Phillips 66 (PSX) Price Target Raised to $126.00

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Phillips 66 (NYSE:PSX) had its price target increased by Citigroup from $124.00 to $126.00 in a research report released on Wednesday. The brokerage currently has a neutral rating on the oil and gas company’s stock.

Several other analysts have also recently weighed in on PSX. Wells Fargo & Co raised shares of Phillips 66 from a market perform rating to an outperform rating in a research note on Tuesday, May 29th. Argus increased their price target on shares of Phillips 66 to $133.00 and gave the company a buy rating in a research note on Thursday, May 17th. JPMorgan Chase & Co. increased their price target on shares of Phillips 66 from $127.00 to $132.00 and gave the company a neutral rating in a research note on Monday, June 4th. Morgan Stanley increased their price target on shares of Phillips 66 from $135.00 to $140.00 and gave the company an equal weight rating in a research note on Monday, July 16th. Finally, Credit Suisse Group increased their price target on shares of Phillips 66 from $115.00 to $127.00 and gave the company a neutral rating in a research note on Monday, June 4th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $113.70.

Shares of NYSE PSX opened at $115.44 on Wednesday. Phillips 66 has a 12-month low of $80.73 and a 12-month high of $123.97. The stock has a market cap of $56.91 billion, a P/E ratio of 26.36, a price-to-earnings-growth ratio of 1.90 and a beta of 1.06. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.24 and a quick ratio of 0.82.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, July 27th. The oil and gas company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.64. Phillips 66 had a net margin of 5.34% and a return on equity of 12.87%. The company had revenue of $29.74 billion during the quarter, compared to analysts’ expectations of $29.40 billion. During the same quarter in the prior year, the company earned $1.09 EPS. equities analysts forecast that Phillips 66 will post 7.57 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st will be issued a $0.80 dividend. The ex-dividend date of this dividend is Monday, August 20th. This represents a $3.20 annualized dividend and a dividend yield of 2.77%. Phillips 66’s dividend payout ratio is currently 73.06%.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Phillips 66 by 8.1% in the 2nd quarter. BlackRock Inc. now owns 29,146,903 shares of the oil and gas company’s stock worth $3,273,487,000 after acquiring an additional 2,194,280 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Phillips 66 by 1.6% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,617,647 shares of the oil and gas company’s stock worth $1,402,124,000 after acquiring an additional 230,582 shares during the last quarter. FMR LLC lifted its holdings in shares of Phillips 66 by 9.0% in the 2nd quarter. FMR LLC now owns 14,400,087 shares of the oil and gas company’s stock worth $1,617,273,000 after acquiring an additional 1,188,567 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Phillips 66 by 3.2% in the 1st quarter. Northern Trust Corp now owns 5,284,878 shares of the oil and gas company’s stock worth $506,926,000 after acquiring an additional 164,143 shares during the last quarter. Finally, Aristotle Capital Management LLC lifted its holdings in shares of Phillips 66 by 7.3% in the 1st quarter. Aristotle Capital Management LLC now owns 3,855,668 shares of the oil and gas company’s stock worth $369,836,000 after acquiring an additional 263,546 shares during the last quarter. Hedge funds and other institutional investors own 69.69% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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