Piper Jaffray Companies Reiterates “$93.00” Price Target for Phillips 66 (PSX)
Several other analysts have also weighed in on PSX. Scotiabank set a $86.00 price objective on Phillips 66 and gave the company a hold rating in a research note on Tuesday, August 1st. Barclays PLC reaffirmed an equal weight rating and issued a $89.00 price objective (up from $87.00) on shares of Phillips 66 in a research note on Wednesday, August 2nd. BidaskClub lowered Phillips 66 from a hold rating to a sell rating in a research note on Friday, August 18th. Jefferies Group LLC reaffirmed a hold rating and issued a $78.00 price objective on shares of Phillips 66 in a research note on Tuesday, September 5th. Finally, Howard Weil raised Phillips 66 from a sector perform rating to an outperform rating and raised their price objective for the company from $86.00 to $98.00 in a research note on Thursday, September 28th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average target price of $93.25.
Shares of Phillips 66 (NYSE:PSX) opened at $92.57 on Monday. The firm has a market capitalization of $47,483.55, a PE ratio of 26.75, a P/E/G ratio of 2.39 and a beta of 1.20. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $95.00.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.04. The business had revenue of $26.21 billion for the quarter, compared to analyst estimates of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same period last year, the firm posted $1.05 earnings per share. equities analysts predict that Phillips 66 will post 4.58 EPS for the current fiscal year.
Phillips 66 declared that its Board of Directors has initiated a share buyback program on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be given a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.02%. Phillips 66’s dividend payout ratio (DPR) is 70.18%.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of PSX. Jacobi Capital Management LLC raised its position in shares of Phillips 66 by 27.4% during the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after acquiring an additional 277 shares during the last quarter. Motco raised 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 acquiring an additional 50 shares during the last quarter. Westside Investment Management Inc. raised its position in shares of Phillips 66 by 239.2% during the first quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 1,000 shares during the last quarter. Bruderman Asset Management LLC bought a new position in shares of Phillips 66 during the second quarter worth about $112,000. Finally, Farmers National Bank bought a new position in shares of Phillips 66 during the first quarter worth about $113,000. Institutional investors own 69.81% 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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