Phillips 66 (NYSE:PSX) Given New $302.00 Price Target at Citigroup

Phillips 66 (NYSE:PSX) had its target price hoisted by stock analysts at Citigroup from $297.00 to $302.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup‘s target price would indicate a potential upside of 16.43% from the stock’s previous close.

Several other equities research analysts also recently commented on the company. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 26th. The Goldman Sachs Group increased their price objective on shares of Phillips 66 from $245.00 to $274.00 and gave the company a “neutral” rating in a research report on Wednesday, September 30th. Jefferies Financial Group reissued a “hold” rating and set a $276.00 target price on shares of Phillips 66 in a research report on Sunday, October 11th. Morgan Stanley upped their target price on shares of Phillips 66 from $284.00 to $290.00 and gave the company an “overweight” rating in a research note on Monday. Finally, TD Cowen raised their price target on shares of Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a report on Thursday, October 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $270.12.

Phillips 66 Stock Down 4.6%

NYSE PSX traded down $12.55 during trading hours on Wednesday, hitting $259.38. The company had a trading volume of 5,473,635 shares, compared to its average volume of 2,854,914. The firm’s 50 day moving average is $267.41 and its 200 day moving average is $199.84. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04. Phillips 66 has a fifty-two week low of $127.16 and a fifty-two week high of $299.39. The company has a market capitalization of $101.18 billion, a price-to-earnings ratio of 8.28, a P/E/G ratio of 0.15 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The company had revenue of $50.54 billion for the quarter, compared to analysts’ expectations of $44.91 billion. During the same quarter in the previous year, the firm posted $2.52 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 33.22 earnings per share for the current fiscal year.

Phillips 66 declared that its board has approved a share buyback plan on Friday, July 31st that authorizes the company to buy back $10 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Phillips 66

In other news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the sale, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Richard Harbison sold 52,100 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is owned by company insiders.

Institutional Trading of Phillips 66

Several institutional investors and hedge funds have recently bought and sold shares of PSX. BlackRock Inc. bought a new position in Phillips 66 during the second quarter worth $5,766,779,000. State Street Corp lifted its position in shares of Phillips 66 by 1.1% in the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock worth $4,402,856,000 after buying an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Phillips 66 in the 2nd quarter valued at about $1,093,206,000. Amundi boosted its holdings in shares of Phillips 66 by 62.0% in the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after buying an additional 1,403,493 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Phillips 66 by 1.2% during the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock valued at $541,263,000 after buying an additional 35,167 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.