Cowen and Company reiterated their buy rating on shares of Phillips 66 (NYSE:PSX) in a research report sent to investors on Tuesday, October 17th. Cowen and Company currently has a $101.00 target price on the oil and gas company’s stock.
Several other equities analysts have also recently issued reports on the company. Scotiabank reissued a hold rating and set a $86.00 target price on shares of Phillips 66 in a research note on Tuesday, June 27th. TheStreet raised Phillips 66 from a c rating to a b- rating in a research note on Friday, June 30th. Jefferies Group LLC reissued a hold rating and set a $78.00 target price on shares of Phillips 66 in a research note on Tuesday, September 5th. Zacks Investment Research cut Phillips 66 from a buy rating to a hold rating in a research note on Thursday, October 12th. Finally, Piper Jaffray Companies reaffirmed a buy rating and issued a $98.00 price target on shares of Phillips 66 in a research note on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $93.33.
Phillips 66 (NYSE:PSX) traded up $1.06 during mid-day trading on Tuesday, reaching $94.64. The company’s stock had a trading volume of 793,230 shares, compared to its average volume of 1,970,000. The stock has a market cap of $47,770.00, a price-to-earnings ratio of 26.97, a PEG ratio of 2.43 and a beta of 1.20. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $95.00.
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 Zacks’ consensus estimate of $1.62 by $0.04. The company had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same quarter in the previous year, the company posted $1.05 EPS. sell-side analysts expect that Phillips 66 will post 4.54 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.96%. The ex-dividend date is Thursday, November 16th. Phillips 66’s dividend payout ratio is presently 70.53%.
Phillips 66 declared that its board has authorized a stock repurchase plan on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Jacobi Capital Management LLC lifted its stake in shares of Phillips 66 by 27.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after acquiring an additional 277 shares during the last quarter. Motco lifted its stake in shares of Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after acquiring an additional 50 shares during the last quarter. Westside Investment Management Inc. lifted its stake in shares of Phillips 66 by 239.2% during the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 1,000 shares during the last quarter. Bruderman Asset Management LLC bought a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $112,000. Finally, Farmers National Bank bought a new stake in shares of Phillips 66 during the 1st quarter worth approximately $113,000. 69.64% of the stock is owned by hedge funds and other institutional investors.
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.
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