Phillips 66 (NYSE:PSX) was downgraded by investment analysts at US Capital Advisors from an “overweight” rating to a “hold” rating in a report released on Monday. US Capital Advisors also issued estimates for Phillips 66’s FY2017 earnings at $4.63 EPS, Q3 2018 earnings at $1.89 EPS and FY2018 earnings at $5.80 EPS.
Several other equities research analysts have also recently issued reports on PSX. BidaskClub cut Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Jefferies Group restated a “hold” rating and set a $78.00 price objective on shares of Phillips 66 in a report on Tuesday, September 5th. Scotiabank restated a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Piper Jaffray Companies restated a “buy” rating and set a $98.00 price objective on shares of Phillips 66 in a report on Tuesday, September 26th. Finally, Howard Weil upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $86.00 to $98.00 in a report on Thursday, September 28th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Phillips 66 currently has a consensus rating of “Hold” and a consensus target price of $93.25.
Shares of Phillips 66 (NYSE PSX) opened at $98.27 on Monday. Phillips 66 has a fifty-two week low of $75.14 and a fifty-two week high of $99.35. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $49,908.11, a price-to-earnings ratio of 28.12, a PEG ratio of 2.50 and a beta of 1.24.
Phillips 66 declared that its Board of Directors has authorized a stock repurchase program on Monday, October 9th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.50% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Phillips 66 by 0.4% in the second quarter. Vanguard Group Inc. now owns 31,826,155 shares of the oil and gas company’s stock valued at $2,631,704,000 after purchasing an additional 130,653 shares during the period. BlackRock Inc. raised its position in Phillips 66 by 0.7% in the second quarter. BlackRock Inc. now owns 28,025,035 shares of the oil and gas company’s stock valued at $2,317,389,000 after purchasing an additional 203,138 shares during the period. State Street Corp raised its position in Phillips 66 by 4.0% in the first quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock valued at $1,908,079,000 after purchasing an additional 921,895 shares during the period. Wells Fargo & Company MN raised its position in Phillips 66 by 0.9% in the second quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock valued at $696,418,000 after purchasing an additional 71,098 shares during the period. Finally, FMR LLC raised its position in Phillips 66 by 37.1% in the second quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock valued at $621,890,000 after purchasing an additional 2,036,258 shares during the period. 70.24% of the stock is currently owned by institutional investors.
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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