JPMorgan Chase & Co. Trims Phillips 66 (NYSE:PSX) Target Price to $141.00

Phillips 66 (NYSE:PSX) had its price objective reduced by JPMorgan Chase & Co. from $160.00 to $141.00 in a research note issued to investors on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the oil and gas company’s stock.

PSX has been the subject of several other research reports. Scotiabank decreased their price target on Phillips 66 from $156.00 to $145.00 and set a sector outperform rating for the company in a research note on Friday, July 12th. Piper Sandler decreased their target price on Phillips 66 from $151.00 to $136.00 and set an overweight rating for the company in a research report on Friday, September 20th. Barclays lifted their price target on shares of Phillips 66 from $136.00 to $138.00 and gave the company an equal weight rating in a research report on Monday, August 5th. TD Cowen lowered their target price on shares of Phillips 66 from $162.00 to $150.00 and set a buy rating on the stock in a research note on Wednesday, September 11th. Finally, Wells Fargo & Company upped their price target on shares of Phillips 66 from $176.00 to $182.00 and gave the company an overweight rating in a report on Tuesday, September 3rd. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $152.71.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $138.62 on Wednesday. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The stock has a market cap of $58.77 billion, a PE ratio of 10.66, a price-to-earnings-growth ratio of 5.28 and a beta of 1.33. The business has a fifty day simple moving average of $133.83 and a 200-day simple moving average of $142.39.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. Phillips 66’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.87 EPS. On average, sell-side analysts anticipate that Phillips 66 will post 8.27 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced 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 3.32%. The ex-dividend date was Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is currently 35.38%.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The sale 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.

Hedge Funds Weigh In On Phillips 66

Institutional investors and hedge funds have recently bought and sold shares of the business. Madison Park Capital Advisors LLC lifted its position in shares of Phillips 66 by 3.0% during the first quarter. Madison Park Capital Advisors LLC now owns 2,346 shares of the oil and gas company’s stock worth $383,000 after purchasing an additional 68 shares in the last quarter. MV Capital Management Inc. lifted its holdings in Phillips 66 by 9.6% during the 1st quarter. MV Capital Management Inc. now owns 837 shares of the oil and gas company’s stock worth $137,000 after buying an additional 73 shares in the last quarter. Mitchell & Pahl Private Wealth LLC boosted its position in Phillips 66 by 0.4% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock valued at $2,519,000 after buying an additional 74 shares during the last quarter. Catalyst Financial Partners LLC boosted its position in Phillips 66 by 5.1% in the 2nd quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock valued at $214,000 after buying an additional 74 shares during the last quarter. Finally, Claro Advisors LLC increased its stake in shares of Phillips 66 by 4.5% in the 1st quarter. Claro Advisors LLC now owns 1,738 shares of the oil and gas company’s stock valued at $284,000 after buying an additional 75 shares during the period. 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.