Vetr Inc. Lowers Phillips 66 (PSX) to Hold

Vetr cut shares of Phillips 66 (NYSE:PSX) from a buy rating to a hold rating in a report published on Thursday, November 2nd. They currently have $97.16 price objective on the oil and gas company’s stock.

A number of other equities analysts also recently issued reports on the company. J P Morgan Chase & Co increased their price target on Phillips 66 from $93.00 to $95.00 and gave the stock a neutral rating in a research report on Monday, October 30th. Wells Fargo & Company reissued a market perform rating and set a $91.00 target price (up previously from $84.00) on shares of Phillips 66 in a report on Tuesday, October 17th. Cowen and Company reissued a buy rating and set a $101.00 target price on shares of Phillips 66 in a report on Tuesday, October 17th. Jefferies Group LLC cut Phillips 66 from a hold rating to an underperform rating and cut their target price for the stock from $95.00 to $75.14 in a research note on Monday, October 16th. Finally, Zacks Investment Research cut Phillips 66 from a buy rating to a hold rating in a research note on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $93.33.

Shares of Phillips 66 (NYSE PSX) traded down $0.76 on Thursday, hitting $93.66. The stock had a trading volume of 1,347,700 shares, compared to its average volume of 1,950,602. Phillips 66 has a 1 year low of $75.14 and a 1 year high of $95.00. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $47,908.12, a P/E ratio of 26.99, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.04. The firm had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same quarter in the prior year, the business earned $1.05 earnings per share. equities research analysts expect that Phillips 66 will post 4.58 EPS for the current fiscal year.

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Phillips 66 announced that its board has approved a share buyback program on Monday, October 9th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be given a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Thursday, November 16th. Phillips 66’s dividend payout ratio (DPR) is currently 70.18%.

In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction dated 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 legal filing with the SEC, which is accessible through the SEC website. 0.50% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of PSX. BlackRock Inc. increased its position in Phillips 66 by 2,329.3% in the 1st quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after acquiring an additional 26,676,647 shares during the period. OppenheimerFunds Inc. increased its position in Phillips 66 by 599.8% in the 1st quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock valued at $364,472,000 after acquiring an additional 3,943,299 shares during the period. FMR LLC increased its position in Phillips 66 by 37.1% in the 2nd quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock valued at $621,890,000 after acquiring an additional 2,036,258 shares during the period. Clearbridge Investments LLC increased its position in Phillips 66 by 4,771.9% in the 1st quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after acquiring an additional 1,396,918 shares during the period. Finally, New England Asset Management Inc. acquired a new position in Phillips 66 in the 1st quarter valued at about $104,095,000. Hedge funds and other institutional investors own 69.64% 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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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