Phillips 66 (PSX) Given “Overweight” Rating at Piper Jaffray Companies
Piper Jaffray Companies restated their overweight rating on shares of Phillips 66 (NYSE:PSX) in a research note issued to investors on Thursday, Marketbeat reports. Piper Jaffray Companies also issued estimates for Phillips 66’s Q2 2020 earnings at $3.21 EPS.
PSX has been the topic of a number of other research reports. Jefferies Financial Group raised Phillips 66 from an underperform rating to a hold rating and set a $108.00 price target on the stock in a research report on Tuesday, October 16th. ValuEngine lowered Phillips 66 from a hold rating to a sell rating in a research report on Friday, November 23rd. Morgan Stanley reduced their price target on Phillips 66 from $140.00 to $120.00 and set a hold rating on the stock in a research report on Tuesday, November 20th. Zacks Investment Research lowered Phillips 66 from a buy rating to a hold rating in a research report on Thursday, November 29th. Finally, JPMorgan Chase & Co. raised Phillips 66 from a neutral rating to an overweight rating and set a $138.00 price target on the stock in a research report on Tuesday, October 30th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $121.87.
PSX traded down $0.25 during mid-day trading on Thursday, hitting $92.69. 2,102,633 shares of the stock were exchanged, compared to its average volume of 2,810,404. Phillips 66 has a 1-year low of $78.44 and a 1-year high of $123.97. The company has a current ratio of 1.28, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43. The firm has a market cap of $42.42 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 1.17 and a beta of 0.91.
In other Phillips 66 news, Director J Brian Ferguson bought 21,500 shares of the business’s stock in a transaction dated Tuesday, November 20th. The shares were acquired at an average price of $92.31 per share, with a total value of $1,984,665.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.56% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Phillips 66 by 13.6% during the 3rd quarter. BlackRock Inc. now owns 33,103,803 shares of the oil and gas company’s stock worth $3,731,461,000 after acquiring an additional 3,956,900 shares in the last quarter. Vanguard Group Inc grew its stake in Phillips 66 by 2.8% during the 3rd quarter. Vanguard Group Inc now owns 32,998,567 shares of the oil and gas company’s stock worth $3,719,598,000 after buying an additional 885,979 shares during the last quarter. FMR LLC grew its stake in Phillips 66 by 9.0% during the 2nd quarter. FMR LLC now owns 14,400,087 shares of the oil and gas company’s stock worth $1,617,273,000 after buying an additional 1,188,567 shares during the last quarter. Wells Fargo & Company MN grew its stake in Phillips 66 by 0.5% during the 3rd quarter. Wells Fargo & Company MN now owns 8,468,401 shares of the oil and gas company’s stock worth $954,557,000 after buying an additional 39,493 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Phillips 66 by 0.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 6,429,513 shares of the oil and gas company’s stock worth $724,735,000 after buying an additional 36,370 shares during the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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