JPMorgan Chase & Co. Lowers Phillips 66 (NYSE:PSX) Price Target to $141.00

Phillips 66 (NYSE:PSX) had its price target decreased by analysts at JPMorgan Chase & Co. from $160.00 to $141.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 1.49% from the company’s previous close.

Several other research firms also recently weighed in on PSX. TD Cowen dropped their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Raymond James upped their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Wolfe Research began coverage on shares of Phillips 66 in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Piper Sandler cut their price objective on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a research report on Friday, September 20th. Finally, Barclays lifted their target price on Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $152.71.

Phillips 66 Stock Up 3.3 %

Shares of NYSE:PSX opened at $138.93 on Wednesday. The business has a 50-day moving average price of $133.90 and a 200 day moving average price of $142.51. Phillips 66 has a 12-month low of $107.85 and a 12-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 company has a market capitalization of $58.90 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 5.28 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the previous year, the company earned $3.87 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Sell-side analysts expect that Phillips 66 will post 8.27 EPS for the current year.

Insider Buying and Selling at Phillips 66

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PSX. Duncan Williams Asset Management LLC boosted its holdings in shares of Phillips 66 by 16.1% in the third quarter. Duncan Williams Asset Management LLC now owns 2,322 shares of the oil and gas company’s stock valued at $305,000 after acquiring an additional 322 shares during the period. Czech National Bank boosted its stake in Phillips 66 by 5.5% during the 3rd quarter. Czech National Bank now owns 85,266 shares of the oil and gas company’s stock worth $11,208,000 after purchasing an additional 4,477 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in Phillips 66 by 243.9% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 423,000 shares of the oil and gas company’s stock worth $59,715,000 after purchasing an additional 300,000 shares during the last quarter. Verity & Verity LLC increased its stake in Phillips 66 by 3.3% in the second quarter. Verity & Verity LLC now owns 61,143 shares of the oil and gas company’s stock valued at $8,632,000 after purchasing an additional 1,926 shares during the period. Finally, Heritage Wealth Management Inc. purchased a new stake in shares of Phillips 66 in the second quarter valued at about $1,036,000. 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.