Royal Bank of Canada Reiterates Hold Rating for Phillips 66 (PSX)

Phillips 66 (NYSE:PSX)‘s stock had its “hold” rating restated by investment analysts at Royal Bank of Canada in a report released on Wednesday. They presently have a $102.00 price target on the oil and gas company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 1.27% from the company’s previous close.

PSX has been the subject of several other reports. Piper Jaffray Companies set a $93.00 price objective on shares of Phillips 66 and gave the stock a “buy” rating in a report on Monday, November 13th. Vetr upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective for the company in a report on Monday, November 27th. Jefferies Group restated a “hold” rating and issued a $78.00 price objective on shares of Phillips 66 in a report on Tuesday, September 5th. Zacks Investment Research lowered shares of Phillips 66 from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. Finally, US Capital Advisors lowered shares of Phillips 66 from an “overweight” rating to a “hold” rating in a report on Monday, December 4th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $94.14.

Shares of Phillips 66 (NYSE:PSX) traded up $1.58 during midday trading on Wednesday, reaching $100.72. 2,220,000 shares of the company’s stock traded hands, compared to its average volume of 1,740,000. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $100.98. The company has a market cap of $51,040.00, a price-to-earnings ratio of 28.81, a PEG ratio of 2.57 and a beta of 1.24.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, topping the Thomson Reuters’ 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 business had revenue of $26.21 billion during the quarter, compared to analyst estimates of $29.94 billion. During the same period in the prior year, the business earned $1.05 EPS. research analysts expect that Phillips 66 will post 4.58 EPS for the current year.

Phillips 66 declared that its Board of Directors has initiated a stock buyback program on Monday, October 9th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.

In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $100.25, for a total value of $270,675.00. Following the completion of the transaction, the vice president now directly owns 2,700 shares in the company, valued at approximately $270,675. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC grew its position in Phillips 66 by 6.2% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,499,115 shares of the oil and gas company’s stock valued at $137,334,000 after purchasing an additional 88,106 shares during the last quarter. AXA grew its position in Phillips 66 by 2.0% during the 3rd quarter. AXA now owns 123,069 shares of the oil and gas company’s stock valued at $11,275,000 after purchasing an additional 2,443 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in Phillips 66 by 208.1% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,785 shares of the oil and gas company’s stock valued at $255,000 after purchasing an additional 1,881 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in Phillips 66 during the 3rd quarter valued at about $4,826,000. Finally, Visionary Asset Management Inc. purchased a new stake in Phillips 66 during the 3rd quarter valued at about $214,000. 70.13% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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