Mizuho Cuts Phillips 66 (NYSE:PSX) Price Target to $162.00

Phillips 66 (NYSE:PSX) had its target price reduced by Mizuho from $167.00 to $162.00 in a research note released on Friday, Benzinga reports. Mizuho currently has a neutral rating on the oil and gas company’s stock.

Several other equities research analysts have also recently weighed in on PSX. Citigroup assumed coverage on shares of Phillips 66 in a research report on Wednesday, January 24th. They issued a buy rating for the company. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $179.00 to $191.00 and gave the company an overweight rating in a research report on Monday, April 8th. Bank of America raised their price objective on shares of Phillips 66 from $150.00 to $180.00 and gave the company a neutral rating in a research report on Friday, March 15th. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $152.00 to $174.00 and gave the company a buy rating in a research report on Friday, March 22nd. Finally, StockNews.com upgraded shares of Phillips 66 from a hold rating to a buy rating in a research report on Saturday, February 10th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Phillips 66 has a consensus rating of Moderate Buy and an average target price of $156.86.

Phillips 66 Trading Down 1.8 %

Shares of PSX stock opened at $162.49 on Friday. Phillips 66 has a 12-month low of $89.74 and a 12-month high of $174.08. The company has a market capitalization of $69.52 billion, a P/E ratio of 10.50, a P/E/G ratio of 2.05 and a beta of 1.37. The firm has a 50-day moving average price of $153.37 and a 200 day moving average price of $134.25. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.72. The firm had revenue of $38.74 billion during the quarter, compared to the consensus estimate of $34.30 billion. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. Research analysts forecast that Phillips 66 will post 13.2 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s payout ratio is currently 27.15%.

Insider Transactions at Phillips 66

In other news, Director Robert W. Pease bought 682 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were acquired at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the acquisition, the director now owns 1,900 shares in the company, valued at $278,502. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Phillips 66 news, VP Joseph Scott Pruitt sold 5,922 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $157.40, for a total value of $932,122.80. Following the transaction, the vice president now directly owns 6,583 shares in the company, valued at $1,036,164.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert W. Pease acquired 682 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was bought at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the acquisition, the director now owns 1,900 shares of the company’s stock, valued at $278,502. The disclosure for this purchase can be found here. Insiders have sold a total of 35,056 shares of company stock valued at $5,272,681 over the last 90 days. 4.57% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Phillips 66

Several institutional investors and hedge funds have recently modified their holdings of PSX. Moneta Group Investment Advisors LLC increased its holdings in shares of Phillips 66 by 100,843.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 9,979,304 shares of the oil and gas company’s stock valued at $1,038,646,000 after purchasing an additional 9,969,418 shares during the last quarter. Barclays PLC grew its stake in shares of Phillips 66 by 416.9% in the second quarter. Barclays PLC now owns 7,451,470 shares of the oil and gas company’s stock valued at $710,721,000 after acquiring an additional 6,009,826 shares in the last quarter. Norges Bank acquired a new position in shares of Phillips 66 in the fourth quarter valued at about $559,435,000. Boston Partners grew its stake in shares of Phillips 66 by 962.0% in the fourth quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock valued at $513,327,000 after acquiring an additional 3,494,878 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Phillips 66 by 62.1% in the first quarter. Wellington Management Group LLP now owns 7,188,087 shares of the oil and gas company’s stock valued at $620,979,000 after acquiring an additional 2,753,700 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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.