Scotiabank Cuts Phillips 66 (NYSE:PSX) Price Target to $136.00

Phillips 66 (NYSE:PSX) had its price objective lowered by equities research analysts at Scotiabank from $145.00 to $136.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “sector outperform” rating on the oil and gas company’s stock. Scotiabank’s price objective indicates a potential downside of 0.48% from the stock’s current price.

Several other brokerages also recently weighed in on PSX. Wells Fargo & Company cut their target price on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research note on Wednesday. Morgan Stanley reduced their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Raymond James increased their price target on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. TD Cowen lowered their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Finally, Wolfe Research started coverage on Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Six analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $151.21.

Phillips 66 Trading Up 1.4 %

NYSE:PSX traded up $1.93 during trading hours on Thursday, reaching $136.65. 418,955 shares of the stock were exchanged, compared to its average volume of 2,710,086. Phillips 66 has a twelve month low of $107.85 and a twelve month high of $174.08. The business has a 50-day moving average of $133.28 and a two-hundred day moving average of $141.78. The company has a market capitalization of $57.93 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 5.46 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion during the quarter, compared to the consensus estimate 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 was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $3.87 EPS. On average, equities analysts predict that Phillips 66 will post 8.21 EPS for the current year.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s 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 transaction, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Several large investors have recently modified their holdings of PSX. Crewe Advisors LLC purchased a new position in Phillips 66 during the 1st quarter worth $25,000. Keener Financial Planning LLC acquired a new stake in shares of Phillips 66 during the first quarter worth about $26,000. Strategic Financial Concepts LLC purchased a new position in shares of Phillips 66 during the second quarter worth about $26,000. Ables Iannone Moore & Associates Inc. acquired a new position in Phillips 66 in the 4th quarter valued at about $27,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in Phillips 66 during the 1st quarter valued at approximately $28,000. 76.93% of the stock is owned by institutional investors and hedge funds.

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.