Phillips 66 (NYSE:PSX)‘s stock had its “hold” rating reissued by investment analysts at Royal Bank of Canada in a research note issued on Wednesday. They currently have a $102.00 price objective on the oil and gas company’s stock. Royal Bank of Canada’s target price points to a potential upside of 1.92% from the stock’s previous close.
Other analysts have also recently issued reports about the stock. Cowen restated a “buy” rating and issued a $101.00 price target on shares of Phillips 66 in a report on Tuesday, October 17th. Vetr upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price target on the stock in a report on Monday, October 16th. Zacks Investment Research upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a report on Tuesday, October 10th. Goldman Sachs Group upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and raised their price target for the company from $88.00 to $109.00 in a report on Tuesday, October 3rd. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. Phillips 66 has a consensus rating of “Hold” and a consensus target price of $94.14.
Phillips 66 (PSX) opened at $100.08 on Wednesday. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $100.98. The stock has a market cap of $50,711.18, a PE ratio of 28.57, a price-to-earnings-growth ratio of 2.55 and a beta of 1.24.
Phillips 66 announced that its board has approved a share repurchase program on Monday, October 9th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of Phillips 66 stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $100.25, for a total value of $270,675.00. Following the completion of the sale, the vice president now directly owns 2,700 shares in the company, valued at approximately $270,675. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of PSX. Motco raised its position in Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after buying an additional 50 shares during the last quarter. Bruderman Asset Management LLC purchased a new position in Phillips 66 during the 2nd quarter worth approximately $112,000. Ffcm LLC purchased a new position in Phillips 66 during the 2nd quarter worth approximately $113,000. Meeder Asset Management Inc. purchased a new position in Phillips 66 during the 2nd quarter worth approximately $116,000. Finally, Mountain Capital Investment Advisors Inc purchased a new position in Phillips 66 during the 2nd quarter worth approximately $127,000. 70.13% of the stock is owned by institutional investors.
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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