TD Cowen Cuts Phillips 66 (NYSE:PSX) Price Target to $150.00

Phillips 66 (NYSE:PSX) had its price target trimmed by TD Cowen from $162.00 to $150.00 in a report issued on Wednesday, MarketBeat.com reports. The firm currently has a buy rating on the oil and gas company’s stock.

Other analysts have also recently issued reports about the stock. Wells Fargo & Company increased their target price on shares of Phillips 66 from $176.00 to $182.00 and gave the stock an overweight rating in a research note on Tuesday, September 3rd. Wolfe Research assumed coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They issued a peer perform rating on the stock. Mizuho lowered their target price on shares of Phillips 66 from $162.00 to $160.00 and set a neutral rating on the stock in a research note on Thursday, June 20th. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $165.00 to $162.00 and set an overweight rating on the stock in a report on Tuesday, July 2nd. Finally, Argus reissued a buy rating and issued a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $156.92.

Phillips 66 Stock Performance

Shares of PSX stock opened at $126.70 on Wednesday. The stock has a market capitalization of $53.03 billion, a P/E ratio of 9.75, a PEG ratio of 4.50 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 firm’s 50 day moving average is $135.79 and its 200 day moving average is $144.17. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08.

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, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. During the same period in the prior year, the company posted $3.87 EPS. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction on Thursday, August 15th. The shares were 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 owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.22% of the stock is owned by insiders.

Institutional Investors Weigh In On Phillips 66

A number of large investors have recently added to or reduced their stakes in the company. Heritage Wealth Management Inc. bought a new stake in Phillips 66 in the 2nd quarter worth $1,036,000. Sanctuary Advisors LLC bought a new stake in Phillips 66 in the 2nd quarter worth $16,675,000. Strategic Investment Solutions Inc. IL bought a new stake in Phillips 66 in the 2nd quarter worth $51,000. New Wave Wealth Advisors LLC bought a new stake in Phillips 66 in the 2nd quarter worth $286,000. Finally, New Century Financial Group LLC grew its holdings in Phillips 66 by 105.7% in the 2nd quarter. New Century Financial Group LLC now owns 4,521 shares of the oil and gas company’s stock worth $638,000 after acquiring an additional 2,323 shares during the last quarter. Institutional investors 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.