UBS AG Boosts Phillips 66 (PSX) Price Target to $92.00

Phillips 66 (NYSE:PSX) had its target price boosted by UBS AG from $85.00 to $92.00 in a research report released on Wednesday morning, www.benzinga.com reports. They currently have a neutral rating on the oil and gas company’s stock.

PSX has been the subject of a number of other research reports. The Goldman Sachs Group, Inc. raised shares of Phillips 66 from a neutral rating to a buy rating and boosted their target price for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Zacks Investment Research raised shares of Phillips 66 from a hold rating to a buy rating and set a $105.00 target price for the company in a research report on Tuesday, October 10th. Scotiabank reissued a hold rating on shares of Phillips 66 in a research report on Friday, September 8th. Jefferies Group LLC cut shares of Phillips 66 from a hold rating to an underperform rating and reduced their target price for the company from $95.00 to $75.14 in a research report on Monday, October 16th. Finally, Barclays PLC set a $95.00 target price on shares of Phillips 66 and gave the company an equal weight rating in a research report on Tuesday, October 10th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. Phillips 66 has a consensus rating of Hold and an average price target of $93.25.

Phillips 66 (NYSE:PSX) traded up $0.19 during mid-day trading on Wednesday, reaching $92.65. 1,258,365 shares of the company’s stock were exchanged, compared to its average volume of 2,226,717. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. Phillips 66 has a 1 year low of $75.14 and a 1 year high of $95.00. The company has a market capitalization of $46,850.00, a PE ratio of 26.75, a price-to-earnings-growth ratio of 2.39 and a beta of 1.20.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, topping the Zacks’ consensus estimate of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The firm had revenue of $26.21 billion during the quarter, compared to analysts’ expectations of $29.94 billion. During the same period in the previous year, the business posted $1.05 earnings per share. research analysts expect that Phillips 66 will post 4.58 EPS for the current fiscal year.

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Phillips 66 announced that its board has authorized a stock buyback program on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 3.02%. Phillips 66’s dividend payout ratio is 70.53%.

In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. Jacobi Capital Management LLC raised its stake in Phillips 66 by 27.4% during the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after acquiring an additional 277 shares in the last quarter. Motco raised its stake in Phillips 66 by 4.0% during the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after acquiring an additional 50 shares in the last quarter. Westside Investment Management Inc. raised its stake in Phillips 66 by 239.2% during the first quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 1,000 shares in the last quarter. Bruderman Asset Management LLC acquired a new position in Phillips 66 during the second quarter worth about $112,000. Finally, Farmers National Bank acquired a new position in Phillips 66 during the first quarter worth about $113,000. 69.81% of the stock is owned by hedge funds and other 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.

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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