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

Phillips 66 (NYSE:PSX) had its target price decreased by Piper Sandler from $151.00 to $136.00 in a research note issued to investors on Friday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the oil and gas company’s stock.

A number of other equities analysts also recently commented on the stock. Mizuho reduced their target price on shares of Phillips 66 from $154.00 to $150.00 and set a neutral rating for the company in a report on Monday, September 16th. Argus reiterated a buy rating and set a $167.00 price objective on shares of Phillips 66 in a research note on Thursday, May 30th. Raymond James raised their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the company an outperform rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $165.00 to $162.00 and set an overweight rating on the stock in a research report on Tuesday, July 2nd. Finally, Wolfe Research initiated coverage on Phillips 66 in a report on Thursday, July 18th. They set a peer perform rating for the company. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $154.21.

Phillips 66 Stock Down 1.9 %

NYSE:PSX opened at $129.97 on Friday. The company has a market cap of $55.10 billion, a price-to-earnings ratio of 10.00, a price-to-earnings-growth ratio of 4.67 and a beta of 1.33. Phillips 66 has a twelve month low of $107.85 and a twelve month high of $174.08. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The stock has a fifty day simple moving average of $135.20 and a 200-day simple moving average of $143.65.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The business 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 16.77% and a net margin of 3.32%. Phillips 66’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.87 EPS. Analysts anticipate that Phillips 66 will post 9.1 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s dividend payout ratio is presently 35.38%.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the 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 completion of the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Phillips 66

A number of large investors have recently modified their holdings of PSX. Gryphon Financial Partners LLC grew its stake in Phillips 66 by 11.4% during the 4th quarter. Gryphon Financial Partners LLC now owns 4,166 shares of the oil and gas company’s stock valued at $546,000 after acquiring an additional 426 shares in the last quarter. TrinityPoint Wealth LLC grew its position in shares of Phillips 66 by 14.9% in the fourth quarter. TrinityPoint Wealth LLC now owns 5,170 shares of the oil and gas company’s stock valued at $688,000 after purchasing an additional 672 shares in the last quarter. Clearbridge Investments LLC grew its position in shares of Phillips 66 by 55.1% in the fourth quarter. Clearbridge Investments LLC now owns 33,625 shares of the oil and gas company’s stock valued at $4,477,000 after purchasing an additional 11,945 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Phillips 66 by 792.6% in the fourth quarter. Assetmark Inc. now owns 1,455 shares of the oil and gas company’s stock valued at $194,000 after purchasing an additional 1,292 shares during the last quarter. Finally, US Bancorp DE lifted its position in Phillips 66 by 0.4% during the fourth quarter. US Bancorp DE now owns 263,400 shares of the oil and gas company’s stock worth $35,070,000 after buying an additional 1,017 shares in 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.