Phillips 66 (NYSE:PSX) Price Target Raised to $122.00 at Credit Suisse Group

Phillips 66 (NYSE:PSX – Get Rating) had its price objective increased by Credit Suisse Group to $122.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. Credit Suisse Group’s price objective would suggest a potential upside of 12.68% from the company’s current price.

Several other equities analysts have also commented on PSX. StockNews.com raised Phillips 66 from a “hold” rating to a “buy” rating in a report on Thursday, May 5th. Piper Sandler upped their target price on Phillips 66 from $119.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, May 23rd. Citigroup assumed coverage on Phillips 66 in a report on Tuesday, April 26th. They set a “neutral” rating and a $89.00 target price for the company. TheStreet raised Phillips 66 from a “c+” rating to a “b” rating in a report on Wednesday, February 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on Phillips 66 from $102.00 to $112.00 in a research report on Tuesday, May 17th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $99.87.

Phillips 66 stock traded down $1.98 during midday trading on Thursday, hitting $108.27. The stock had a trading volume of 2,941,683 shares, compared to its average volume of 4,310,504. The company has a current ratio of 1.13, a quick ratio of 0.87 and a debt-to-equity ratio of 0.59. The stock has a market cap of $52.09 billion, a P/E ratio of 18.86, a P/E/G ratio of 0.78 and a beta of 1.39. Phillips 66 has a 12 month low of $63.19 and a 12 month high of $111.28. The business has a fifty day moving average price of $91.99 and a 200 day moving average price of $84.23.

Phillips 66 (NYSE:PSX – Get Rating) last posted its earnings results on Friday, April 29th. The oil and gas company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.14 by $0.18. The company had revenue of $36.72 billion during the quarter, compared to analyst estimates of $34.86 billion. Phillips 66 had a return on equity of 17.07% and a net margin of 1.97%. During the same period in the prior year, the company earned ($1.16) earnings per share. On average, equities analysts anticipate that Phillips 66 will post 12.19 EPS for the current fiscal year.

In related news, VP Paula Ann Johnson sold 44,700 shares of the stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $108.91, for a total value of $4,868,277.00. Following the completion of the sale, the vice president now owns 102,489 shares in the company, valued at $11,162,076.99. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert A. Herman sold 47,200 shares of the stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $102.82, for a total transaction of $4,853,104.00. Following the completion of the sale, the executive vice president now owns 64,106 shares of the company’s stock, valued at approximately $6,591,378.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 151,000 shares of company stock worth $16,234,792. Company insiders own 0.74% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $276,446,000. BlackRock Inc. raised its holdings in shares of Phillips 66 by 11.0% during the first quarter. BlackRock Inc. now owns 35,037,013 shares of the oil and gas company’s stock worth $3,026,848,000 after acquiring an additional 3,462,425 shares during the period. Wellington Management Group LLP raised its holdings in shares of Phillips 66 by 62.1% during the first quarter. Wellington Management Group LLP now owns 7,188,087 shares of the oil and gas company’s stock worth $620,979,000 after acquiring an additional 2,753,700 shares during the period. Vanguard Group Inc. increased its stake in Phillips 66 by 5.9% in the 1st quarter. Vanguard Group Inc. now owns 45,933,380 shares of the oil and gas company’s stock valued at $3,968,184,000 after buying an additional 2,547,765 shares during the last quarter. Finally, State Street Corp increased its stake in Phillips 66 by 7.5% in the 1st quarter. State Street Corp now owns 31,814,449 shares of the oil and gas company’s stock valued at $2,748,450,000 after buying an additional 2,206,083 shares during the last quarter. 64.28% of the stock is owned by institutional investors.

Phillips 66 Company Profile (Get Rating)

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 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.

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