Phillips 66 (NYSE:PSX) Rating Increased to Outperform at Mizuho

Phillips 66 (NYSE:PSX) was upgraded by Mizuho from a “neutral” rating to an “outperform” rating in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a $212.00 price target on the oil and gas company’s stock, up from their previous price target of $170.00. Mizuho’s target price indicates a potential upside of 21.79% from the stock’s previous close.

Several other analysts have also issued reports on the stock. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a research report on Wednesday. Barclays boosted their price target on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 8th. Jefferies Financial Group boosted their price target on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a research report on Tuesday. Citigroup boosted their price target on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a research report on Thursday, April 9th. Finally, BMO Capital Markets boosted their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $191.28.

Phillips 66 Stock Down 2.0%

Shares of NYSE PSX opened at $174.07 on Wednesday. The company’s 50-day simple moving average is $172.22 and its 200-day simple moving average is $153.98. Phillips 66 has a 52-week low of $111.19 and a 52-week high of $190.61. The firm has a market cap of $69.79 billion, a price-to-earnings ratio of 17.15, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter last year, the business earned ($0.90) earnings per share. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts predict that Phillips 66 will post 17.64 EPS for the current fiscal year.

Insider Activity

In related news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This trade represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 114,029 shares of company stock valued at $19,641,455. Company insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of institutional investors and hedge funds have recently made changes to their positions in PSX. Oppenheimer & Co. Inc. increased its position 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 acquiring an additional 20,742 shares during the period. First National Bank of Omaha purchased a new stake in shares of Phillips 66 during the third quarter worth $2,357,000. TD Asset Management Inc increased its position in shares of Phillips 66 by 15.5% during the third quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company’s stock worth $23,724,000 after acquiring an additional 23,364 shares during the period. Caprock Group LLC purchased a new stake in shares of Phillips 66 during the third quarter worth approximately $2,412,000. Finally, National Pension Service raised its holdings in Phillips 66 by 3.5% in the third quarter. National Pension Service now owns 602,099 shares of the oil and gas company’s stock valued at $81,898,000 after acquiring an additional 20,213 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

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.