Phillips 66 (NYSE:PSX) Shares Gap Down After Earnings Miss

Phillips 66 (NYSE:PSX)’s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $157.24, but opened at $152.50. Phillips 66 shares last traded at $150.37, with a volume of 930,074 shares traded.

The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.60 by ($0.70). Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. During the same period in the previous year, the firm earned $4.21 EPS.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Friday, May 17th. Phillips 66’s dividend payout ratio is presently 27.15%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Scotiabank lifted their price target on shares of Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. JPMorgan Chase & Co. boosted their target price on shares of Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Citigroup initiated coverage on shares of Phillips 66 in a research report on Wednesday, January 24th. They set a “buy” rating for the company. The Goldman Sachs Group boosted their price objective on Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Finally, Piper Sandler raised their target price on Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $158.00.

Insiders Place Their Bets

In related news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Phillips 66 news, Director Robert W. Pease purchased 682 shares of Phillips 66 stock in a transaction dated Thursday, February 15th. The shares were acquired at an average price of $146.58 per share, with a total value of $99,967.56. Following the completion of the transaction, the director now owns 1,900 shares of the company’s stock, valued at $278,502. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. Insiders sold a total of 35,056 shares of company stock valued at $5,272,681 over the last 90 days. 0.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP increased its position in shares of Phillips 66 by 20.3% in the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after purchasing an additional 1,842,226 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Phillips 66 by 38.0% during the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock worth $1,309,954,000 after acquiring an additional 2,209,043 shares in the last quarter. Barclays PLC increased its holdings in shares of Phillips 66 by 4.2% in the 3rd quarter. Barclays PLC now owns 7,760,709 shares of the oil and gas company’s stock valued at $932,447,000 after acquiring an additional 309,239 shares during the last quarter. Morgan Stanley raised its position in shares of Phillips 66 by 2.1% during the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after acquiring an additional 138,646 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Phillips 66 by 6.2% during the third quarter. Northern Trust Corp now owns 4,881,094 shares of the oil and gas company’s stock worth $586,463,000 after purchasing an additional 283,010 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Price Performance

The stock has a market capitalization of $64.82 billion, a price-to-earnings ratio of 9.79, a P/E/G ratio of 1.91 and a beta of 1.37. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The stock has a fifty day moving average of $155.55 and a 200-day moving average of $136.88.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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 petroleum products to market; provides terminaling and storage services for crude oil and refined 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.