Phillips 66 (NYSE:PSX) Hits New 1-Year High – Time to Buy?

Phillips 66 (NYSE:PSX)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $277.12 and last traded at $275.1460, with a volume of 10170068 shares traded. The stock had previously closed at $273.13.

Analysts Set New Price Targets

PSX has been the topic of a number of analyst reports. Barclays upped their target price on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a report on Thursday, August 6th. Wells Fargo & Company upped their price target on shares of Phillips 66 from $239.00 to $335.00 and gave the stock an “overweight” rating in a report on Tuesday, September 1st. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Guggenheim raised Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Finally, Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $241.56.

Phillips 66 Stock Performance

The company has a 50 day simple moving average of $231.07 and a 200-day simple moving average of $193.62. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The stock has a market cap of $108.12 billion, a P/E ratio of 15.46 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The company 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 last year, the firm posted $2.38 EPS. On average, equities analysts expect that Phillips 66 will post 28.28 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

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

Phillips 66 announced that its Board of Directors has authorized a share buyback program on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Phillips 66

In related news, EVP Brian Mandell sold 30,000 shares of the stock in a transaction 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 approximately $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vanessa Sutherland sold 3,523 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 123,907 shares of company stock worth $27,973,214 in the last quarter. 0.40% of the stock is currently owned by company insiders.

Institutional Trading of Phillips 66

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Pointe Capital Management LLC increased its stake in shares of Phillips 66 by 4.3% in the 2nd quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company’s stock worth $213,000 after acquiring an additional 52 shares in the last quarter. Key Client Fiduciary Advisors LLC boosted its stake in Phillips 66 by 3.5% during the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock worth $275,000 after acquiring an additional 55 shares in the last quarter. Threadgill Financial LLC grew its holdings in Phillips 66 by 3.5% in the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock worth $286,000 after purchasing an additional 58 shares during the period. Nilsine Partners LLC grew its holdings in Phillips 66 by 1.5% in the second quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company’s stock worth $688,000 after purchasing an additional 59 shares during the period. Finally, Calamos Wealth Management LLC increased its stake in shares of Phillips 66 by 2.0% during the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock valued at $521,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

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.