Mizuho Cuts Phillips 66 (NYSE:PSX) Price Target to $147.00

Phillips 66 (NYSE:PSX) had its price target reduced by Mizuho from $150.00 to $147.00 in a research report released on Monday,Benzinga reports. Mizuho currently has a neutral rating on the oil and gas company’s stock.

A number of other research analysts also recently issued reports on the company. Barclays reduced their price target on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. UBS Group cut their price objective on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company dropped their price objective on Phillips 66 from $167.00 to $161.00 and set an “overweight” rating on the stock in a research report on Monday, December 9th. Piper Sandler set a $144.00 price objective on Phillips 66 in a report on Thursday, October 17th. Finally, Morgan Stanley dropped their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $149.00.

Phillips 66 Price Performance

NYSE:PSX opened at $116.28 on Monday. The firm has a market capitalization of $48.02 billion, a price-to-earnings ratio of 14.93, a P/E/G ratio of 4.06 and a beta of 1.35. Phillips 66 has a 52-week low of $116.07 and a 52-week high of $174.08. The stock has a fifty day moving average of $129.42 and a 200 day moving average of $133.66. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion for the quarter, compared to the consensus estimate of $36.31 billion. During the same quarter last year, the business posted $4.63 earnings per share. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, research analysts expect that Phillips 66 will post 7.56 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were issued a $1.15 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a yield of 3.96%. Phillips 66’s dividend payout ratio is presently 59.05%.

Institutional Trading of Phillips 66

A number of large investors have recently added to or reduced their stakes in PSX. Mizuho Securities USA LLC increased its stake in Phillips 66 by 7,549.0% in the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after acquiring an additional 2,467,316 shares during the last quarter. ING Groep NV boosted its holdings in Phillips 66 by 123.2% during the 3rd quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock valued at $155,503,000 after acquiring an additional 653,032 shares during the period. Bank of Montreal Can lifted its holdings in shares of Phillips 66 by 63.4% in the 3rd quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock worth $214,120,000 after buying an additional 633,970 shares during the period. Mizuho Markets Americas LLC purchased a new stake in shares of Phillips 66 in the 3rd quarter worth $70,983,000. Finally, Bank of New York Mellon Corp lifted its stake 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 purchasing an additional 402,925 shares during the last quarter. 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.