Phillips 66 (NYSE:PSX) had its price target increased by J P Morgan Chase & Co from $93.00 to $95.00 in a research note published on Monday morning. The firm currently has a neutral rating on the oil and gas company’s stock.
A number of other equities research analysts have also recently issued reports on the stock. Piper Jaffray Companies reissued a buy rating and issued a $84.00 target price on shares of Phillips 66 in a research report on Friday, July 14th. Goldman Sachs Group, Inc. (The) raised shares of Phillips 66 from a neutral rating to a buy rating and boosted their target price for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Scotiabank reissued a hold rating on shares of Phillips 66 in a research report on Friday, September 8th. Zacks Investment Research raised shares of Phillips 66 from a hold rating to a buy rating and set a $105.00 target price for the company in a research report on Tuesday, October 10th. Finally, Jefferies Group LLC cut shares of Phillips 66 from a hold rating to an underperform rating and reduced their target price for the company from $95.00 to $75.14 in a research report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $93.33.
Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.04. The company had revenue of $26.21 billion during the quarter, compared to analysts’ expectations of $29.94 billion. Phillips 66 had a net margin of 2.11% and a return on equity of 7.60%. During the same quarter in the previous year, the business posted $1.05 earnings per share.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be paid a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.07%. The ex-dividend date is Thursday, November 16th. Phillips 66’s payout ratio is 70.18%.
Phillips 66 declared that its Board of Directors has approved a stock buyback program on Monday, October 9th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Guardian Life Insurance Co. of America raised 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 worth $135,000 after acquiring an additional 11 shares in the last quarter. Joel Isaacson & Co. LLC raised 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 worth $316,000 after acquiring an additional 14 shares in the last quarter. Hudock Capital Group LLC raised 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 worth $207,000 after acquiring an additional 16 shares in the last quarter. Good Life Advisors LLC raised 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 worth $511,000 after acquiring an additional 17 shares in the last quarter. Finally, Northwest Quadrant Wealth Management LLC raised its stake in Phillips 66 by 0.6% during the first quarter. Northwest Quadrant Wealth Management LLC now owns 2,862 shares of the oil and gas company’s stock worth $228,000 after acquiring an additional 18 shares in the last quarter. 69.58% of the stock is owned by hedge funds and other institutional investors.
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.
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