Barclays Forecasts Strong Price Appreciation for Phillips 66 (NYSE:PSX) Stock

Phillips 66 (NYSE:PSX) had its target price raised by investment analysts at Barclays from $216.00 to $282.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Barclays‘s price objective indicates a potential upside of 0.59% from the company’s current price.

Several other brokerages have also recently weighed in on PSX. Piper Sandler raised their target price on Phillips 66 from $209.00 to $264.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. TD Cowen upped their price target on Phillips 66 from $255.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, September 30th. The Goldman Sachs Group increased their price target on Phillips 66 from $245.00 to $274.00 and gave the company a “neutral” rating in a research report on Wednesday, September 30th. Finally, Mizuho reiterated a “neutral” rating and set a $300.00 price objective (up from $220.00) on shares of Phillips 66 in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and a consensus price target of $260.44.

Phillips 66 Price Performance

Shares of NYSE:PSX traded up $2.17 during trading on Monday, reaching $280.35. The company had a trading volume of 914,607 shares, compared to its average volume of 2,849,688. Phillips 66 has a twelve month low of $126.92 and a twelve month high of $286.57. The firm has a market capitalization of $111.87 billion, a PE ratio of 15.98 and a beta of 0.71. The firm’s fifty day moving average is $248.12 and its 200 day moving average is $203.45. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%. The firm had revenue of $51 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the firm posted $2.38 earnings per share. On average, equities analysts forecast that Phillips 66 will post 29.01 EPS for the current year.

Phillips 66 announced that its board has approved a stock 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 repurchase up to 11.8% of its shares through open market purchases. Share repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, 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. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,886 shares of company stock worth $25,878,894 in the last 90 days. 0.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Phillips 66 in the second quarter valued at $5,766,779,000. State Street Corp raised its position in Phillips 66 by 1.1% in the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after purchasing an additional 271,841 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Phillips 66 in the second quarter worth about $1,093,206,000. Amundi lifted its stake in Phillips 66 by 62.0% during the first quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock worth $668,137,000 after purchasing an additional 1,403,493 shares during the period. Finally, Bank of America Corp DE lifted its stake in Phillips 66 by 1.2% during the first quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after purchasing an additional 35,167 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company engaged in the processing, transportation, storage and marketing of energy products. Its operations include refining crude oil into gasoline, diesel, jet fuel, lubricants and other refined products, as well as distributing and marketing fuels under the Phillips 66, 76 and JET brands.

The company also operates midstream infrastructure, including pipelines, terminals, processing facilities and storage assets that support the movement of crude oil, natural gas liquids and refined products.