Morgan Stanley Cuts Phillips 66 (PSX) Price Target to $105.00

Phillips 66 (NYSE:PSX) had its target price cut by investment analysts at Morgan Stanley from $115.00 to $105.00 in a report released on Friday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s target price points to a potential upside of 23.81% from the company’s current price.

A number of other analysts have also commented on PSX. ValuEngine raised shares of Phillips 66 from a “strong sell” rating to a “sell” rating in a report on Friday. Jefferies Financial Group lowered shares of Phillips 66 from a “buy” rating to a “hold” rating and lifted their target price for the stock from $105.00 to $107.00 in a report on Monday, April 15th. Argus lowered their target price on shares of Phillips 66 to $116.00 and set a “buy” rating for the company in a report on Thursday, February 14th. Citigroup lifted their target price on shares of Phillips 66 from $100.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. Finally, Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a report on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $119.42.

PSX opened at $84.81 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.84. Phillips 66 has a 52 week low of $78.44 and a 52 week high of $123.97. The firm has a market cap of $38.47 billion, a price-to-earnings ratio of 7.24, a price-to-earnings-growth ratio of 1.36 and a beta of 0.91.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. Phillips 66 had a net margin of 4.63% and a return on equity of 19.96%. The firm had revenue of $23.66 billion during the quarter, compared to analyst estimates of $24.66 billion. During the same quarter in the previous year, the business earned $1.04 EPS. Equities analysts expect that Phillips 66 will post 7.26 EPS for the current year.

In other news, Chairman Greg C. Garland sold 42,728 shares of the business’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $97.61, for a total value of $4,170,680.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Lowe purchased 2,000 shares of the firm’s stock in a transaction dated Thursday, May 9th. The stock was purchased at an average cost of $84.41 per share, with a total value of $168,820.00. The disclosure for this purchase can be found here. 0.13% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Harvest Group Wealth Management LLC bought a new stake in Phillips 66 in the 1st quarter valued at $31,000. TCG Advisors LP bought a new stake in Phillips 66 in the 1st quarter valued at $38,000. Burt Wealth Advisors lifted its position in Phillips 66 by 285.7% in the 1st quarter. Burt Wealth Advisors now owns 405 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 300 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Phillips 66 by 46.1% in the 4th quarter. Proficio Capital Partners LLC now owns 434 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 137 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Phillips 66 in the 4th quarter valued at $37,000. 71.83% of the stock is owned by institutional investors.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined products to market; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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Analyst Recommendations for Phillips 66 (NYSE:PSX)

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