Bank of America Begins Coverage on Phillips 66 (NYSE:PSX)

Equities research analysts at Bank of America began coverage on shares of Phillips 66 (NYSE:PSX) in a report released on Thursday, StockNewsAPI reports. The brokerage set a “buy” rating and a $156.00 price target on the oil and gas company’s stock. Bank of America‘s price objective would indicate a potential upside of 17.90% from the stock’s previous close.

A number of other equities analysts have also commented on the company. Wolfe Research initiated coverage on Phillips 66 in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. TD Cowen cut their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Morgan Stanley cut their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Mizuho cut their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Finally, Raymond James lifted their price objective on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $149.50.

Phillips 66 Stock Performance

NYSE:PSX opened at $132.32 on Thursday. The stock has a market cap of $56.10 billion, a P/E ratio of 10.18, a price-to-earnings-growth ratio of 5.48 and a beta of 1.33. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The stock’s 50-day moving average is $133.28 and its 200-day moving average is $140.90. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the business posted $3.87 earnings per share. Equities research analysts anticipate that Phillips 66 will post 8.19 earnings per share for the current year.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.22% of the stock is owned by insiders.

Hedge Funds Weigh In On Phillips 66

A number of institutional investors have recently modified their holdings of PSX. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Phillips 66 by 1.2% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 44,382 shares of the oil and gas company’s stock worth $5,834,000 after buying an additional 540 shares in the last quarter. Drake & Associates LLC bought a new stake in Phillips 66 during the third quarter worth $579,000. Trust Co. of Vermont grew its holdings in Phillips 66 by 2.3% during the third quarter. Trust Co. of Vermont now owns 4,623 shares of the oil and gas company’s stock worth $608,000 after buying an additional 102 shares in the last quarter. Cardinal Capital Management grew its holdings in Phillips 66 by 1.4% during the third quarter. Cardinal Capital Management now owns 25,438 shares of the oil and gas company’s stock worth $3,344,000 after buying an additional 344 shares in the last quarter. Finally, Mitchell & Pahl Private Wealth LLC grew its holdings in Phillips 66 by 3.1% during the third quarter. Mitchell & Pahl Private Wealth LLC now owns 18,407 shares of the oil and gas company’s stock worth $2,420,000 after buying an additional 560 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

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.