Wells Fargo & Company Has Lowered Expectations for Phillips 66 (NYSE:PSX) Stock Price

Phillips 66 (NYSE:PSX) had its price objective dropped by equities researchers at Wells Fargo & Company from $149.00 to $147.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 20.99% from the company’s current price.

Several other equities research analysts have also issued reports on PSX. Scotiabank dropped their target price on shares of Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research report on Friday, April 11th. UBS Group dropped their price objective on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a report on Monday, April 28th. Raymond James cut their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Finally, Mizuho raised their price target on Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a research report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $135.46.

Phillips 66 Price Performance

Phillips 66 stock opened at $121.50 on Wednesday. The stock has a market cap of $49.50 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 4.84 and a beta of 1.02. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The business has a 50-day simple moving average of $109.24 and a 200 day simple moving average of $117.65. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The business had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. During the same quarter last year, the business posted $1.90 EPS. On average, research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Robert W. Pease acquired 439 shares of the stock in a transaction on Thursday, May 22nd. The stock was purchased at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director now owns 4,091 shares of the company’s stock, valued at $465,760.35. This trade represents a 12.02% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PSX. Elliott Investment Management L.P. boosted its position in Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after buying an additional 14,950,000 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the last quarter. Norges Bank bought a new position in shares of Phillips 66 during the fourth quarter valued at about $497,648,000. Raymond James Financial Inc. purchased a new stake in shares of Phillips 66 during the fourth quarter worth about $168,790,000. Finally, Nuveen LLC bought a new stake in shares of Phillips 66 in the first quarter worth about $156,482,000. Institutional investors own 76.93% of the company’s stock.

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.