Investors Buy Phillips 66 (PSX) on Weakness

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Investors purchased shares of Phillips 66 (NYSE:PSX) on weakness during trading hours on Monday. $100.87 million flowed into the stock on the tick-up and $34.58 million flowed out of the stock on the tick-down, for a money net flow of $66.29 million into the stock. Of all equities tracked, Phillips 66 had the 28th highest net in-flow for the day. Phillips 66 traded down ($1.04) for the day and closed at $118.51

PSX has been the subject of a number of analyst reports. Argus boosted their price objective on shares of Phillips 66 to $133.00 and gave the company a “buy” rating in a report on Thursday, May 17th. Wells Fargo & Co upgraded shares of Phillips 66 from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 29th. Credit Suisse Group boosted their price objective on shares of Phillips 66 from $115.00 to $127.00 and gave the company a “neutral” rating in a report on Monday, June 4th. JPMorgan Chase & Co. boosted their price objective on shares of Phillips 66 from $127.00 to $132.00 and gave the company a “neutral” rating in a report on Monday, June 4th. Finally, Morgan Stanley boosted their price objective on shares of Phillips 66 from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, July 16th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the stock. Phillips 66 has a consensus rating of “Hold” and an average price target of $114.02.

The firm has a market cap of $55.02 billion, a price-to-earnings ratio of 27.03, a P/E/G ratio of 1.79 and a beta of 0.99. The company has a current ratio of 1.24, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, July 27th. The oil and gas company reported $2.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.16 by $0.64. The company had revenue of $29.74 billion during the quarter, compared to analysts’ expectations of $29.40 billion. Phillips 66 had a net margin of 5.34% and a return on equity of 12.87%. During the same quarter in the prior year, the company earned $1.09 earnings per share. equities research analysts expect that Phillips 66 will post 7.81 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date was Monday, August 20th. Phillips 66’s dividend payout ratio is presently 73.06%.

Hedge funds have recently made changes to their positions in the company. Sei Investments Co. lifted its position in shares of Phillips 66 by 14.7% in the second quarter. Sei Investments Co. now owns 152,841 shares of the oil and gas company’s stock worth $17,166,000 after purchasing an additional 19,537 shares in the last quarter. Brookstone Capital Management lifted its position in shares of Phillips 66 by 39.3% in the second quarter. Brookstone Capital Management now owns 4,376 shares of the oil and gas company’s stock worth $491,000 after purchasing an additional 1,234 shares in the last quarter. Twin Tree Management LP bought a new stake in Phillips 66 during the second quarter worth $3,338,000. CIBC World Markets Inc. raised its position in Phillips 66 by 384.2% during the first quarter. CIBC World Markets Inc. now owns 50,027 shares of the oil and gas company’s stock worth $4,799,000 after acquiring an additional 39,695 shares in the last quarter. Finally, Eastern Bank bought a new stake in Phillips 66 during the second quarter worth $266,000. 69.48% of the stock is currently owned by institutional investors and hedge funds.

About Phillips 66 (NYSE:PSX)

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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