Zacks Research Comments on Phillips 66’s Q3 2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Analysts at Zacks Research cut their Q3 2024 earnings per share estimates for Phillips 66 in a research note issued on Tuesday, October 1st. Zacks Research analyst R. Department now expects that the oil and gas company will post earnings per share of $2.11 for the quarter, down from their prior estimate of $2.40. The consensus estimate for Phillips 66’s current full-year earnings is $8.27 per share. Zacks Research also issued estimates for Phillips 66’s Q4 2024 earnings at $2.05 EPS, FY2024 earnings at $8.37 EPS, Q1 2026 earnings at $2.82 EPS and Q3 2026 earnings at $3.35 EPS.

Several other research firms have also weighed in on PSX. Scotiabank cut their target price on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. JPMorgan Chase & Co. cut their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday. Wells Fargo & Company raised their target price on Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Piper Sandler cut their target price on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. Finally, TD Cowen cut their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $152.71.

Phillips 66 Price Performance

PSX opened at $138.62 on Thursday. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08. The stock has a fifty day moving average price of $133.83 and a 200 day moving average price of $142.39. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The stock has a market cap of $58.77 billion, a price-to-earnings ratio of 10.66, a PEG ratio of 5.28 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The firm had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.87 earnings per share.

Institutional Investors Weigh In On Phillips 66

A number of institutional investors have recently added to or reduced their stakes in PSX. Jones Financial Companies Lllp boosted its holdings in Phillips 66 by 17.8% during the fourth quarter. Jones Financial Companies Lllp now owns 2,320 shares of the oil and gas company’s stock valued at $309,000 after purchasing an additional 350 shares in the last quarter. CWA Asset Management Group LLC boosted its holdings in Phillips 66 by 50.4% during the fourth quarter. CWA Asset Management Group LLC now owns 2,870 shares of the oil and gas company’s stock valued at $382,000 after purchasing an additional 962 shares in the last quarter. Peapack Gladstone Financial Corp boosted its holdings in Phillips 66 by 2.6% during the fourth quarter. Peapack Gladstone Financial Corp now owns 9,525 shares of the oil and gas company’s stock valued at $1,268,000 after purchasing an additional 242 shares in the last quarter. CIBC Private Wealth Group LLC boosted its holdings in Phillips 66 by 6.5% during the fourth quarter. CIBC Private Wealth Group LLC now owns 60,680 shares of the oil and gas company’s stock valued at $8,079,000 after purchasing an additional 3,694 shares in the last quarter. Finally, Lake Street Advisors Group LLC acquired a new stake in Phillips 66 during the fourth quarter valued at approximately $315,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were paid a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.32%. Phillips 66’s dividend payout ratio is 35.38%.

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.