Phillips 66 (NYSE:PSX) Shares Gap Down on Disappointing Earnings

Phillips 66 (NYSE:PSX)’s share price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $157.24, but opened at $152.50. Phillips 66 shares last traded at $150.37, with a volume of 930,074 shares changing hands.

The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.60 by ($0.70). Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. During the same quarter in the prior year, the firm posted $4.21 earnings per share.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $1.15 dividend. The ex-dividend date is Friday, May 17th. This represents a $4.60 annualized dividend and a dividend yield of 3.03%. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is presently 27.15%.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research reports. Scotiabank upped their target price on shares of Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Bank of America upped their target price on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. Raymond James upped their target price on shares of Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Wells Fargo & Company upped their price target on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Finally, Barclays upped their price target on shares of Phillips 66 from $139.00 to $155.00 and gave the company an “equal weight” rating in a research report on Thursday, April 18th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $158.00.

Insider Buying and Selling at Phillips 66

In related news, VP Joseph Scott Pruitt sold 7,200 shares of Phillips 66 stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the transaction, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Robert W. Pease purchased 682 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were acquired at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the purchase, the director now owns 1,900 shares of the company’s stock, valued at approximately $278,502. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph Scott Pruitt sold 7,200 shares of the company’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the sale, the vice president now directly owns 6,583 shares in the company, valued at $1,035,242.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,056 shares of company stock worth $5,272,681. Insiders own 0.22% of the company’s stock.

Institutional Trading of Phillips 66

Hedge funds have recently added to or reduced their stakes in the company. Members Trust Co purchased a new position in Phillips 66 during the first quarter worth about $218,000. SYSTM Wealth Solutions LLC grew its holdings in Phillips 66 by 14.2% during the 1st quarter. SYSTM Wealth Solutions LLC now owns 5,130 shares of the oil and gas company’s stock worth $838,000 after acquiring an additional 638 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in Phillips 66 during the 1st quarter worth approximately $2,633,000. Patrick M Sweeney & Associates Inc. grew its holdings in Phillips 66 by 6.5% during the 1st quarter. Patrick M Sweeney & Associates Inc. now owns 1,921 shares of the oil and gas company’s stock worth $314,000 after acquiring an additional 117 shares in the last quarter. Finally, MONECO Advisors LLC boosted its holdings in shares of Phillips 66 by 4.5% in the 1st quarter. MONECO Advisors LLC now owns 6,342 shares of the oil and gas company’s stock valued at $1,036,000 after buying an additional 275 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

The firm’s fifty day moving average price is $155.40 and its 200-day moving average price is $136.60. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The firm has a market cap of $64.93 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 1.91 and a beta of 1.37.

About Phillips 66

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.