Q3 2024 Earnings Forecast for Phillips 66 Issued By Zacks Research (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Equities research analysts at Zacks Research cut their Q3 2024 earnings estimates for Phillips 66 in a research report issued to clients and investors on Tuesday, October 1st. Zacks Research analyst R. Department now anticipates that the oil and gas company will earn $2.11 per share for the quarter, down from their previous forecast 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.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same period in the prior year, the business posted $3.87 EPS. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year.

A number of other equities analysts have also recently weighed in on PSX. Morgan Stanley dropped their price target on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Mizuho dropped their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. reduced their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday. Barclays raised their target price on Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Piper Sandler reduced their price objective on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating for the company in a research note on Friday, September 20th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $152.71.

Phillips 66 Trading Up 3.3 %

Shares of PSX stock opened at $138.93 on Thursday. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08. The stock has a market capitalization of $58.15 billion, a P/E ratio of 10.69, a P/E/G ratio of 5.28 and a beta of 1.33. The stock has a 50-day simple moving average of $133.90 and a 200 day simple moving average of $142.51. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders 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 dividend on an annualized basis and a yield of 3.31%. Phillips 66’s dividend payout ratio is currently 35.38%.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’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 transaction, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Phillips 66

Several hedge funds and other institutional investors have recently modified their holdings of PSX. Duncan Williams Asset Management LLC raised its stake in Phillips 66 by 16.1% during the third quarter. Duncan Williams Asset Management LLC now owns 2,322 shares of the oil and gas company’s stock worth $305,000 after acquiring an additional 322 shares in the last quarter. Czech National Bank lifted its holdings in Phillips 66 by 5.5% during the 3rd quarter. Czech National Bank now owns 85,266 shares of the oil and gas company’s stock valued at $11,208,000 after purchasing an additional 4,477 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in Phillips 66 by 243.9% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 423,000 shares of the oil and gas company’s stock worth $59,715,000 after buying an additional 300,000 shares during the last quarter. Verity & Verity LLC increased its holdings in shares of Phillips 66 by 3.3% during the second quarter. Verity & Verity LLC now owns 61,143 shares of the oil and gas company’s stock worth $8,632,000 after buying an additional 1,926 shares in the last quarter. Finally, Heritage Wealth Management Inc. bought a new position in shares of Phillips 66 in the second quarter valued at approximately $1,036,000. Institutional investors 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.