Phillips 66 Forecasted to Post Q3 2024 Earnings of $2.11 Per Share (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Investment analysts at Zacks Research cut their Q3 2024 earnings per share estimates for shares of Phillips 66 in a research note issued on Tuesday, October 1st. Zacks Research analyst R. Department now expects that the oil and gas company will post earnings of $2.11 per share for the quarter, down from their previous forecast of $2.40. The consensus estimate for Phillips 66’s current full-year earnings is $8.27 per share. Zacks Research also issued estimates for Phillips 66’s Q4 2024 earnings at $2.05 EPS, FY2024 earnings at $8.37 EPS, Q1 2026 earnings at $2.82 EPS and Q3 2026 earnings at $3.35 EPS.

Other analysts have also recently issued research reports about the company. Wells Fargo & Company boosted their price target on Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday. Piper Sandler lowered their price target on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. Barclays boosted their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Raymond James lifted their target price 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. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $152.71.

Phillips 66 Trading Up 1.1 %

Shares of NYSE:PSX opened at $134.45 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $56.28 billion, a PE ratio of 10.34, a P/E/G ratio of 5.28 and a beta of 1.33. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08. The firm has a fifty day moving average price of $133.97 and a 200 day moving average price of $142.54.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Crewe Advisors LLC bought a new stake in Phillips 66 in the first quarter valued at approximately $25,000. Keener Financial Planning LLC purchased a new stake in shares of Phillips 66 in the first quarter valued at about $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Phillips 66 during the 1st quarter worth approximately $28,000. Ruedi Wealth Management Inc. grew its stake in Phillips 66 by 102.1% in the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 96 shares during the period. Finally, Ables Iannone Moore & Associates Inc. purchased a new stake in Phillips 66 during the fourth quarter worth about $27,000. Institutional investors own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were given a dividend of $1.15 per share. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.42%. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

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.