Mizuho Has Lowered Expectations for Phillips 66 (NYSE:PSX) Stock Price

Phillips 66 (NYSE:PSX) had its price target cut by analysts at Mizuho from $150.00 to $147.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Mizuho’s price target suggests a potential upside of 24.53% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Wells Fargo & Company cut their price target on Phillips 66 from $167.00 to $161.00 and set an “overweight” rating for the company in a report on Monday, December 9th. UBS Group reduced their target price on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Bank of America started coverage on Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 price objective on the stock. Barclays lowered their price target on shares of Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. Finally, Scotiabank decreased their target price on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $149.00.

Phillips 66 Trading Down 3.8 %

Shares of PSX traded down $4.68 during trading hours on Monday, hitting $118.04. The company had a trading volume of 1,385,319 shares, compared to its average volume of 2,652,455. The firm has a market cap of $48.75 billion, a P/E ratio of 15.16, a P/E/G ratio of 4.06 and a beta of 1.35. Phillips 66 has a 52-week low of $117.63 and a 52-week high of $174.08. 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 stock’s 50 day moving average price is $129.86 and its 200 day moving average price is $133.81.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. Phillips 66’s revenue was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.63 EPS. On average, research analysts predict that Phillips 66 will post 7.56 EPS for the current year.

Hedge Funds Weigh In On Phillips 66

Several institutional investors and hedge funds have recently made changes to their positions in PSX. Mizuho Securities USA LLC boosted its stake in shares of Phillips 66 by 7,549.0% during the 3rd quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after acquiring an additional 2,467,316 shares during the period. ING Groep NV lifted its position in Phillips 66 by 123.2% during the third quarter. ING Groep NV now owns 1,182,980 shares of the oil and gas company’s stock worth $155,503,000 after purchasing an additional 653,032 shares during the period. Bank of Montreal Can boosted its position in shares of Phillips 66 by 63.4% during the 3rd quarter. Bank of Montreal Can now owns 1,633,876 shares of the oil and gas company’s stock worth $214,120,000 after acquiring an additional 633,970 shares in the last quarter. Mizuho Markets Americas LLC bought a new position in shares of Phillips 66 in the 3rd quarter valued at $70,983,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Phillips 66 by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after acquiring an additional 402,925 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

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.