Phillips 66 (NYSE:PSX) Reaches New 52-Week High on Analyst Upgrade

Phillips 66 (NYSE:PSX) reached a new 52-week high during mid-day trading on Tuesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $261.00 and last traded at $260.1370, with a volume of 211365 shares trading hands. The stock had previously closed at $255.09.

A number of other equities research analysts have also weighed in on the company. The Goldman Sachs Group lifted their price objective on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. Piper Sandler boosted their price objective on shares of Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. Jefferies Financial Group upped their price objective on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. Morgan Stanley lifted their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Finally, Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.76.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard Harbison sold 52,100 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 100,507 shares of company stock worth $21,770,810. Insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of institutional investors have recently modified their holdings of the stock. NFSG Corp boosted its stake in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Axiom Investment Management LLC purchased a new position in Phillips 66 in the first quarter worth about $27,000. SWAN Capital LLC lifted its stake in shares of Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after buying an additional 190 shares in the last quarter. Compass Financial Management LLC purchased a new stake in shares of Phillips 66 during the second quarter valued at approximately $28,000. Finally, Kelleher Financial Advisors bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $29,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 0.8%

The company has a market cap of $104.20 billion, a P/E ratio of 14.88, a P/E/G ratio of 0.19 and a beta of 0.71. The company’s 50-day moving average is $219.55 and its two-hundred day moving average is $188.21. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the prior year, the firm posted $2.38 EPS. As a group, equities analysts predict that Phillips 66 will post 24.07 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Tuesday, August 18th. Phillips 66’s dividend payout ratio is presently 28.95%.

Phillips 66 announced that its board has approved a stock repurchase plan on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.

About Phillips 66

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.