Phillips 66 (NYSE:PSX) Sets New 1-Year Low Following Analyst Downgrade

Shares of Phillips 66 (NYSE:PSX) hit a new 52-week low on Monday after Mizuho lowered their price target on the stock from $150.00 to $147.00. Mizuho currently has a neutral rating on the stock. Phillips 66 traded as low as $118.61 and last traded at $119.85, with a volume of 254379 shares trading hands. The stock had previously closed at $122.72.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. reduced their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Piper Sandler set a $144.00 price target on shares of Phillips 66 in a research report on Thursday, October 17th. Scotiabank lowered their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. TD Cowen reduced their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Finally, Morgan Stanley cut their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $149.00.

Hedge Funds Weigh In On Phillips 66

Several institutional investors have recently added to or reduced their stakes in PSX. Strategic Financial Concepts LLC acquired a new position in shares of Phillips 66 in the 2nd quarter worth approximately $26,000. nVerses Capital LLC acquired a new stake in Phillips 66 in the 3rd quarter valued at about $26,000. Values First Advisors Inc. acquired a new position in Phillips 66 during the 3rd quarter worth $30,000. Kings Path Partners LLC bought a new position in Phillips 66 in the second quarter valued at about $38,000. Finally, Industrial Alliance Investment Management Inc. acquired a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $40,000. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Down 0.4 %

The firm has a 50 day simple moving average of $129.09 and a two-hundred day simple moving average of $133.47. The stock has a market cap of $47.82 billion, a price-to-earnings ratio of 14.87, a price-to-earnings-growth ratio of 4.06 and a beta of 1.35. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion for the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the company posted $4.63 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 7.56 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were paid a $1.15 dividend. The ex-dividend date was Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a yield of 3.97%. Phillips 66’s dividend payout ratio is 59.05%.

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.