Phillips 66’s (PSX) Buy Rating Reiterated at Cowen and Company

Cowen and Company reiterated their buy rating on shares of Phillips 66 (NYSE:PSX) in a report published on Tuesday morning. Cowen and Company currently has a $101.00 target price on the oil and gas company’s stock.

Other research analysts also recently issued research reports about the company. Jefferies Group LLC downgraded Phillips 66 from a hold rating to an underperform rating and dropped their price objective for the company from $95.00 to $75.14 in a report on Monday. Argus reiterated a buy rating and issued a $108.00 price objective (up previously from $96.00) on shares of Phillips 66 in a report on Thursday, October 12th. Zacks Investment Research cut Phillips 66 from a buy rating to a hold rating in a research report on Thursday, October 12th. Barclays PLC set a $95.00 target price on Phillips 66 and gave the company an equal weight rating in a research report on Tuesday, October 10th. Finally, Goldman Sachs Group, Inc. (The) raised Phillips 66 from a neutral rating to a buy rating and upped their target price for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $93.22.

Shares of Phillips 66 (NYSE:PSX) traded up 0.44% during trading on Tuesday, hitting $90.79. The stock had a trading volume of 1,530,062 shares. The stock has a market cap of $46.44 billion, a price-to-earnings ratio of 27.17 and a beta of 1.19. The company’s 50 day moving average price is $89.57 and its 200 day moving average price is $82.71. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $95.00.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.07. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. The company had revenue of $24.58 billion for the quarter, compared to the consensus estimate of $25.14 billion. During the same quarter in the prior year, the business earned $0.94 EPS. Equities research analysts expect that Phillips 66 will post $4.39 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.10%. The ex-dividend date is Thursday, November 16th. Phillips 66’s payout ratio is currently 83.58%.

Phillips 66 declared that its board has authorized a stock repurchase program on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Jacobi Capital Management LLC boosted its holdings in Phillips 66 by 27.4% in the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after acquiring an additional 277 shares during the last quarter. Motco boosted its holdings in Phillips 66 by 4.0% in the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after acquiring an additional 50 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in Phillips 66 by 239.2% in the first quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock valued at $110,000 after acquiring an additional 1,000 shares during the last quarter. Bruderman Asset Management LLC

Other research analysts also recently issued research reports about the company. Jefferies Group LLC downgraded Phillips 66 from a hold rating to an underperform rating and dropped their price objective for the company from $95.00 to $75.14 in a report on Monday. Argus reiterated a buy rating and issued a $108.00 price objective (up previously from $96.00) on shares of Phillips 66 in a report on Thursday, October 12th. Zacks Investment Research cut Phillips 66 from a buy rating to a hold rating in a research report on Thursday, October 12th. Barclays PLC set a $95.00 target price on Phillips 66 and gave the company an equal weight rating in a research report on Tuesday, October 10th. Finally, Goldman Sachs Group, Inc. (The) raised Phillips 66 from a neutral rating to a buy rating and upped their target price for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $93.22.

Shares of Phillips 66 (NYSE:PSX) traded up 0.44% during trading on Tuesday, hitting $90.79. The stock had a trading volume of 1,530,062 shares. The stock has a market cap of $46.44 billion, a price-to-earnings ratio of 27.17 and a beta of 1.19. The company’s 50 day moving average price is $89.57 and its 200 day moving average price is $82.71. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $95.00.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.02 by $0.07. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. The company had revenue of $24.58 billion for the quarter, compared to the consensus estimate of $25.14 billion. During the same quarter in the prior year, the business earned $0.94 EPS. Equities research analysts expect that Phillips 66 will post $4.39 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.10%. The ex-dividend date is Thursday, November 16th. Phillips 66’s payout ratio is currently 83.58%.

Phillips 66 declared that its board has authorized a stock repurchase program on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Jacobi Capital Management LLC boosted its holdings in Phillips 66 by 27.4% in the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after acquiring an additional 277 shares during the last quarter. Motco boosted its holdings in Phillips 66 by 4.0% in the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after acquiring an additional 50 shares during the last quarter. Westside Investment Management Inc. boosted its holdings in Phillips 66 by 239.2% in the first quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock valued at $110,000 after acquiring an additional 1,000 shares during the last quarter. Bruderman Asset Management LLC acquired a new position in Phillips 66 in the second quarter valued at $112,000. Finally, Farmers National Bank acquired a new position in Phillips 66 in the first quarter valued at $113,000. Institutional investors and hedge funds own 69.54% of the company’s stock.

About Phillips 66

Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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