferies Financial Group raised their target price on shares of Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a research note on Friday, October 10th. UBS Group reissued a “buy” rating and issued a $160.00 price target on shares of Phillips 66 in a research note on Monday, November 10th. Finally, Barclays increased their price target on shares of Phillips 66 from $132.00 to $141.00 and gave the stock an “equal weight” rating in a report on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have issued a Hold 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 $148.35.

Phillips 66 Trading Up 0.1%

Shares of PSX stock opened at $129.06 on Friday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $144.96. The company’s fifty day simple moving average is $135.83 and its two-hundred day simple moving average is $130.24. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87. The stock has a market capitalization of $52.00 billion, a price-to-earnings ratio of 35.26, a PEG ratio of 0.67 and a beta of 0.92.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The company had revenue of $33.69 billion during the quarter, compared to analysts’ expectations of $32.29 billion. During the same period in the previous year, the business earned $2.04 earnings per share. As a group, analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, November 17th. Phillips 66’s dividend payout ratio is 131.15%.

Insider Buying and Selling

In other news, EVP Brian Mandell sold 25,500 shares of Phillips 66 stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $140.04, for a total value of $3,571,020.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,959,593.52. This trade represents a 30.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $138.00, for a total value of $4,140,000.00. Following the transaction, the chief financial officer owned 89,771 shares of the company’s stock, valued at approximately $12,388,398. This represents a 25.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 86,093 shares of company stock valued at $11,933,256 over the last ninety days. 0.22% of the stock is owned by insiders.

Institutional Investors Weigh In On Phillips 66

Several hedge funds have recently made changes to their positions in PSX. Evolution Wealth Management Inc. purchased a new stake in shares of Phillips 66 in the 2nd quarter worth $25,000. Wolff Wiese Magana LLC raised its position in shares of Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 82 shares during the last quarter. Webster Bank N. A. increased its holdings in Phillips 66 by 58.8% in the 2nd quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Phillips 66 in the second quarter worth about $32,000. Finally, Winnow Wealth LLC bought a new position in shares of Phillips 66 during the 3rd quarter valued at approximately $36,000. 76.93% of the stock is currently owned by institutional investors.

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.