Phillips 66 (NYSE:PSX) Issues Earnings Results

Phillips 66 (NYSE:PSX) released its quarterly earnings data on Tuesday. The oil and gas company reported $2.31 earnings per share for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33, Briefing.com reports. Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the previous year, the company posted $3.87 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year.

Phillips 66 Stock Performance

Shares of NYSE PSX traded down $0.29 during trading hours on Wednesday, reaching $146.88. The stock had a trading volume of 935,524 shares, compared to its average volume of 2,663,333. Phillips 66 has a fifty-two week low of $107.41 and a fifty-two week high of $174.08. The firm has a 50-day moving average of $139.12 and a 200-day moving average of $145.76. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. The firm has a market cap of $62.27 billion, a price-to-earnings ratio of 11.24, a PEG ratio of 2.49 and a beta of 1.34.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be given a $1.15 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.13%. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Barclays decreased their price target on Phillips 66 from $142.00 to $136.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. Mizuho cut their price objective on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Argus reiterated a “buy” rating and issued a $167.00 price objective on shares of Phillips 66 in a report on Thursday, May 30th. Piper Sandler cut their price objective on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. cut their price objective on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.23.

Insiders Place Their Bets

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the sale, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.22% of the stock is owned by insiders.

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.