Wells Fargo & Co upgraded shares of Phillips 66 (NYSE:PSX) from a market perform rating to an outperform rating in a research note published on Tuesday, MarketBeat Ratings reports.

PSX has been the subject of several other research reports. Royal Bank of Canada reaffirmed a hold rating and set a $106.00 target price on shares of Phillips 66 in a report on Tuesday, January 30th. Citigroup reduced their target price on shares of Phillips 66 from $110.00 to $103.00 and set a neutral rating for the company in a report on Tuesday, February 6th. Credit Suisse Group lifted their target price on shares of Phillips 66 from $110.00 to $115.00 and gave the stock a neutral rating in a report on Monday, April 30th. Cowen reaffirmed an outperform rating and set a $137.00 target price (up previously from $125.00) on shares of Phillips 66 in a report on Wednesday, February 14th. Finally, ValuEngine raised shares of Phillips 66 from a hold rating to a buy rating in a report on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $106.19.

Shares of PSX stock opened at $116.49 on Tuesday. The stock has a market cap of $54.41 billion, a P/E ratio of 26.60, a P/E/G ratio of 1.91 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.48. Phillips 66 has a 52 week low of $75.85 and a 52 week high of $122.38.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 27th. The oil and gas company reported $1.04 EPS for the quarter, topping the consensus estimate of $0.91 by $0.13. The business had revenue of $24.05 billion during the quarter, compared to the consensus estimate of $29.23 billion. Phillips 66 had a net margin of 4.85% and a return on equity of 10.00%. During the same quarter in the previous year, the firm posted $0.56 EPS. research analysts forecast that Phillips 66 will post 7.18 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Monday, May 21st will be issued a $0.80 dividend. The ex-dividend date is Friday, May 18th. This represents a $3.20 dividend on an annualized basis and a yield of 2.75%. This is an increase from Phillips 66’s previous quarterly dividend of $0.70. Phillips 66’s payout ratio is currently 73.06%.

In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 6,900 shares of the business’s stock in a transaction dated Thursday, May 17th. The shares were sold at an average price of $120.00, for a total value of $828,000.00. Following the completion of the sale, the vice president now owns 8,177 shares of the company’s stock, valued at approximately $981,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.56% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of Phillips 66 by 17.9% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,883 shares of the oil and gas company’s stock worth $259,000 after acquiring an additional 437 shares during the period. Waters Parkerson & CO. LLC lifted its holdings in shares of Phillips 66 by 14.0% during the 1st quarter. Waters Parkerson & CO. LLC now owns 3,584 shares of the oil and gas company’s stock worth $344,000 after acquiring an additional 440 shares during the period. Atria Investments LLC lifted its holdings in shares of Phillips 66 by 15.2% during the 1st quarter. Atria Investments LLC now owns 3,364 shares of the oil and gas company’s stock worth $323,000 after acquiring an additional 445 shares during the period. Buckley Wealth Management LLC lifted its holdings in shares of Phillips 66 by 4.0% during the 1st quarter. Buckley Wealth Management LLC now owns 11,780 shares of the oil and gas company’s stock worth $1,130,000 after acquiring an additional 449 shares during the period. Finally, Riverhead Capital Management LLC lifted its holdings in shares of Phillips 66 by 2.5% during the 1st quarter. Riverhead Capital Management LLC now owns 18,188 shares of the oil and gas company’s stock worth $1,744,000 after acquiring an additional 450 shares during the period. 69.39% of the stock is owned by hedge funds and other institutional investors.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

Analyst Recommendations for Phillips 66 (NYSE:PSX)

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