Phillips 66 (PSX) Receives Hold Rating from Royal Bank of Canada
Royal Bank of Canada reissued their hold rating on shares of Phillips 66 (NYSE:PSX) in a report released on Wednesday morning. Royal Bank of Canada currently has a $102.00 target price on the oil and gas company’s stock.
A number of other equities analysts have also recently weighed in on the stock. Barclays cut shares of Phillips 66 from an equal weight rating to an underweight rating and lifted their price target for the stock from $95.00 to $100.00 in a research report on Tuesday, November 14th. Zacks Investment Research raised shares of Phillips 66 from a hold rating to a buy rating and set a $105.00 price target on the stock in a research report on Tuesday, October 10th. Goldman Sachs Group raised shares of Phillips 66 from a neutral rating to a buy rating and lifted their price target for the stock from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Scotiabank reissued a hold rating on shares of Phillips 66 in a research report on Friday, September 8th. Finally, Jefferies Group cut shares of Phillips 66 from a hold rating to an underperform rating and reduced their price target for the stock from $95.00 to $75.14 in a research report on Monday, October 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Phillips 66 currently has a consensus rating of Hold and a consensus target price of $94.14.
Shares of Phillips 66 (NYSE PSX) traded up $1.58 during mid-day trading on Wednesday, reaching $100.72. 2,223,000 shares of the company’s stock were exchanged, compared to its average volume of 2,189,626. Phillips 66 has a 1 year low of $75.14 and a 1 year high of $100.98. The company has a market capitalization of $50,711.18, a PE ratio of 28.57, a PEG ratio of 2.55 and a beta of 1.24. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40.
Phillips 66 announced that its Board of Directors has approved a share repurchase program on Monday, October 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Tuesday, October 17th were issued a dividend of $0.70 per share. The ex-dividend date was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.78%. Phillips 66’s payout ratio is 70.18%.
In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the firm’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $100.25, for a total transaction of $270,675.00. Following the sale, the vice president now directly owns 2,700 shares in the company, valued at $270,675. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.50% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Institute for Wealth Management LLC. acquired a new position in shares of Phillips 66 during the 2nd quarter worth about $979,000. Blue Edge Capital LLC increased its stake in shares of Phillips 66 by 3.2% during the 2nd quarter. Blue Edge Capital LLC now owns 5,088 shares of the oil and gas company’s stock worth $421,000 after purchasing an additional 160 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Phillips 66 by 0.9% during the 2nd quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock worth $696,418,000 after purchasing an additional 71,098 shares during the last quarter. Great Lakes Advisors LLC increased its stake in shares of Phillips 66 by 3.5% during the 2nd quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock worth $49,919,000 after purchasing an additional 20,264 shares during the last quarter. Finally, Nationwide Fund Advisors increased its stake in shares of Phillips 66 by 7.7% during the 3rd quarter. Nationwide Fund Advisors now owns 338,816 shares of the oil and gas company’s stock worth $31,039,000 after purchasing an additional 24,318 shares during the last quarter. Hedge funds and other institutional investors own 70.13% of the company’s stock.
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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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