Phillips 66 (NYSE:PSX) Stock Price Up 4.7% on Better-Than-Expected Earnings

Shares of Phillips 66 (NYSE:PSX) rose 4.7% on Tuesday following a better than expected earnings announcement. The stock traded as high as $148.20 and last traded at $147.07. Approximately 488,509 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 2,651,657 shares. The stock had previously closed at $140.41.

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. Phillips 66 had a net margin of 3.33% and a return on equity of 16.64%. The firm had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter in the previous year, the firm posted $3.87 EPS. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year.

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 issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PSX. JPMorgan Chase & Co. dropped their target price on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Argus reaffirmed a “buy” rating and issued a $167.00 target price on shares of Phillips 66 in a report on Thursday, May 30th. TD Cowen increased their price objective on shares of Phillips 66 from $155.00 to $162.00 and gave the company a “buy” rating in a report on Wednesday. Mizuho dropped their price objective on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a report on Thursday, June 20th. Finally, Wells Fargo & Company dropped their price objective on shares of Phillips 66 from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $157.23.

Insider Buying and Selling

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 value of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares in the company, valued at approximately $7,051,617. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Phillips 66

Hedge funds and other institutional investors have recently modified their holdings of the business. YHB Investment Advisors Inc. boosted its stake in Phillips 66 by 2.6% in the second quarter. YHB Investment Advisors Inc. now owns 13,650 shares of the oil and gas company’s stock valued at $1,927,000 after acquiring an additional 351 shares in the last quarter. Willis Johnson & Associates Inc. raised its holdings in shares of Phillips 66 by 18.4% in the second quarter. Willis Johnson & Associates Inc. now owns 2,142 shares of the oil and gas company’s stock worth $302,000 after buying an additional 333 shares during the last quarter. Rockline Wealth Management LLC raised its holdings in shares of Phillips 66 by 2.7% in the second quarter. Rockline Wealth Management LLC now owns 20,391 shares of the oil and gas company’s stock worth $2,879,000 after buying an additional 527 shares during the last quarter. Versor Investments LP raised its holdings in shares of Phillips 66 by 34.6% in the second quarter. Versor Investments LP now owns 9,138 shares of the oil and gas company’s stock worth $1,290,000 after buying an additional 2,351 shares during the last quarter. Finally, Verus Capital Partners LLC raised its holdings in shares of Phillips 66 by 15.0% in the second quarter. Verus Capital Partners LLC now owns 3,819 shares of the oil and gas company’s stock worth $539,000 after buying an additional 497 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Down 3.1 %

The stock’s fifty day simple moving average is $139.15 and its 200-day simple moving average is $145.72. The firm has a market cap of $59.74 billion, a PE ratio of 10.84, a PEG ratio of 2.61 and a beta of 1.34. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82.

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.