Phillips 66 (NYSE:PSX) Shares Gap Up – Here’s What Happened

Phillips 66 (NYSE:PSX) shares gapped up prior to trading on Tuesday . The stock had previously closed at $123.71, but opened at $130.00. Phillips 66 shares last traded at $128.57, with a volume of 735,230 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Barclays dropped their price target on Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating for the company in a research note on Monday, January 13th. UBS Group reduced their price target on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. StockNews.com downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Wednesday, February 5th. Wells Fargo & Company upped their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Mizuho decreased 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $148.00.

Phillips 66 Price Performance

The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The business has a 50-day simple moving average of $118.83 and a 200 day simple moving average of $127.55. The firm has a market cap of $51.64 billion, a P/E ratio of 25.31, a price-to-earnings-growth ratio of 5.64 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the previous year, the firm earned $3.09 EPS. On average, analysts anticipate that Phillips 66 will post 7.14 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th will be issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.68%. Phillips 66’s dividend payout ratio (DPR) is presently 93.12%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in Phillips 66 by 7.3% in the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock worth $1,064,601,000 after purchasing an additional 639,323 shares in the last quarter. Geode Capital Management LLC boosted its stake in Phillips 66 by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock worth $968,844,000 after acquiring an additional 82,758 shares in the last quarter. Norges Bank purchased a new stake in Phillips 66 in the fourth quarter worth about $497,648,000. Amundi increased its stake in shares of Phillips 66 by 25.7% during the fourth quarter. Amundi now owns 3,682,414 shares of the oil and gas company’s stock valued at $428,081,000 after purchasing an additional 753,653 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Phillips 66 by 3.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,002,995 shares of the oil and gas company’s stock valued at $342,131,000 after buying an additional 101,108 shares during the last quarter. Hedge funds and other 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.