TD Cowen Issues Positive Forecast for Phillips 66 (NYSE:PSX) Stock Price

Phillips 66 (NYSE:PSX) had its price objective lifted by equities research analysts at TD Cowen from $213.00 to $220.00 in a research report issued to clients and investors on Monday,MarketScreener reports. The firm currently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s target price would suggest a potential upside of 24.96% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Wolfe Research upped their target price on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research note on Monday, April 6th. Raymond James Financial raised their target price on Phillips 66 from $215.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. Piper Sandler lifted their price target on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research report on Wednesday, April 8th. Finally, Scotiabank upped their price objective on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $192.72.

Phillips 66 Stock Performance

Shares of NYSE PSX traded up $4.41 during mid-day trading on Monday, hitting $176.06. The stock had a trading volume of 88,023 shares, compared to its average volume of 2,857,204. The firm has a market cap of $70.59 billion, a PE ratio of 17.44, a PEG ratio of 0.24 and a beta of 0.68. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The company has a 50 day moving average of $172.94 and a two-hundred day moving average of $160.16. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $190.61.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter in the previous year, the firm posted ($0.90) EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. Research analysts predict that Phillips 66 will post 18.22 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PSX. NFSG Corp lifted its holdings in shares of Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new stake in Phillips 66 in the first quarter valued at approximately $27,000. Board of the Pension Protection Fund acquired a new position in Phillips 66 during the fourth quarter worth $26,000. Accordant Advisory Group Inc boosted its position in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after buying an additional 180 shares during the period. Finally, SWAN Capital LLC raised its holdings in shares of Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.