Barclays Forecasts Strong Price Appreciation for Phillips 66 (NYSE:PSX) Stock

Phillips 66 (NYSE:PSX) had its price target lifted by Barclays from $106.00 to $115.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Barclays‘s target price points to a potential downside of 8.45% from the company’s previous close.

A number of other brokerages have also recently issued reports on PSX. Mizuho cut their target price on shares of Phillips 66 from $140.00 to $132.00 and set a “neutral” rating for the company in a research report on Wednesday, April 9th. TD Cowen cut their price objective on Phillips 66 from $127.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Wells Fargo & Company lowered their target price on Phillips 66 from $162.00 to $149.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Morgan Stanley reduced their price objective on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 24th. Finally, Raymond James cut their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $137.86.

Phillips 66 Stock Performance

PSX opened at $125.62 on Monday. The stock’s 50 day simple moving average is $111.64 and its 200 day simple moving average is $119.22. The stock has a market cap of $51.18 billion, a P/E ratio of 25.43, a P/E/G ratio of 4.84 and a beta of 1.01. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The firm had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. During the same quarter in the prior year, the business earned $1.90 EPS. As a group, equities analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Hedge Funds Weigh In On Phillips 66

Institutional investors and hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC boosted its holdings in Phillips 66 by 1.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 124,608 shares of the oil and gas company’s stock valued at $14,197,000 after acquiring an additional 1,320 shares during the last quarter. Czech National Bank raised its holdings in shares of Phillips 66 by 5.0% in the 4th quarter. Czech National Bank now owns 89,493 shares of the oil and gas company’s stock worth $10,196,000 after purchasing an additional 4,227 shares during the period. Fiduciary Alliance LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at about $861,000. Capital Investment Advisors LLC grew its holdings in shares of Phillips 66 by 41.3% during the 4th quarter. Capital Investment Advisors LLC now owns 4,145 shares of the oil and gas company’s stock worth $472,000 after purchasing an additional 1,211 shares during the period. Finally, Wedmont Private Capital grew its holdings in shares of Phillips 66 by 14.1% during the 4th quarter. Wedmont Private Capital now owns 6,856 shares of the oil and gas company’s stock worth $781,000 after purchasing an additional 847 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Company Profile

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.