Phillips 66 (PSX) Price Target Increased to $75.00 by Analysts at Piper Jaffray Cos.
A number of other analysts have also issued reports on PSX. JPMorgan Chase & Co. reiterated a hold rating on shares of Phillips 66 in a research note on Sunday, June 12th. Morgan Stanley reiterated a hold rating on shares of Phillips 66 in a research note on Monday, August 1st. Scotiabank lowered shares of Phillips 66 from an outperform rating to a sector perform rating and dropped their price objective for the company from $90.00 to $89.00 in a research note on Monday, July 11th. Vetr upgraded shares of Phillips 66 from a buy rating to a strong-buy rating and set a $87.87 price objective on the stock in a research note on Monday, September 12th. Finally, Zacks Investment Research lowered shares of Phillips 66 from a hold rating to a strong sell rating in a research note on Monday, July 4th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $85.52.
Shares of Phillips 66 (NYSE:PSX) traded up 1.58% during mid-day trading on Friday, reaching $80.34. 506,452 shares of the company were exchanged. The firm has a market capitalization of $42.01 billion, a price-to-earnings ratio of 13.91 and a beta of 1.38. The company’s 50-day moving average is $77.86 and its 200 day moving average is $80.87. Phillips 66 has a 12 month low of $71.74 and a 12 month high of $94.12.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same quarter last year, the company earned $1.83 EPS. Analysts predict that Phillips 66 will post $3.38 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Thursday, August 18th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.19%. The ex-dividend date was Tuesday, August 16th. Phillips 66’s payout ratio is currently 43.83%.
In related news, major shareholder Berkshire Hathaway Inc acquired 1,019,974 shares of Phillips 66 stock in a transaction that occurred on Wednesday, September 14th. The stock was acquired at an average price of $77.21 per share, with a total value of $78,752,192.54. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Timothy Garth Taylor sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 28th. The stock was sold at an average price of $78.00, for a total transaction of $3,900,000.00. The disclosure for this sale can be found here. 0.05% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of PSX. Emerald Acquisition Ltd. acquired a new stake in shares of Phillips 66 during the second quarter valued at approximately $64,384,000. Neuberger Berman Group LLC boosted its stake in shares of Phillips 66 by 352.8% in the second quarter. Neuberger Berman Group LLC now owns 899,533 shares of the company’s stock valued at $71,369,000 after buying an additional 700,856 shares during the period. Janus Capital Management LLC boosted its stake in shares of Phillips 66 by 31.0% in the second quarter. Janus Capital Management LLC now owns 2,776,312 shares of the company’s stock valued at $220,271,000 after buying an additional 656,896 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Phillips 66 by 3.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,562,698 shares of the company’s stock valued at $1,155,404,000 after buying an additional 459,964 shares during the period. Finally, BlackRock Fund Advisors boosted its stake in shares of Phillips 66 by 6.9% in the second quarter. BlackRock Fund Advisors now owns 7,109,567 shares of the company’s stock valued at $564,073,000 after buying an additional 457,220 shares during the period. 69.99% of the stock is owned by institutional investors and hedge funds.
Phillips 66 Company Profile
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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