Zacks Research Weighs in on Phillips 66’s Q2 2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Zacks Research lowered their Q2 2024 earnings estimates for Phillips 66 in a research note issued on Thursday, June 27th. Zacks Research analyst R. Department now anticipates that the oil and gas company will post earnings per share of $3.02 for the quarter, down from their prior forecast of $3.11. The consensus estimate for Phillips 66’s current full-year earnings is $11.08 per share. Zacks Research also issued estimates for Phillips 66’s Q1 2025 earnings at $2.85 EPS, Q2 2025 earnings at $3.28 EPS and Q3 2025 earnings at $3.28 EPS.

Several other analysts also recently weighed in on PSX. Raymond James lowered their target price on Phillips 66 from $163.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. StockNews.com downgraded Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Wells Fargo & Company raised their price target on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. TD Cowen cut their price objective on shares of Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, June 21st. Finally, Piper Sandler decreased their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, June 14th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $157.43.

Phillips 66 Stock Down 0.2 %

Shares of PSX opened at $140.93 on Monday. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. Phillips 66 has a fifty-two week low of $94.51 and a fifty-two week high of $174.08. The firm has a market cap of $59.75 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 2.12 and a beta of 1.34. The company’s fifty day moving average is $142.91 and its two-hundred day moving average is $144.83.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The company had revenue of $36.44 billion for the quarter, compared to analyst estimates of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter last year, the company posted $4.21 EPS.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 20th were issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date was Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is currently 35.38%.

Insider Buying and Selling at Phillips 66

In related news, EVP Timothy D. Roberts sold 37,742 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the transaction, the executive vice president now owns 48,365 shares in the company, valued at $7,051,617. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Phillips 66 by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after buying an additional 1,578,669 shares during the period. Wellington Management Group LLP increased its position in shares of Phillips 66 by 20.3% during the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after acquiring an additional 1,842,226 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Phillips 66 by 38.0% during the first quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock worth $1,309,954,000 after acquiring an additional 2,209,043 shares during the period. Morgan Stanley lifted its position in Phillips 66 by 2.1% in the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock valued at $813,291,000 after acquiring an additional 138,646 shares in the last quarter. Finally, Boston Partners boosted its stake in Phillips 66 by 41.4% in the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after purchasing an additional 1,595,722 shares during the period. Institutional investors own 76.93% of the company’s stock.

About Phillips 66

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.