Phillips 66 (NYSE:PSX) Given New $156.00 Price Target at Scotiabank

Phillips 66 (NYSE:PSX) had its target price lifted by Scotiabank from $148.00 to $156.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the oil and gas company’s stock.

A number of other analysts have also issued reports on PSX. Mizuho boosted their price objective on Phillips 66 from $135.00 to $167.00 and gave the company a neutral rating in a research note on Friday, March 22nd. Wells Fargo & Company upped their target price on Phillips 66 from $179.00 to $191.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Bank of America upped their target price on Phillips 66 from $150.00 to $180.00 and gave the stock a neutral rating in a research note on Friday, March 15th. StockNews.com upgraded Phillips 66 from a hold rating to a buy rating in a research report on Saturday, February 10th. Finally, Barclays increased their price objective on Phillips 66 from $132.00 to $139.00 and gave the company an equal weight rating in a research report on Monday, February 5th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of Moderate Buy and a consensus price target of $156.86.

Phillips 66 Stock Down 1.8 %

Shares of NYSE PSX opened at $162.49 on Thursday. Phillips 66 has a one year low of $89.74 and a one year high of $174.08. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.26 and a quick ratio of 1.02. The business’s fifty day moving average price is $153.37 and its 200-day moving average price is $134.25. The stock has a market capitalization of $69.52 billion, a PE ratio of 10.50, a P/E/G ratio of 2.05 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.37 by $0.72. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. The firm had revenue of $38.74 billion for the quarter, compared to analysts’ expectations of $34.30 billion. On average, equities research analysts anticipate that Phillips 66 will post 13.2 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be given a dividend of $1.15 per share. The ex-dividend date is Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a dividend yield of 2.83%. Phillips 66’s payout ratio is currently 27.15%.

Insider Activity at Phillips 66

In other news, Director Robert W. Pease purchased 682 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were bought at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the transaction, the director now directly owns 1,900 shares of the company’s stock, valued at approximately $278,502. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Phillips 66 news, VP Joseph Scott Pruitt sold 5,922 shares of Phillips 66 stock in a transaction on Monday, March 18th. The stock was sold at an average price of $157.40, for a total transaction of $932,122.80. Following the completion of the transaction, the vice president now owns 6,583 shares in the company, valued at $1,036,164.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert W. Pease acquired 682 shares of the stock in a transaction on Thursday, February 15th. The shares were bought at an average price of $146.58 per share, with a total value of $99,967.56. Following the purchase, the director now directly owns 1,900 shares of the company’s stock, valued at approximately $278,502. The disclosure for this purchase can be found here. Insiders have sold 35,056 shares of company stock worth $5,272,681 over the last ninety days. 4.57% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. First Capital Advisors Group LLC. purchased a new position in Phillips 66 during the second quarter valued at $25,000. Ables Iannone Moore & Associates Inc. purchased a new position in Phillips 66 during the fourth quarter valued at $27,000. Main Street Group LTD purchased a new position in Phillips 66 during the fourth quarter valued at $28,000. First United Bank & Trust purchased a new position in Phillips 66 during the fourth quarter valued at $31,000. Finally, Cornerstone Planning Group LLC raised its stake in Phillips 66 by 134.8% during the third quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 151 shares during the last quarter. Hedge funds and other 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.