Phillips 66 (NYSE:PSX) Shares Gap Down After Analyst Downgrade

Phillips 66 (NYSE:PSX)’s stock price gapped down prior to trading on Tuesday after Barclays lowered their price target on the stock from $142.00 to $136.00. The stock had previously closed at $135.95, but opened at $133.02. Barclays currently has an equal weight rating on the stock. Phillips 66 shares last traded at $133.41, with a volume of 75,459 shares traded.

Other analysts also recently issued reports about the company. The Goldman Sachs Group raised their target price on Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Piper Sandler decreased their target price on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Raymond James reduced their price target on Phillips 66 from $163.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a research report on Tuesday, July 2nd. Finally, TD Cowen reduced their price target on Phillips 66 from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $156.64.

Insider Activity at Phillips 66

In related news, EVP Timothy D. Roberts sold 37,742 shares of Phillips 66 stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares of the company’s stock, valued at $7,051,617. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.22% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Phillips 66

Several hedge funds have recently added to or reduced their stakes in PSX. Csenge Advisory Group grew its holdings in shares of Phillips 66 by 2.0% during the 2nd quarter. Csenge Advisory Group now owns 8,518 shares of the oil and gas company’s stock worth $1,202,000 after acquiring an additional 170 shares during the period. Fortitude Family Office LLC grew its holdings in shares of Phillips 66 by 52.3% during the 2nd quarter. Fortitude Family Office LLC now owns 265 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 91 shares during the period. Indiana Trust & Investment Management CO grew its holdings in shares of Phillips 66 by 337.1% during the 2nd quarter. Indiana Trust & Investment Management CO now owns 1,945 shares of the oil and gas company’s stock worth $275,000 after acquiring an additional 1,500 shares during the period. Simplicity Wealth LLC grew its holdings in shares of Phillips 66 by 3.5% during the 2nd quarter. Simplicity Wealth LLC now owns 8,924 shares of the oil and gas company’s stock worth $1,260,000 after acquiring an additional 301 shares during the period. Finally, Contravisory Investment Management Inc. grew its holdings in shares of Phillips 66 by 14.5% during the 2nd quarter. Contravisory Investment Management Inc. now owns 1,906 shares of the oil and gas company’s stock worth $269,000 after acquiring an additional 242 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

The business has a fifty day simple moving average of $140.63 and a two-hundred day simple moving average of $145.05. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. The stock has a market cap of $56.80 billion, a PE ratio of 10.31, a P/E/G ratio of 2.13 and a beta of 1.34.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The firm had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter last year, the company posted $4.21 EPS. Research analysts forecast that Phillips 66 will post 10.62 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.43%. Phillips 66’s dividend payout ratio is currently 35.38%.

About Phillips 66

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.