The Goldman Sachs Group Downgrades Phillips 66 (NYSE:PSX) to Neutral

The Goldman Sachs Group downgraded shares of Phillips 66 (NYSE:PSX - Free Report) from a buy rating to a neutral rating in a research note published on Thursday, Marketbeat reports. The brokerage currently has $132.00 price objective on the oil and gas company's stock.

Several other research analysts also recently commented on the stock. Wolfe Research raised shares of Phillips 66 from a "peer perform" rating to an "outperform" rating and set a $143.00 price objective for the company in a report on Friday, January 3rd. Barclays increased their target price on Phillips 66 from $115.00 to $135.00 and gave the stock an "equal weight" rating in a research report on Friday, March 14th. Piper Sandler cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 10th. StockNews.com lowered Phillips 66 from a "hold" rating to a "sell" rating in a research note on Sunday, March 2nd. Finally, Mizuho cut their target price on Phillips 66 from $150.00 to $147.00 and set a "neutral" rating for the company in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and a consensus target price of $146.43.

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Phillips 66 Stock Performance

Shares of PSX traded up $1.49 during mid-day trading on Thursday, hitting $123.25. The stock had a trading volume of 565,735 shares, compared to its average volume of 2,776,049. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The firm has a market cap of $50.25 billion, a P/E ratio of 24.96, a PEG ratio of 4.84 and a beta of 1.31. Phillips 66 has a 52 week low of $108.91 and a 52 week high of $174.08. The business has a fifty day moving average price of $124.76 and a 200-day moving average price of $125.52.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the prior year, the firm earned $3.09 earnings per share. On average, equities research analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were paid a $1.15 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a yield of 3.73%. Phillips 66's dividend payout ratio is presently 93.12%.

Hedge Funds Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its stake in Phillips 66 by 7.3% in the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company's stock worth $1,064,601,000 after buying an additional 639,323 shares in the last quarter. Geode Capital Management LLC increased its stake in Phillips 66 by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock worth $968,844,000 after purchasing an additional 82,758 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock worth $686,618,000 after purchasing an additional 4,455,220 shares during the period. Northern Trust Corp lifted its position in Phillips 66 by 10.6% in the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock valued at $522,834,000 after purchasing an additional 440,107 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $497,648,000. 76.93% of the stock is currently owned by hedge funds and other 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.