Phillips 66 (NYSE:PSX) Reaches New 1-Year High After Analyst Upgrade

Phillips 66 (NYSE:PSX) shares reached a new 52-week high during mid-day trading on Thursday after Jefferies Financial Group raised their price target on the stock from $191.00 to $207.00. Jefferies Financial Group currently has a hold rating on the stock. Phillips 66 traded as high as $190.66 and last traded at $190.3150, with a volume of 1372511 shares traded. The stock had previously closed at $187.81.

PSX has been the subject of a number of other research reports. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Guggenheim upgraded Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Barclays increased their price objective on shares of Phillips 66 from $177.00 to $183.00 and gave the company an “equal weight” rating in a research report on Thursday. Piper Sandler lifted their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research note on Wednesday, April 8th. Finally, Wells Fargo & Company boosted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 31st. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $193.94.

Insider Activity

In other news, Director Kevin Omar Meyers acquired 175 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $16,553,920. This trade represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 announced a quarterly dividend of $1.27 per share, reinforcing its cash-return profile for income-focused investors. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Rising crude prices tied to renewed Middle East tensions may improve refining margins, which can benefit Phillips 66’s core business and support earnings expectations. What Do Renewed Middle East Tensions Mean for Phillips 66’s Business?
• Positive Sentiment: Analyst and market commentary continue to frame PSX as a strong momentum name, with recent bullish coverage helping maintain investor interest. Why Phillips 66 (PSX) is a top momentum stock for the long term
• Neutral Sentiment: Barclays raised its price target on Phillips 66 to $183 from $177 but kept an equal weight rating, suggesting a more balanced view even as the target moved up.
• Neutral Sentiment: Phillips 66 was also featured in articles discussing its place on the S&P 500 radar and its valuation after the oil-price spike, which may add to trading interest but does not change fundamentals by itself. What Puts Phillips 66 (NYSE:PSX) on the S&P 500 Radar?
• Negative Sentiment: Zacks Research downgraded Phillips 66 from strong-buy to hold, which could temper enthusiasm despite the broader bullish backdrop. Zacks downgrade coverage

Hedge Funds Weigh In On Phillips 66

A number of hedge funds have recently modified their holdings of the stock. Board of the Pension Protection Fund purchased a new position in shares of Phillips 66 in the fourth quarter worth approximately $26,000. Accordant Advisory Group Inc lifted its stake in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 180 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in Phillips 66 during the 4th quarter worth about $27,000. NFSG Corp grew its stake in Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Finally, Axiom Investment Management LLC purchased a new position in Phillips 66 during the 1st quarter valued at about $27,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 1.4%

The business has a fifty day moving average price of $175.58 and a two-hundred day moving average price of $162.35. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The company has a market cap of $76.36 billion, a price-to-earnings ratio of 18.77, a P/E/G ratio of 0.24 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.90) earnings per share. On average, equities analysts predict that Phillips 66 will post 19.27 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were paid a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.7%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

About Phillips 66

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.