Phillips 66 (NYSE:PSX) Lifted to “Buy” at Citigroup

Citigroup upgraded shares of Phillips 66 (NYSE:PSX) from a neutral rating to a buy rating in a report issued on Friday, 24/7 WallStreet reports.

A number of other equities analysts have also recently commented on PSX. Jefferies Financial Group cut Phillips 66 from a buy rating to a hold rating and increased their target price for the company from $105.00 to $107.00 in a report on Monday, April 15th. ValuEngine cut Phillips 66 from a hold rating to a sell rating in a report on Monday, April 15th. Bank of America raised Phillips 66 from a neutral rating to a buy rating and set a $126.00 target price for the company in a report on Monday, April 29th. They noted that the move was a valuation call. Finally, Morgan Stanley reduced their target price on Phillips 66 from $115.00 to $105.00 and set an equal weight rating for the company in a report on Friday, May 17th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. Phillips 66 currently has a consensus rating of Buy and a consensus price target of $118.73.

Shares of PSX stock opened at $90.58 on Friday. The company has a market cap of $41.08 billion, a price-to-earnings ratio of 7.74, a price-to-earnings-growth ratio of 1.48 and a beta of 0.99. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.42. Phillips 66 has a 12-month low of $78.44 and a 12-month high of $123.97.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. The company had revenue of $23.66 billion for the quarter, compared to the consensus estimate of $24.66 billion. Phillips 66 had a return on equity of 19.96% and a net margin of 4.63%. During the same quarter in the prior year, the business posted $1.04 earnings per share. On average, research analysts predict that Phillips 66 will post 7.2 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.97%. This is a boost from Phillips 66’s previous quarterly dividend of $0.80. Phillips 66’s dividend payout ratio is presently 30.74%.

In related news, Director John E. Lowe purchased 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average price of $82.91 per share, with a total value of $165,820.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.13% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc increased its stake in Phillips 66 by 2.8% during the third quarter. Vanguard Group Inc now owns 32,998,567 shares of the oil and gas company’s stock worth $3,719,598,000 after acquiring an additional 885,979 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its stake in Phillips 66 by 7.6% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 13,645,296 shares of the oil and gas company’s stock worth $1,175,542,000 after acquiring an additional 958,545 shares during the last quarter. Wells Fargo & Company MN increased its stake in Phillips 66 by 8.0% during the first quarter. Wells Fargo & Company MN now owns 9,072,943 shares of the oil and gas company’s stock worth $863,471,000 after acquiring an additional 674,509 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Phillips 66 by 3.4% during the fourth quarter. Bank of New York Mellon Corp now owns 6,647,531 shares of the oil and gas company’s stock worth $572,684,000 after acquiring an additional 218,018 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Phillips 66 by 0.9% during the first quarter. Northern Trust Corp now owns 5,695,981 shares of the oil and gas company’s stock worth $542,087,000 after acquiring an additional 48,937 shares during the last quarter. 70.02% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Company Profile

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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