Phillips 66 (NYSE:PSX) Expected to Post FY2022 Earnings of $18.99 Per Share

Phillips 66 (NYSE:PSXGet Rating) – Jefferies Financial Group lowered their FY2022 earnings per share estimates for Phillips 66 in a research report issued on Tuesday, January 17th. Jefferies Financial Group analyst L. Byrne now forecasts that the oil and gas company will post earnings of $18.99 per share for the year, down from their previous estimate of $19.11. Jefferies Financial Group has a “Hold” rating and a $105.00 price objective on the stock. The consensus estimate for Phillips 66’s current full-year earnings is $19.38 per share. Jefferies Financial Group also issued estimates for Phillips 66’s Q1 2023 earnings at $2.11 EPS, Q2 2023 earnings at $3.26 EPS, Q3 2023 earnings at $3.75 EPS, Q4 2023 earnings at $4.33 EPS, Q1 2024 earnings at $1.90 EPS, Q2 2024 earnings at $2.74 EPS, Q3 2024 earnings at $3.29 EPS, Q4 2024 earnings at $2.54 EPS and FY2024 earnings at $10.45 EPS.

Phillips 66 (NYSE:PSXGet Rating) last released its earnings results on Tuesday, November 1st. The oil and gas company reported $6.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.98 by $1.48. Phillips 66 had a net margin of 6.18% and a return on equity of 32.66%. The company had revenue of $48.76 billion during the quarter, compared to analyst estimates of $40.68 billion. During the same period in the prior year, the firm posted $3.18 EPS.

Several other research analysts also recently weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Phillips 66 from $134.00 to $127.00 and set an “overweight” rating for the company in a report on Thursday, January 5th. The Goldman Sachs Group lifted their target price on Phillips 66 to $123.00 in a research note on Wednesday, November 16th. Cowen upped their price target on Phillips 66 to $115.00 in a research note on Tuesday, November 15th. Raymond James lifted their price objective on shares of Phillips 66 from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday, January 13th. Finally, Morgan Stanley boosted their target price on shares of Phillips 66 from $115.00 to $125.00 and gave the stock an “equal weight” rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $118.93.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $106.96 on Friday. The stock has a market cap of $50.55 billion, a PE ratio of 4.89, a price-to-earnings-growth ratio of 0.40 and a beta of 1.41. Phillips 66 has a 1 year low of $73.85 and a 1 year high of $113.53. The firm has a fifty day moving average price of $104.66 and a 200-day moving average price of $94.88. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.30 and a quick ratio of 1.06.

Insider Buying and Selling at Phillips 66

In other news, VP Joseph Scott Pruitt sold 600 shares of Phillips 66 stock in a transaction that occurred on Tuesday, November 15th. The stock was sold at an average price of $110.68, for a total value of $66,408.00. Following the completion of the transaction, the vice president now owns 15,302 shares in the company, valued at approximately $1,693,625.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.74% of the company’s stock.

Institutional Trading of Phillips 66

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its stake in shares of Phillips 66 by 62.1% during the 1st 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 last quarter. FMR LLC lifted its position in shares of Phillips 66 by 18.9% during the second quarter. FMR LLC now owns 10,264,690 shares of the oil and gas company’s stock worth $841,602,000 after purchasing an additional 1,634,573 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Phillips 66 by 1.9% during the third quarter. Vanguard Group Inc. now owns 50,644,106 shares of the oil and gas company’s stock valued at $4,087,993,000 after purchasing an additional 966,125 shares during the period. State Street Corp grew its holdings in shares of Phillips 66 by 2.7% in the second quarter. State Street Corp now owns 32,668,525 shares of the oil and gas company’s stock worth $2,678,492,000 after purchasing an additional 854,076 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in Phillips 66 by 50.3% during the 1st quarter. Renaissance Technologies LLC now owns 2,053,650 shares of the oil and gas company’s stock valued at $177,415,000 after buying an additional 687,650 shares in the last quarter. 70.76% of the stock is owned by hedge funds and other institutional investors.

About Phillips 66

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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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Earnings History and Estimates for Phillips 66 (NYSE:PSX)

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