Phillips 66 (NYSE:PSX) Earns Buy Rating from Analysts at Bank of America

Bank of America initiated coverage on shares of Phillips 66 (NYSE:PSX) in a research note issued to investors on Thursday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $156.00 target price on the oil and gas company’s stock.

Several other equities analysts have also commented on PSX. Raymond James raised their price target on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. cut their target price on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Scotiabank lowered their price target on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Mizuho cut their price objective on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, Wolfe Research began coverage on Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $149.50.

Phillips 66 Trading Down 0.6 %

Shares of PSX opened at $132.60 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The firm has a market capitalization of $56.22 billion, a price-to-earnings ratio of 10.20, a PEG ratio of 5.75 and a beta of 1.33. The company has a 50-day moving average of $133.18 and a 200 day moving average of $140.20. Phillips 66 has a 1-year low of $107.85 and a 1-year 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 (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The firm had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.87 earnings per share. On average, research analysts expect that Phillips 66 will post 7.85 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.47%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s dividend payout ratio is currently 35.38%.

Insiders Place Their Bets

In other 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 transaction, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of 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 valued at $6,741,218,000 after buying an additional 1,578,669 shares during the last quarter. Bank of New York Mellon Corp grew its stake in 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 purchasing an additional 402,925 shares during the last quarter. Boston Partners grew its stake in Phillips 66 by 41.4% during the 1st 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 last quarter. Legal & General Group Plc increased its holdings in shares of Phillips 66 by 0.5% in the second quarter. Legal & General Group Plc now owns 3,699,370 shares of the oil and gas company’s stock valued at $522,240,000 after purchasing an additional 18,238 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Phillips 66 by 3.2% in the second quarter. Dimensional Fund Advisors LP now owns 3,643,264 shares of the oil and gas company’s stock worth $514,253,000 after purchasing an additional 111,261 shares during the last quarter. 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.