Phillips 66 (NYSE:PSX) Reaches New 1-Year High – Here’s What Happened

Phillips 66 (NYSE:PSX)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $164.28 and last traded at $163.83, with a volume of 1115373 shares changing hands. The stock had previously closed at $159.78.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PSX. Raymond James Financial raised their price target on shares of Phillips 66 from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Friday, January 23rd. Wells Fargo & Company increased their price objective 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. Wall Street Zen raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. Piper Sandler increased their price target on Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Finally, Wolfe Research raised their price target on Phillips 66 from $159.00 to $164.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Eleven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, Phillips 66 currently has an average rating of “Hold” and a consensus price target of $160.11.

Phillips 66 Price Performance

The firm has a 50 day moving average price of $146.77 and a 200 day moving average price of $138.28. The stock has a market capitalization of $65.48 billion, a PE ratio of 15.10, a price-to-earnings-growth ratio of 0.58 and a beta of 0.86. The company has a current ratio of 1.30, a quick ratio of 0.91 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 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The business had revenue of $32.16 billion during the quarter, compared to analysts’ expectations of $33.81 billion. During the same quarter in the prior year, the business posted ($0.15) earnings per share. Research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Insider Activity at Phillips 66

In related news, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president owned 38,488 shares in the company, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total value of $659,100.00. Following the completion of the sale, the executive vice president owned 25,799 shares of the company’s stock, 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. Insiders have sold 16,288 shares of company stock worth $2,496,230 in the last ninety days. Insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

Institutional investors have recently made changes to their positions in the business. Evolution Wealth Management Inc. purchased a new stake in Phillips 66 during the 2nd quarter valued at approximately $25,000. Board of the Pension Protection Fund purchased a new position in Phillips 66 during the fourth quarter valued at $26,000. Accordant Advisory Group Inc increased its holdings in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in Phillips 66 in the 4th quarter worth $27,000. Finally, SWAN Capital LLC boosted its holdings in shares of Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after purchasing an additional 190 shares during the last quarter. Hedge funds and other institutional investors 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.