Phillips 66 (NYSE:PSX) Shares Up 5.6% – What’s Next?

Phillips 66 (NYSE:PSX) was up 5.6% during mid-day trading on Wednesday . The stock traded as high as $187.89 and last traded at $188.8250. 614,078 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 2,844,972 shares. The stock had previously closed at $178.84.

Analyst Upgrades and Downgrades

A number of analysts have commented on PSX shares. Piper Sandler lifted their price target on Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 8th. Raymond James Financial raised their price objective on Phillips 66 from $215.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 10th. Citigroup lifted their target price on Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Barclays upped their target price on Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 8th. Finally, Morgan Stanley increased their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $192.72.

Phillips 66 Price Performance

The stock has a 50 day simple moving average of $175.11 and a two-hundred day simple moving average of $161.94. The firm has a market cap of $74.77 billion, a PE ratio of 18.37, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.90) earnings per share. Sell-side analysts expect that Phillips 66 will post 19.27 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.7%. Phillips 66’s payout ratio is presently 50.05%.

Insider Activity at Phillips 66

In other news, Director Kevin Omar Meyers acquired 175 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director directly owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of Phillips 66 stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,705,826.56. This trade represents a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PSX. NFSG Corp grew its position in shares of Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after acquiring an additional 75 shares during the period. Axiom Investment Management LLC purchased a new position in Phillips 66 during the first quarter worth approximately $27,000. Board of the Pension Protection Fund purchased a new position in Phillips 66 during the fourth quarter worth approximately $26,000. Accordant Advisory Group Inc grew its holdings in Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 180 shares during the period. Finally, SWAN Capital LLC increased its position in shares of Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares in 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 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.