Phillips 66 (PSX) Upgraded to Buy by Vetr Inc.
Vetr upgraded shares of Phillips 66 (NYSE:PSX) from a hold rating to a buy rating in a research note issued to investors on Monday. They currently have $97.16 price target on the oil and gas company’s stock.
PSX has been the subject of several other research reports. Howard Weil raised Phillips 66 from a sector perform rating to an outperform rating and lifted their price objective for the stock from $86.00 to $98.00 in a report on Thursday, September 28th. Zacks Investment Research raised Phillips 66 from a hold rating to a buy rating and set a $105.00 price objective for the company in a report on Tuesday, October 10th. Piper Jaffray Companies reissued a buy rating and issued a $84.00 price objective on shares of Phillips 66 in a report on Friday, July 14th. TheStreet raised Phillips 66 from a c rating to a b- rating in a report on Friday, June 30th. Finally, Goldman Sachs Group, Inc. (The) raised Phillips 66 from a neutral rating to a buy rating and lifted their price objective for the stock from $88.00 to $109.00 in a report on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $93.38.
Shares of Phillips 66 (NYSE PSX) opened at 90.87 on Monday. The stock has a 50 day moving average of $88.92 and a 200-day moving average of $82.43. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $95.00. The company has a market cap of $46.48 billion, a PE ratio of 27.19 and a beta of 1.19.
Phillips 66 (NYSE:PSX) last announced 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. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. The company had revenue of $24.58 billion during the quarter, compared to analyst estimates of $25.14 billion. During the same quarter last year, the firm posted $0.94 EPS. Equities analysts forecast that Phillips 66 will post $4.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a $0.70 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. Phillips 66’s payout ratio is 83.58%.
Phillips 66 announced that its board has authorized a share buyback program on Monday, October 9th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the oil and gas company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction that occurred 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Jacobi Capital Management LLC lifted its position in Phillips 66 by 27.4% in 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 last quarter. Motco lifted its position in Phillips 66 by 4.0% in the 2nd 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 last quarter. Westside Investment Management Inc. lifted its position in Phillips 66 by 239.2% in the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after buying an additional 1,000 shares during the last quarter. Bruderman Asset Management LLC bought a new stake in Phillips 66 in the 2nd quarter worth approximately $112,000. Finally, Farmers National Bank bought a new stake in Phillips 66 in the 1st quarter worth approximately $113,000. 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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