Phillips 66 (NYSE:PSX) Upgraded at Wolfe Research

Wolfe Research upgraded shares of Phillips 66 (NYSE:PSX) from a peer perform rating to an outperform rating in a report issued on Friday, Marketbeat Ratings reports. They currently have $143.00 price objective on the oil and gas company’s stock.

Other research analysts have also issued research reports about the stock. Wells Fargo & Company dropped their price target on shares of Phillips 66 from $167.00 to $161.00 and set an “overweight” rating on the stock in a research note on Monday, December 9th. Mizuho lowered their target price on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research report on Monday, December 16th. TD Cowen reduced their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. UBS Group decreased their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Finally, Bank of America began coverage on Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 price objective on the stock. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $148.57.

Phillips 66 Price Performance

PSX opened at $116.09 on Friday. The stock has a fifty day moving average price of $123.89 and a 200 day moving average price of $131.22. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. Phillips 66 has a 1 year low of $108.90 and a 1 year high of $174.08. The stock has a market cap of $47.94 billion, a price-to-earnings ratio of 14.90, a PEG ratio of 4.06 and a beta of 1.35.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. During the same period in the previous year, the company earned $4.63 EPS. The firm’s revenue was down 10.3% on a year-over-year basis. Analysts forecast that Phillips 66 will post 7.56 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Monday, November 18th were issued a dividend of $1.15 per share. The ex-dividend date was Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.96%. Phillips 66’s payout ratio is 59.05%.

Institutional Investors Weigh In On Phillips 66

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp raised its holdings in Phillips 66 by 263.3% in the 3rd quarter. Van ECK Associates Corp now owns 83,278 shares of the oil and gas company’s stock valued at $10,753,000 after acquiring an additional 60,355 shares in the last quarter. Everence Capital Management Inc. bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $3,033,000. Mizuho Securities USA LLC raised its stake in shares of Phillips 66 by 7,549.0% in the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock valued at $328,625,000 after purchasing an additional 2,467,316 shares in the last quarter. Nwam LLC bought a new position in Phillips 66 in the third quarter worth $498,000. Finally, Principal Financial Group Inc. boosted its stake in Phillips 66 by 2.8% during the third quarter. Principal Financial Group Inc. now owns 530,807 shares of the oil and gas company’s stock worth $69,775,000 after buying an additional 14,209 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.