Scotiabank Predicts Phillips 66's FY2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX - Free Report) - Equities researchers at Scotiabank issued their FY2024 earnings per share estimates for Phillips 66 in a report issued on Wednesday, January 8th. Scotiabank analyst P. Cheng anticipates that the oil and gas company will post earnings of $7.80 per share for the year. Scotiabank currently has a "Sector Outperform" rating and a $136.00 target price on the stock. The consensus estimate for Phillips 66's current full-year earnings is $7.56 per share. Scotiabank also issued estimates for Phillips 66's FY2025 earnings at $9.75 EPS.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The company had revenue of $36.16 billion for the quarter, compared to analysts' expectations of $36.31 billion. During the same quarter in the previous year, the firm posted $4.63 EPS. The firm's quarterly revenue was down 10.3% on a year-over-year basis.

A number of other research analysts have also recently issued reports on the stock. Barclays dropped their target price on shares of Phillips 66 from $124.00 to $115.00 and set an "equal weight" rating for the company in a report on Monday. Wolfe Research raised Phillips 66 from a "peer perform" rating to an "outperform" rating and set a $143.00 price objective for the company in a research report on Friday, January 3rd. Bank of America started coverage on Phillips 66 in a research note on Thursday, October 17th. They set a "buy" rating and a $156.00 price target for the company. JPMorgan Chase & Co. cut their price objective on Phillips 66 from $160.00 to $141.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 2nd. Finally, UBS Group decreased their target price on shares of Phillips 66 from $150.00 to $138.00 and set a "buy" rating for the company in a research note on Monday, November 4th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $147.93.

Phillips 66 Price Performance

Phillips 66 stock traded up $2.09 during midday trading on Monday, reaching $116.02. The company's stock had a trading volume of 4,149,355 shares, compared to its average volume of 3,021,066. The firm has a market capitalization of $47.91 billion, a PE ratio of 14.89, a P/E/G ratio of 4.06 and a beta of 1.38. Phillips 66 has a fifty-two week low of $108.90 and a fifty-two week high of $174.08. The stock's 50 day simple moving average is $123.10 and its 200 day simple moving average is $130.36. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Hedge Funds Weigh In On Phillips 66

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its holdings in shares of Phillips 66 by 3.9% during the second quarter. American Century Companies Inc. now owns 309,478 shares of the oil and gas company's stock valued at $43,689,000 after purchasing an additional 11,711 shares during the period. Federated Hermes Inc. raised its holdings in Phillips 66 by 62.0% during the second quarter. Federated Hermes Inc. now owns 85,219 shares of the oil and gas company's stock worth $12,030,000 after purchasing an additional 32,623 shares in the last quarter. Thoroughbred Financial Services LLC lifted its position in Phillips 66 by 21.7% in the second quarter. Thoroughbred Financial Services LLC now owns 10,383 shares of the oil and gas company's stock worth $1,465,000 after purchasing an additional 1,848 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in Phillips 66 by 20.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 94,182 shares of the oil and gas company's stock valued at $13,296,000 after purchasing an additional 16,020 shares in the last quarter. Finally, Wilkins Investment Counsel Inc. boosted its stake in Phillips 66 by 0.6% during the 2nd quarter. Wilkins Investment Counsel Inc. now owns 17,178 shares of the oil and gas company's stock valued at $2,425,000 after purchasing an additional 105 shares in the last quarter. 76.93% of the stock is owned by 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.