Wells Fargo & Company Boosts Phillips 66 (NYSE:PSX) Price Target to $182.00

Phillips 66 (NYSE:PSX) had its price objective upped by Wells Fargo & Company from $176.00 to $182.00 in a research note issued to investors on Tuesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the oil and gas company’s stock.

Several other research firms have also recently commented on PSX. Mizuho decreased their target price on Phillips 66 from $162.00 to $160.00 and set a neutral rating for the company in a research note on Thursday, June 20th. Barclays increased their price target on Phillips 66 from $136.00 to $138.00 and gave the stock an equal weight rating in a report on Monday, August 5th. Wolfe Research assumed coverage on Phillips 66 in a report on Thursday, July 18th. They issued a peer perform rating on the stock. Raymond James increased their price target on Phillips 66 from $150.00 to $155.00 and gave the stock an outperform rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. cut their price target on Phillips 66 from $165.00 to $162.00 and set an overweight rating on the stock in a report on Tuesday, July 2nd. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Phillips 66 has a consensus rating of Moderate Buy and a consensus target price of $157.85.

Phillips 66 Trading Down 0.6 %

NYSE PSX opened at $128.14 on Tuesday. The business has a 50 day simple moving average of $137.16 and a 200 day simple moving average of $144.82. Phillips 66 has a one year low of $107.85 and a one year high of $174.08. The stock has a market capitalization of $54.33 billion, a P/E ratio of 9.86, a P/E/G ratio of 2.53 and a beta of 1.33. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter last year, the firm posted $3.87 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Research analysts expect that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.59%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s payout ratio is 35.38%.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.22% of the stock is currently owned by company insiders.

Institutional Trading of Phillips 66

Institutional investors and hedge funds have recently modified their holdings of the business. Manning & Napier Advisors LLC purchased a new stake in shares of Phillips 66 during the second quarter valued at approximately $17,670,000. M&G Plc purchased a new stake in Phillips 66 in the second quarter worth $3,596,000. Duality Advisers LP purchased a new stake in Phillips 66 in the first quarter worth $3,596,000. Mirae Asset Global Investments Co. Ltd. increased its position in Phillips 66 by 42.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after buying an additional 39,775 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its position in Phillips 66 by 14.3% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock worth $38,530,000 after buying an additional 36,116 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

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.