Phillips 66 (NYSE:PSX) Reaches New 12-Month High – Here’s What Happened

Phillips 66 (NYSE:PSX) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $179.02 and last traded at $177.3260, with a volume of 1249159 shares changing hands. The stock had previously closed at $172.74.

Analyst Ratings Changes

A number of brokerages have commented on PSX. Mizuho lifted their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a “neutral” rating in a research note on Tuesday. Raymond James Financial raised their price target on shares of Phillips 66 from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Piper Sandler upped their price objective on Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Finally, Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.33.

Phillips 66 Stock Up 2.9%

The business’s 50 day moving average price is $153.53 and its 200-day moving average price is $140.96. The firm has a market capitalization of $71.21 billion, a PE ratio of 16.44, a P/E/G ratio of 0.60 and a beta of 0.86. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping 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 firm had revenue of $32.16 billion during the quarter, compared to analysts’ expectations of $33.81 billion. During the same quarter last year, the company posted ($0.15) EPS. As a group, equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were given a dividend of $1.27 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Insiders Place Their Bets

In other news, Director Kevin Omar Meyers acquired 175 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The shares were purchased at an average price of $173.20 per share, for a total transaction of $30,310.00. Following the acquisition, the director owned 16,624 shares of the company’s stock, valued at $2,879,276.80. This represents a 1.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lisa Ann Davis sold 3,800 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.37, for a total value of $662,606.00. Following the transaction, the director directly owned 8,701 shares in the company, valued at approximately $1,517,193.37. The trade was a 30.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 84,688 shares of company stock valued at $14,066,145. Insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

Several hedge funds have recently made changes to their positions in PSX. Brighton Jones LLC boosted its position in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after buying an additional 7,214 shares during the period. Woodline Partners LP raised its stake in shares of Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 10,089 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Phillips 66 by 20.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,497 shares of the oil and gas company’s stock valued at $656,000 after acquiring an additional 937 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Phillips 66 by 2.3% in the second quarter. Cetera Investment Advisers now owns 141,627 shares of the oil and gas company’s stock valued at $16,896,000 after purchasing an additional 3,210 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in Phillips 66 by 3.4% in the second quarter. Nomura Asset Management Co. Ltd. now owns 144,195 shares of the oil and gas company’s stock valued at $17,202,000 after purchasing an additional 4,725 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Company Profile

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.