Phillips 66 (NYSE:PSX) Shares Gap Up Following Analyst Upgrade

Phillips 66 (NYSE:PSX)’s share price gapped up prior to trading on Tuesday after Mizuho raised their price target on the stock from $132.00 to $138.00. The stock had previously closed at $118.68, but opened at $123.61. Mizuho currently has a neutral rating on the stock. Phillips 66 shares last traded at $122.73, with a volume of 410,185 shares changing hands.

A number of other brokerages have also recently commented on PSX. The Goldman Sachs Group cut shares of Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price objective on the stock. in a research note on Thursday, March 27th. Wells Fargo & Company lowered their price target on shares of Phillips 66 from $162.00 to $149.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. UBS Group dropped their price objective on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Morgan Stanley reduced their target price on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Finally, Barclays increased their target price on Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $137.86.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PSX. Bogart Wealth LLC boosted its holdings in shares of Phillips 66 by 120.0% during the fourth quarter. Bogart Wealth LLC now owns 220 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 120 shares during the last quarter. von Borstel & Associates Inc. purchased a new position in Phillips 66 during the first quarter worth about $27,000. J.Safra Asset Management Corp purchased a new position in Phillips 66 during the fourth quarter worth about $25,000. Olde Wealth Management LLC acquired a new stake in Phillips 66 in the 1st quarter worth about $28,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Phillips 66 in the 1st quarter valued at about $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

The company has a market cap of $51.18 billion, a price-to-earnings ratio of 25.43, a P/E/G ratio of 4.84 and a beta of 1.01. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The stock’s 50 day moving average price is $111.64 and its 200 day moving average price is $119.22.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) 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 company had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. During the same quarter in the previous year, the firm posted $1.90 earnings per share. On average, analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, May 19th. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 3.82%. Phillips 66’s payout ratio is currently 109.34%.

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.