Research Analysts Offer Predictions for Phillips 66’s Q2 2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Investment analysts at Zacks Research reduced their Q2 2024 earnings estimates for Phillips 66 in a note issued to investors on Thursday, June 27th. Zacks Research analyst R. Department now forecasts that the oil and gas company will post earnings of $3.02 per share for the quarter, down from their prior forecast of $3.11. The consensus estimate for Phillips 66’s current full-year earnings is $11.08 per share. Zacks Research also issued estimates for Phillips 66’s Q1 2025 earnings at $2.85 EPS, Q2 2025 earnings at $3.28 EPS and Q3 2025 earnings at $3.28 EPS.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). The business had revenue of $36.44 billion during the quarter, compared to analyst estimates of $35.87 billion. Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. During the same period in the previous year, the firm earned $4.21 earnings per share.

A number of other equities analysts have also issued reports on PSX. Raymond James reduced their target price on shares of Phillips 66 from $163.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, May 30th. The Goldman Sachs Group upped their target price on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Mizuho cut their target price on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. TD Cowen dropped their target price on shares of Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, June 21st. Finally, Piper Sandler reduced their price objective on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.07.

Phillips 66 Stock Performance

Phillips 66 stock opened at $140.47 on Monday. The stock has a 50-day simple moving average of $142.59 and a 200 day simple moving average of $144.90. The stock has a market capitalization of $59.55 billion, a price-to-earnings ratio of 10.79, a P/E/G ratio of 2.12 and a beta of 1.34. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. Phillips 66 has a 12-month low of $94.51 and a 12-month high of $174.08.

Insiders Place Their Bets

In related news, EVP Timothy D. Roberts sold 37,742 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the sale, the executive vice president now directly owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Institutional investors and hedge funds have recently bought and sold shares of the company. Crewe Advisors LLC bought a new position in shares of Phillips 66 in the 1st quarter valued at $25,000. Keener Financial Planning LLC bought a new stake in shares of Phillips 66 during the first quarter worth $26,000. Redmont Wealth Advisors LLC acquired a new position in shares of Phillips 66 during the first quarter worth $28,000. Ruedi Wealth Management Inc. lifted its stake in shares of Phillips 66 by 102.1% in the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 96 shares during the last quarter. Finally, Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Phillips 66 during the 4th quarter valued at $27,000. Institutional investors own 76.93% of the company’s stock.

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.