Zacks Research Weighs in on Phillips 66’s Q3 2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Zacks Research cut their Q3 2024 EPS estimates for Phillips 66 in a research note issued to investors on Tuesday, September 17th. Zacks Research analyst R. Department now expects that the oil and gas company will post earnings of $2.40 per share for the quarter, down from their previous forecast of $2.45. The consensus estimate for Phillips 66’s current full-year earnings is $9.25 per share. Zacks Research also issued estimates for Phillips 66’s Q4 2024 earnings at $2.22 EPS, FY2024 earnings at $8.82 EPS, Q2 2025 earnings at $3.50 EPS, Q3 2025 earnings at $2.48 EPS, Q4 2025 earnings at $2.51 EPS, FY2025 earnings at $10.82 EPS, Q1 2026 earnings at $3.03 EPS and FY2026 earnings at $13.27 EPS.

Several other equities research analysts also recently weighed in on the stock. Mizuho reduced their price objective on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday. Raymond James upped their price objective on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Morgan Stanley reduced their price objective on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday. Scotiabank reduced their price objective on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Wells Fargo & Company upped their price objective on shares of Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a report on Tuesday, September 3rd. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.29.

Phillips 66 Stock Up 1.7 %

Phillips 66 stock opened at $132.56 on Thursday. The company has a 50-day simple moving average of $135.37 and a 200-day simple moving average of $143.79. The firm has a market capitalization of $55.49 billion, a P/E ratio of 10.20, a P/E/G ratio of 4.53 and a beta of 1.33. 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 has a one year low of $107.85 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly 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 business had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.87 earnings per share.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Crewe Advisors LLC acquired a new position in Phillips 66 in the 1st quarter worth about $25,000. Keener Financial Planning LLC acquired a new position in Phillips 66 in the 1st quarter worth about $26,000. Strategic Financial Concepts LLC acquired a new position in Phillips 66 in the 2nd quarter worth about $26,000. Ables Iannone Moore & Associates Inc. acquired a new position in Phillips 66 in the 4th quarter worth about $27,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Phillips 66 in the 1st quarter worth about $28,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.22% of the company’s stock.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.47%. The ex-dividend date was Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

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.