Phillips 66 (PSX) Upgraded to Buy by Vetr Inc.

Vetr upgraded shares of Phillips 66 (NYSE:PSX) from a hold rating to a buy rating in a research report sent to investors on Monday. They currently have $97.16 price target on the oil and gas company’s stock.

Other analysts also recently issued research reports about the stock. Barclays PLC set a $95.00 target price on shares of Phillips 66 and gave the stock an equal weight rating in a research report on Tuesday, October 10th. Scotiabank reissued a hold rating on shares of Phillips 66 in a research report on Friday, September 8th. Jefferies Group LLC reissued a hold rating and set a $78.00 target price on shares of Phillips 66 in a research report on Tuesday, September 5th. BidaskClub downgraded shares of Phillips 66 from a hold rating to a sell rating in a research report on Friday, August 18th. Finally, Piper Jaffray Companies restated a buy rating and set a $98.00 price objective on shares of Phillips 66 in a research note on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average target price of $93.25.

Phillips 66 (PSX) traded up $0.59 during trading hours on Monday, reaching $92.46. 2,198,500 shares of the company’s stock traded hands, compared to its average volume of 2,230,708. The stock has a market cap of $46,730.00, a P/E ratio of 26.68, a PEG ratio of 2.38 and a beta of 1.20. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $95.00. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.62 by $0.04. The company had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. During the same quarter in the previous year, the firm earned $1.05 EPS. research analysts anticipate that Phillips 66 will post 4.58 earnings per share for the current fiscal year.

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Phillips 66 declared that its board has initiated a stock repurchase plan on Monday, October 9th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.03%. The ex-dividend date is Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 70.53%.

In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.50% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Moors & Cabot Inc. raised its position in Phillips 66 by 21.3% during the third quarter. Moors & Cabot Inc. now owns 10,478 shares of the oil and gas company’s stock worth $962,000 after acquiring an additional 1,838 shares during the period. Belpointe Asset Management LLC acquired a new position in Phillips 66 during the third quarter worth $640,000. Yellowstone Partners LLC acquired a new position in Phillips 66 during the third quarter worth $288,000. Independent Advisor Alliance raised its position in Phillips 66 by 17.2% during the third quarter. Independent Advisor Alliance now owns 3,804 shares of the oil and gas company’s stock worth $355,000 after acquiring an additional 559 shares during the period. Finally, Wealthcare Advisory Partners LLC acquired a new position in Phillips 66 during the third quarter worth $141,000. Institutional investors own 69.81% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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