Barclays PLC downgraded shares of Phillips 66 (NYSE:PSX) from an equal weight rating to an underweight rating in a research note released on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $100.00 price objective on the oil and gas company’s stock, up from their prior price objective of $95.00.
Other equities research analysts have also issued reports about the company. Scotiabank reaffirmed a hold rating on shares of Phillips 66 in a research report on Friday, September 8th. Jefferies Group LLC reaffirmed a hold rating and issued a $78.00 target price on shares of Phillips 66 in a research report on Tuesday, September 5th. Vetr raised Phillips 66 from a hold rating to a buy rating and set a $97.16 target price on the stock in a research report on Monday, October 16th. BidaskClub lowered Phillips 66 from a hold rating to a sell rating in a research report on Friday, August 18th. Finally, Piper Jaffray Companies reaffirmed a buy rating and issued a $98.00 target price on shares of Phillips 66 in a research report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $93.25.
Phillips 66 (PSX) traded up $0.59 during mid-day trading on Tuesday, hitting $92.46. The company had a trading volume of 2,198,500 shares, compared to its average volume of 2,230,708. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. The firm has a market cap of $46,950.00, a price-to-earnings ratio of 26.68, a P/E/G ratio of 2.38 and a beta of 1.20. Phillips 66 has a twelve month low of $75.14 and a twelve month high of $95.00.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. The business had revenue of $26.21 billion for the quarter, compared to analyst estimates of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same period in the prior year, the company posted $1.05 EPS. equities research analysts forecast that Phillips 66 will post 4.58 earnings per share for the current fiscal year.
Phillips 66 declared that its Board of Directors has authorized a stock buyback plan on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be paid a $0.70 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 3.03%. Phillips 66’s payout ratio is 70.53%.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.50% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Guardian Life Insurance Co. of America boosted its stake in Phillips 66 by 0.6% during the first quarter. Guardian Life Insurance Co. of America now owns 1,708 shares of the oil and gas company’s stock valued at $135,000 after buying an additional 11 shares in the last quarter. Joel Isaacson & Co. LLC boosted its stake in Phillips 66 by 0.4% during the second quarter. Joel Isaacson & Co. LLC now owns 3,821 shares of the oil and gas company’s stock valued at $316,000 after buying an additional 14 shares in the last quarter. Hudock Capital Group LLC boosted its stake in Phillips 66 by 0.6% during the second quarter. Hudock Capital Group LLC now owns 2,509 shares of the oil and gas company’s stock valued at $207,000 after buying an additional 16 shares in the last quarter. Good Life Advisors LLC boosted its stake in Phillips 66 by 0.3% during the second quarter. Good Life Advisors LLC now owns 6,198 shares of the oil and gas company’s stock valued at $511,000 after buying an additional 17 shares in the last quarter. Finally, Northwest Quadrant Wealth Management LLC boosted its position in shares of Phillips 66 by 0.6% in the 1st quarter. Northwest Quadrant Wealth Management LLC now owns 2,862 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 18 shares during the period. 69.81% of the stock is owned by institutional investors and hedge funds.
Phillips 66 Company Profile
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.
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