Phillips 66 (NYSE:PSX) Upgraded to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Phillips 66 (NYSE:PSX) from a hold rating to a buy rating in a research note published on Saturday morning.

Other equities research analysts have also recently issued reports about the company. Zacks Research cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Scotiabank reiterated a “sector perform” rating and issued a $140.00 price target on shares of Phillips 66 in a report on Friday, January 16th. The Goldman Sachs Group lifted their price objective on Phillips 66 from $152.00 to $164.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Wells Fargo & Company upped their target price on shares of Phillips 66 from $162.00 to $163.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $158.00 target price on shares of Phillips 66 in a research note on Friday, February 20th. Eleven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, Phillips 66 currently has a consensus rating of “Hold” and a consensus price target of $160.11.

Phillips 66 Trading Up 1.0%

Shares of NYSE PSX opened at $153.91 on Friday. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $163.79. The company has a 50-day moving average of $144.05 and a two-hundred day moving average of $137.27. The company has a market cap of $61.68 billion, a PE ratio of 14.22, a P/E/G ratio of 0.54 and a beta of 0.90. The company has a current ratio of 1.30, a quick ratio of 0.87 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The business had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. During the same quarter last year, the business posted ($0.15) earnings per share. As a group, equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.3%. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date is Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 25,500 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $140.04, for a total value of $3,571,020.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,959,593.52. This trade represents a 30.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 41,788 shares of company stock worth $6,067,250. 0.22% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Phillips 66

Institutional investors and hedge funds have recently made changes to their positions in the company. Elliott Investment Management L.P. lifted its stake in Phillips 66 by 22.4% in the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after purchasing an additional 3,526,000 shares during the last quarter. Oppenheimer & Co. Inc. grew its stake in shares of Phillips 66 by 57.4% during the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock worth $7,734,000 after buying an additional 20,742 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its holdings in shares of Phillips 66 by 5.0% during the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock worth $28,523,000 after buying an additional 10,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 14.8% during the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after buying an additional 5,978,841 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in shares of Phillips 66 by 3.9% in the 2nd quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock valued at $83,102,000 after acquiring an additional 26,238 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

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.