TD Cowen Raises Phillips 66 (NYSE:PSX) Price Target to $213.00

Phillips 66 (NYSE:PSX) had its target price boosted by research analysts at TD Cowen from $155.00 to $213.00 in a report issued on Wednesday,MarketScreener reports. The firm presently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s target price would suggest a potential upside of 21.72% from the company’s current price.

Other research analysts have also issued research reports about the stock. Scotiabank upgraded shares of Phillips 66 to a “hold” rating in a research report on Friday, March 27th. JPMorgan Chase & Co. reduced their price target on shares of Phillips 66 from $154.00 to $151.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Raymond James Financial increased their price objective on Phillips 66 from $175.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, March 25th. Barclays set a $158.00 target price on shares of Phillips 66 in a research note on Friday, February 20th. Finally, The Goldman Sachs Group upped their price target on Phillips 66 from $168.00 to $186.00 and gave the stock a “neutral” rating in a research note on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $169.56.

Phillips 66 Price Performance

Shares of Phillips 66 stock traded down $7.19 on Wednesday, hitting $174.99. The company had a trading volume of 2,123,610 shares, compared to its average volume of 3,049,378. The business has a 50-day simple moving average of $161.04 and a 200-day simple moving average of $144.19. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company has a market cap of $70.12 billion, a PE ratio of 16.17, a PEG ratio of 0.33 and a beta of 0.86. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $190.61.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The firm had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. During the same period in the prior year, the firm posted ($0.15) earnings per share. Research analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 16,856 shares of Phillips 66 stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $16,380,590.72. This trade represents a 14.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lisa Ann Davis sold 3,800 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the transaction, the director owned 8,701 shares in the company, valued at approximately $1,517,193.37. This trade represents a 30.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 84,688 shares of company stock valued at $14,066,145. 0.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On Phillips 66

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Phillips 66 by 11.6% in the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock valued at $7,035,574,000 after acquiring an additional 5,356,558 shares during the last quarter. Norges Bank acquired a new position in Phillips 66 during the fourth quarter valued at approximately $640,206,000. Elliott Investment Management L.P. increased its stake in Phillips 66 by 22.4% in the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after purchasing an additional 3,526,000 shares in the last quarter. M&T Bank Corp raised its holdings in Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the period. Finally, AQR Capital Management LLC raised its holdings in Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after purchasing an additional 1,532,389 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

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.