Phillips 66 (PSX) to Buyback $3.00 billion in Outstanding Shares

Phillips 66 (NYSE:PSX) announced that its Board of Directors has authorized a share repurchase program, which allows the company to buyback $3.00 billion in shares on Monday, October 9th, EventVestor reports. This buyback authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

A number of brokerages recently weighed in on PSX. Barclays PLC upped their price target on shares of Phillips 66 from $89.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Tuesday. Goldman Sachs Group, Inc. (The) raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and upped their price target for the stock from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Howard Weil raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $86.00 to $98.00 in a research report on Thursday, September 28th. Finally, Scotiabank raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $89.00 to $98.00 in a research report on Saturday, September 30th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $91.27.

Shares of Phillips 66 (NYSE:PSX) opened at 93.47 on Wednesday. The stock has a market capitalization of $47.81 billion, a PE ratio of 27.97 and a beta of 1.19. The company’s 50-day moving average is $87.80 and its 200-day moving average is $82.07. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $94.69.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.07. The business had revenue of $24.58 billion for the quarter, compared to the consensus estimate of $25.14 billion. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. During the same quarter last year, the firm earned $0.94 EPS. Equities research analysts expect that Phillips 66 will post $4.33 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. Phillips 66’s dividend payout ratio is currently 83.58%.

In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.50% of the stock is currently owned by company insiders.

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Phillips 66 Company Profile

Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.

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