Phillips 66 (NYSE:PSX) Price Target Cut to $170.00 by Analysts at Piper Sandler

Phillips 66 (NYSE:PSX) had its target price cut by Piper Sandler from $187.00 to $170.00 in a research note issued to investors on Tuesday, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other research analysts have also recently issued reports on PSX. Scotiabank upped their price target on Phillips 66 from $148.00 to $156.00 and gave the company a sector outperform rating in a report on Thursday, April 11th. StockNews.com downgraded shares of Phillips 66 from a buy rating to a hold rating in a research note on Monday, May 6th. Bank of America boosted their target price on shares of Phillips 66 from $150.00 to $180.00 and gave the company a neutral rating in a research note on Friday, March 15th. Raymond James boosted their target price on shares of Phillips 66 from $140.00 to $155.00 and gave the company an outperform rating in a research note on Thursday, February 1st. Finally, Barclays cut their target price on shares of Phillips 66 from $155.00 to $147.00 and set an equal weight rating on the stock in a research note on Tuesday, April 30th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Phillips 66 currently has an average rating of Moderate Buy and an average price target of $156.21.

Phillips 66 Price Performance

NYSE:PSX traded up $1.65 during midday trading on Tuesday, hitting $146.35. 691,217 shares of the stock were exchanged, compared to its average volume of 2,847,933. Phillips 66 has a one year low of $89.74 and a one year high of $174.08. The company has a market capitalization of $62.05 billion, a price-to-earnings ratio of 11.19, a P/E/G ratio of 1.97 and a beta of 1.41. The business has a 50-day moving average price of $155.64 and a two-hundred day moving average price of $140.09. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same period in the prior year, the company posted $4.21 EPS. Sell-side analysts predict that Phillips 66 will post 12.38 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.14%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Friday, May 17th. Phillips 66’s dividend payout ratio is presently 32.31%.

Insiders Place Their Bets

In other Phillips 66 news, VP Joseph Scott Pruitt sold 5,922 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $157.40, for a total transaction of $932,122.80. Following the transaction, the vice president now directly owns 6,583 shares of the company’s stock, valued at $1,036,164.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Hedge funds and other institutional investors have recently made changes to their positions in the business. Crewe Advisors LLC acquired a new stake in shares of Phillips 66 in the first quarter valued at about $25,000. Keener Financial Planning LLC acquired a new stake in shares of Phillips 66 in the first quarter valued at about $26,000. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Phillips 66 in the fourth quarter valued at about $27,000. Redmont Wealth Advisors LLC acquired a new stake in shares of Phillips 66 in the first quarter valued at about $28,000. Finally, First United Bank & Trust bought a new stake in shares of Phillips 66 in the fourth quarter valued at about $31,000. 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.