TD Cowen Cuts Phillips 66 (NYSE:PSX) Price Target to $150.00

Phillips 66 (NYSE:PSX) had its target price reduced by TD Cowen from $162.00 to $150.00 in a research report sent to investors on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the oil and gas company’s stock.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company upped their price target on shares of Phillips 66 from $176.00 to $182.00 and gave the stock an overweight rating in a report on Tuesday, September 3rd. Raymond James boosted their price target on Phillips 66 from $150.00 to $155.00 and gave the company an outperform rating in a report on Wednesday, July 31st. Barclays raised their price objective on Phillips 66 from $136.00 to $138.00 and gave the stock an equal weight rating in a report on Monday, August 5th. Piper Sandler lowered their target price on Phillips 66 from $170.00 to $151.00 and set an overweight rating for the company in a report on Friday, June 14th. Finally, Mizuho cut their price target on Phillips 66 from $162.00 to $160.00 and set a neutral rating on the stock in a research note on Thursday, June 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Phillips 66 has a consensus rating of Moderate Buy and an average target price of $156.92.

Phillips 66 Stock Performance

Phillips 66 stock opened at $126.70 on Wednesday. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The company’s 50-day moving average is $135.79 and its 200 day moving average is $144.16. The firm has a market capitalization of $53.03 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 4.50 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 issued its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. The firm had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the company earned $3.87 EPS. Research analysts forecast that Phillips 66 will post 9.25 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Crewe Advisors LLC acquired a new position in shares of Phillips 66 during the 1st quarter worth approximately $25,000. Keener Financial Planning LLC purchased a new stake in Phillips 66 in the 1st quarter valued at $26,000. Strategic Financial Concepts LLC acquired a new stake in shares of Phillips 66 in the 2nd quarter worth $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Phillips 66 during the 4th quarter worth $27,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Phillips 66 during the 1st quarter valued at about $28,000. Institutional investors and hedge funds 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.