Phillips 66 (NYSE:PSX) PT Lowered to $176.00 at Wells Fargo & Company

Phillips 66 (NYSE:PSX) had its target price cut by Wells Fargo & Company from $180.00 to $176.00 in a report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Other equities analysts have also issued reports about the company. StockNews.com lowered Phillips 66 from a buy rating to a hold rating in a report on Monday, May 6th. Wolfe Research began coverage on Phillips 66 in a report on Thursday, July 18th. They issued a peer perform rating for the company. Mizuho dropped their price objective on Phillips 66 from $162.00 to $160.00 and set a neutral rating on the stock in a research note on Thursday, June 20th. Piper Sandler dropped their price objective on Phillips 66 from $170.00 to $151.00 and set an overweight rating on the stock in a research note on Friday, June 14th. Finally, Scotiabank dropped their price objective on Phillips 66 from $156.00 to $145.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Phillips 66 has a consensus rating of Moderate Buy and a consensus target price of $157.23.

Phillips 66 Stock Performance

PSX stock opened at $145.48 on Wednesday. The firm has a market cap of $61.68 billion, a PE ratio of 11.19, a P/E/G ratio of 2.61 and a beta of 1.34. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. The business has a 50 day moving average of $139.17 and a 200-day moving average of $145.76. Phillips 66 has a 12-month low of $107.41 and a 12-month high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) 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 analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.64% and a net margin of 3.33%. Phillips 66’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $3.87 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 9.4 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 annualized dividend and a dividend yield of 3.16%. Phillips 66’s dividend payout ratio is currently 35.38%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the sale, the executive vice president now owns 48,365 shares in the company, valued at $7,051,617. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock valued at $6,741,218,000 after buying an additional 1,578,669 shares during the period. Wellington Management Group LLP boosted its stake in Phillips 66 by 20.3% during the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after buying an additional 1,842,226 shares during the period. Bank of New York Mellon Corp raised its position in Phillips 66 by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock valued at $1,189,035,000 after purchasing an additional 402,925 shares in the last quarter. Boston Partners raised its position in Phillips 66 by 41.4% during the first quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock valued at $889,214,000 after purchasing an additional 1,595,722 shares in the last quarter. Finally, Norges Bank purchased a new stake in Phillips 66 during the fourth quarter valued at about $559,435,000. 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.