TD Cowen Cuts Phillips 66 (NYSE:PSX) Price Target to $150.00

Phillips 66 (NYSE:PSX) had its target price decreased by TD Cowen from $162.00 to $150.00 in a research report sent to investors on Wednesday, MarketBeat reports. TD Cowen currently has a buy rating on the oil and gas company’s stock.

Several other equities analysts have also recently issued reports on the stock. Scotiabank decreased their target price on shares of 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. Mizuho decreased their price objective on shares of Phillips 66 from $162.00 to $160.00 and set a neutral rating for the company in a research report on Thursday, June 20th. Barclays raised their target price on Phillips 66 from $136.00 to $138.00 and gave the company an equal weight rating in a research report on Monday, August 5th. Argus reaffirmed a buy rating and issued a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. Finally, JPMorgan Chase & Co. dropped their price objective on Phillips 66 from $165.00 to $162.00 and set an overweight rating on the stock in a report on Tuesday, July 2nd. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of Moderate Buy and an average target price of $156.92.

Phillips 66 Price Performance

Shares of PSX opened at $125.00 on Wednesday. The business’s 50-day moving average is $136.32 and its two-hundred day moving average is $144.45. The company has a market capitalization of $52.99 billion, a P/E ratio of 9.62, a P/E/G ratio of 2.31 and a beta of 1.33. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. The firm had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period last year, the company earned $3.87 earnings per share. Research analysts predict that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.68%. Phillips 66’s payout ratio is currently 35.38%.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the business’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 transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Phillips 66 by 4.0% during the first 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 in the last quarter. Wellington Management Group LLP increased its stake in shares of Phillips 66 by 20.3% in the 4th 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 during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after acquiring an additional 402,925 shares during the period. Boston Partners raised its holdings in shares of Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after acquiring an additional 1,595,722 shares during the period. Finally, Norges Bank acquired a new position in shares of Phillips 66 during the 4th quarter valued at about $559,435,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

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.