Mizuho Cuts Phillips 66 (NYSE:PSX) Price Target to $106.00

Phillips 66 (NYSE:PSX – Get Rating) had its target price cut by Mizuho from $120.00 to $106.00 in a research report sent to investors on Friday, The Fly reports.

Several other equities analysts also recently issued reports on the company. TD Cowen reduced their target price on Phillips 66 from $117.00 to $110.00 and set a market perform rating for the company in a research note on Friday, May 5th. UBS Group started coverage on Phillips 66 in a report on Wednesday, March 8th. They set a buy rating and a $139.00 target price for the company. Morgan Stanley increased their price target on shares of Phillips 66 from $115.00 to $125.00 and gave the stock an equal weight rating in a report on Friday, January 20th. The Goldman Sachs Group decreased their price objective on shares of Phillips 66 from $124.00 to $119.00 in a research note on Friday, May 12th. Finally, Piper Sandler cut their price objective on shares of Phillips 66 from $141.00 to $127.00 in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $120.87.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $94.94 on Friday. Phillips 66 has a fifty-two week low of $74.02 and a fifty-two week high of $113.53. The company has a market cap of $43.56 billion, a PE ratio of 3.67, a P/E/G ratio of 0.34 and a beta of 1.38. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.17 and a current ratio of 1.54. The business has a 50-day simple moving average of $98.25 and a two-hundred day simple moving average of $102.13.

Phillips 66 (NYSE:PSX – Get Rating) last released its earnings results on Wednesday, May 3rd. The oil and gas company reported $4.21 EPS for the quarter, topping analysts’ consensus estimates of $3.58 by $0.63. Phillips 66 had a net margin of 7.13% and a return on equity of 32.37%. The company had revenue of $35.09 billion during the quarter, compared to analysts’ expectations of $29.76 billion. During the same period last year, the business earned $1.32 EPS. As a group, equities analysts expect that Phillips 66 will post 14.17 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Shareholders of record on Monday, May 22nd will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 4.42%. The ex-dividend date is Friday, May 19th. Phillips 66’s payout ratio is currently 16.24%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in 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 worth $4,087,993,000 after acquiring an additional 966,125 shares during the period. BlackRock Inc. lifted its stake in Phillips 66 by 0.3% in the 1st quarter. BlackRock Inc. now owns 37,428,804 shares of the oil and gas company’s stock valued at $3,794,532,000 after buying an additional 102,139 shares in the last quarter. State Street Corp lifted its stake in Phillips 66 by 1.1% in the 3rd quarter. State Street Corp now owns 33,013,657 shares of the oil and gas company’s stock valued at $2,664,862,000 after buying an additional 345,132 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Phillips 66 by 0.6% in the 4th quarter. Wells Fargo & Company MN now owns 16,802,175 shares of the oil and gas company’s stock worth $1,748,770,000 after buying an additional 98,162 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC increased its stake in Phillips 66 by 100,843.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 9,979,304 shares of the oil and gas company’s stock worth $1,038,646,000 after buying an additional 9,969,418 shares in the last quarter. 70.76% of the stock is owned by institutional investors and hedge funds.

About Phillips 66

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Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.