Phillips 66 (NYSE:PSX) Price Target Cut to $141.00

Phillips 66 (NYSE:PSX) had its price target lowered by analysts at JPMorgan Chase & Co. from $160.00 to $141.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 1.49% from the stock’s current price.

PSX has been the subject of several other reports. Piper Sandler decreased their target price on shares of Phillips 66 from $151.00 to $136.00 and set an “overweight” rating for the company in a research note on Friday, September 20th. Scotiabank lowered their target price on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Mizuho dropped their target price on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. Wells Fargo & Company upped their price target on Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a report on Tuesday, September 3rd. Finally, Barclays raised their price objective on Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Six investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $152.71.

Phillips 66 Price Performance

Shares of PSX opened at $138.93 on Wednesday. The company has a market capitalization of $58.90 billion, a P/E ratio of 10.69, a P/E/G ratio of 5.28 and a beta of 1.33. The business’s 50-day moving average is $133.90 and its two-hundred day moving average is $142.51. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results 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 return on equity of 16.77% and a net margin of 3.32%. The company had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. During the same period last year, the business earned $3.87 earnings per share. Phillips 66’s quarterly revenue was up 8.9% on a year-over-year basis. Research analysts predict that Phillips 66 will post 8.27 earnings per share for the current year.

Insider Transactions at Phillips 66

In related 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 transaction of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Phillips 66

A number of large investors have recently made changes to their positions in PSX. Vanguard Group Inc. boosted its stake in Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after buying an additional 1,578,669 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after acquiring an additional 1,842,226 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock valued at $1,189,035,000 after acquiring an additional 402,925 shares during the last quarter. Boston Partners grew its holdings in shares of Phillips 66 by 41.4% in the first quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock valued at $889,214,000 after purchasing an additional 1,595,722 shares during the period. Finally, Legal & General Group Plc increased its position in Phillips 66 by 0.5% during the second quarter. Legal & General Group Plc now owns 3,699,370 shares of the oil and gas company’s stock worth $522,240,000 after purchasing an additional 18,238 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

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.