Piper Sandler Cuts Phillips 66 (NYSE:PSX) Price Target to $151.00

Phillips 66 (NYSE:PSX - Free Report) had its price target reduced by Piper Sandler from $170.00 to $151.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the oil and gas company's stock.

Several other brokerages also recently commented on PSX. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the stock an overweight rating in a research note on Monday, April 8th. Bank of America boosted their price objective on shares of Phillips 66 from $150.00 to $180.00 and gave the company a neutral rating in a research report on Friday, March 15th. Argus reissued a buy rating and set a $167.00 price objective on shares of Phillips 66 in a research report on Thursday, May 30th. Mizuho reduced their price objective on shares of Phillips 66 from $167.00 to $162.00 and set a neutral rating on the stock in a research report on Friday, April 12th. Finally, Raymond James reduced their price objective on shares of Phillips 66 from $163.00 to $160.00 and set an outperform rating on the stock in a research report on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, Phillips 66 has a consensus rating of Moderate Buy and a consensus target price of $157.57.

Phillips 66 Trading Down 0.7 %

Shares of NYSE PSX traded down $0.91 during mid-day trading on Friday, hitting $136.76. The stock had a trading volume of 1,848,501 shares, compared to its average volume of 2,743,845. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. Phillips 66 has a 1 year low of $89.74 and a 1 year high of $174.08. The business has a 50 day moving average price of $147.44 and a two-hundred day moving average price of $143.68. The firm has a market cap of $57.98 billion, a P/E ratio of 10.52, a price-to-earnings-growth ratio of 1.86 and a beta of 1.37.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The firm had revenue of $36.44 billion during the quarter, compared to analysts' expectations of $35.87 billion. During the same period in the previous year, the firm earned $4.21 earnings per share. On average, equities analysts anticipate that Phillips 66 will post 12.16 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 20th were paid a $1.15 dividend. This is a boost from Phillips 66's previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a yield of 3.36%. Phillips 66's payout ratio is presently 35.38%.

Insider Buying and Selling

In related news, VP Joseph Scott Pruitt sold 5,922 shares of the company's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $157.40, for a total value of $932,122.80. Following the transaction, the vice president now owns 6,583 shares in the company, valued at approximately $1,036,164.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the company's stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the transaction, the executive vice president now owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joseph Scott Pruitt sold 5,922 shares of the company's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $157.40, for a total transaction of $932,122.80. Following the transaction, the vice president now owns 6,583 shares in the company, valued at approximately $1,036,164.20. The disclosure for this sale can be found here. Insiders have sold a total of 50,864 shares of company stock worth $7,567,178 in the last quarter. Corporate 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 bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Phillips 66 by 4.0% during the 1st 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 acquiring an additional 1,578,669 shares during the period. Wellington Management Group LLP increased its position 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 valued at $1,451,643,000 after purchasing an additional 1,842,226 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Phillips 66 by 38.0% during the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company's stock valued at $1,309,954,000 after purchasing an additional 2,209,043 shares during the last quarter. Morgan Stanley increased its position in shares of Phillips 66 by 2.1% during the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company's stock valued at $813,291,000 after purchasing an additional 138,646 shares during the last quarter. Finally, Boston Partners increased its position in shares of 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. Institutional investors own 76.93% of the company's stock.

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.