Phillips 66 (NYSE:PSX) Price Target Cut to $176.00 by Analysts at Wells Fargo & Company

Phillips 66 (NYSE:PSX) had its target price reduced by investment analysts at Wells Fargo & Company from $180.00 to $176.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 19.02% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. Raymond James cut their price target on Phillips 66 from $163.00 to $160.00 and set an “outperform” rating for the company in a report on Thursday, May 30th. Piper Sandler decreased their price target on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Wolfe Research assumed coverage on shares of Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. JPMorgan Chase & Co. decreased their price objective on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Finally, Barclays lowered their target price on Phillips 66 from $142.00 to $136.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 9th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.62.

Phillips 66 Price Performance

PSX stock traded up $0.71 during trading on Wednesday, hitting $147.88. 628,962 shares of the stock traded hands, compared to its average volume of 2,661,705. The stock has a market cap of $62.69 billion, a price-to-earnings ratio of 11.37, a P/E/G ratio of 2.49 and a beta of 1.34. Phillips 66 has a one year low of $107.41 and a one year high of $174.08. 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 company has a 50 day simple moving average of $139.12 and a 200 day simple moving average of $145.76.

Phillips 66 (NYSE:PSX) last posted its 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 company had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. Phillips 66’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.87 earnings per share. Equities analysts expect that Phillips 66 will post 9.4 EPS for the current fiscal year.

Insider Activity at Phillips 66

In other news, EVP Timothy D. Roberts sold 37,742 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the sale, the executive vice president now directly owns 48,365 shares in the company, valued at $7,051,617. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.22% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Phillips 66

A number of hedge funds and other institutional investors have recently bought and sold shares of PSX. Ritholtz Wealth Management bought a new position in shares of Phillips 66 in the 4th quarter valued at about $245,000. Global Retirement Partners LLC increased its stake in shares of Phillips 66 by 29.2% during the 4th quarter. Global Retirement Partners LLC now owns 2,702 shares of the oil and gas company’s stock worth $350,000 after purchasing an additional 610 shares during the last quarter. AdvisorNet Financial Inc lifted its stake in Phillips 66 by 26.6% in the 4th quarter. AdvisorNet Financial Inc now owns 1,275 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 268 shares during the last quarter. Claro Advisors LLC bought a new position in Phillips 66 during the fourth quarter worth about $221,000. Finally, Pinnacle Financial Partners Inc increased its position in Phillips 66 by 3.7% during the fourth quarter. Pinnacle Financial Partners Inc now owns 4,792 shares of the oil and gas company’s stock worth $638,000 after buying an additional 172 shares during the last quarter. Institutional investors and hedge funds 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.