Phillips 66 (PSX) Upgraded at Goldman Sachs Group, Inc. (The)
Phillips 66 (NYSE:PSX) was upgraded by Goldman Sachs Group, Inc. (The) from a “neutral” rating to a “buy” rating in a report issued on Tuesday, Marketbeat.com reports. The brokerage presently has a $109.00 target price on the oil and gas company’s stock, up from their previous target price of $88.00. Goldman Sachs Group, Inc. (The)’s target price would indicate a potential upside of 16.42% from the company’s previous close.
Other equities research analysts have also issued reports about the company. TheStreet upgraded Phillips 66 from a “c” rating to a “b-” rating in a research report on Friday, June 30th. Piper Jaffray Companies reiterated a “buy” rating and issued a $98.00 target price on shares of Phillips 66 in a report on Tuesday, September 26th. Barclays PLC reissued an “equal weight” rating and issued a $89.00 price target (up from $87.00) on shares of Phillips 66 in a research report on Wednesday, August 2nd. Scotiabank reissued a “hold” rating and issued a $86.00 price target on shares of Phillips 66 in a research report on Tuesday, June 27th. Finally, Jefferies Group LLC restated a “hold” rating and set a $78.00 price target on shares of Phillips 66 in a report on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. Phillips 66 currently has a consensus rating of “Hold” and a consensus price target of $87.64.
Phillips 66 (NYSE:PSX) traded up 1.35% during trading on Tuesday, reaching $93.63. The company had a trading volume of 2,606,137 shares. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $94.69. The firm has a market capitalization of $47.89 billion, a price-to-earnings ratio of 28.02 and a beta of 1.19. The stock has a 50 day moving average price of $85.94 and a 200 day moving average price of $81.44.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.07. The firm had revenue of $24.58 billion for the quarter, compared to analysts’ expectations of $25.14 billion. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. During the same period in the previous year, the company posted $0.94 EPS. On average, equities research analysts predict that Phillips 66 will post $4.33 earnings per share for the current year.
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In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Jacobi Capital Management LLC raised its holdings in Phillips 66 by 27.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after buying an additional 277 shares during the period. Motco boosted its position in shares of Phillips 66 by 4.0% during the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after buying an additional 50 shares during the period. Ffcm LLC acquired a new position in shares of Phillips 66 during the second quarter worth about $113,000. Bruderman Asset Management LLC acquired a new position in shares of Phillips 66 during the second quarter worth about $112,000. Finally, Meeder Asset Management Inc. acquired a new position in shares of Phillips 66 during the second quarter worth about $116,000. Hedge funds and other institutional investors own 69.54% of the company’s stock.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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