TD Cowen Cuts Phillips 66 (NYSE:PSX) Price Target to $150.00

Phillips 66 (NYSE:PSX) had its price objective cut by TD Cowen from $162.00 to $150.00 in a research report report published on Wednesday, MarketBeat reports. They currently have a buy rating on the oil and gas company’s stock.

Other equities analysts have also issued research reports about the stock. Raymond James upped their price objective on shares of Phillips 66 from $150.00 to $155.00 and gave the company an outperform rating in a report on Wednesday, July 31st. Wolfe Research initiated coverage on shares of Phillips 66 in a report on Thursday, July 18th. They set a peer perform rating on the stock. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $176.00 to $182.00 and gave the stock an overweight rating in a research report on Tuesday, September 3rd. Scotiabank decreased their target price on shares of Phillips 66 from $156.00 to $145.00 and set a sector outperform rating for the company in a research report on Friday, July 12th. Finally, Argus reissued a buy rating and set a $167.00 target price on shares of Phillips 66 in a research report on Thursday, May 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Phillips 66 currently has a consensus rating of Moderate Buy and an average target price of $156.92.

Phillips 66 Price Performance

PSX stock opened at $126.70 on Wednesday. The company’s fifty day simple moving average is $135.79 and its 200 day simple moving average is $144.17. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08. The firm has a market cap of $53.03 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 4.50 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the prior year, the business earned $3.87 earnings per share. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, analysts expect that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s payout ratio is 35.38%.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.22% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Crewe Advisors LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at approximately $25,000. Keener Financial Planning LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at approximately $26,000. Strategic Financial Concepts LLC bought a new position in shares of Phillips 66 during the 2nd quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Phillips 66 during the 4th quarter valued at approximately $27,000. Finally, Redmont Wealth Advisors LLC purchased a new stake in shares of Phillips 66 during the 1st quarter valued at approximately $28,000. 76.93% of the stock is owned by institutional investors.

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.