Phillips 66 (NYSE:PSX) Rating Increased to Buy at Citigroup

Citigroup upgraded shares of Phillips 66 (NYSE:PSX) from a neutral rating to a buy rating in a research note released on Friday, June 21st, 24/7 WallStreet reports.

A number of other research analysts also recently weighed in on PSX. Morgan Stanley reissued an overweight rating and issued a GBX 460 ($6.01) price objective on shares of Sophos Group in a research note on Friday, May 17th. Jefferies Financial Group assumed coverage on Pinduoduo in a research note on Monday, April 15th. They issued a buy rating and a $30.00 price objective on the stock. ValuEngine raised Zynerba Pharmaceuticals from a hold rating to a buy rating in a research report on Friday, May 17th. Finally, Bank of America reaffirmed a buy rating and issued a $420.00 price target (up from $400.00) on shares of Lendingtree in a research report on Monday, April 29th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $117.82.

Shares of PSX traded up $0.74 during midday trading on Friday, reaching $100.33. 1,842,401 shares of the stock were exchanged, compared to its average volume of 2,796,361. Phillips 66 has a 12-month low of $78.44 and a 12-month high of $123.97. The business has a 50 day simple moving average of $88.87. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.84 and a current ratio of 1.31. The firm has a market cap of $45.17 billion, a P/E ratio of 8.57, a price-to-earnings-growth ratio of 1.97 and a beta of 1.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.06. Phillips 66 had a return on equity of 19.96% and a net margin of 4.63%. The company had revenue of $23.66 billion during the quarter, compared to the consensus estimate of $24.66 billion. During the same period last year, the business earned $1.04 EPS. As a group, sell-side analysts predict that Phillips 66 will post 7.24 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 3.59%. The ex-dividend date is Monday, August 19th. Phillips 66’s dividend payout ratio is 30.74%.

In related news, Director John E. Lowe purchased 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average price of $82.91 per share, with a total value of $165,820.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 0.13% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in PSX. Harvest Group Wealth Management LLC acquired a new position in Phillips 66 in the first quarter worth $31,000. Proficio Capital Partners LLC raised its position in shares of Phillips 66 by 46.1% during the fourth quarter. Proficio Capital Partners LLC now owns 434 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 137 shares during the last quarter. TCG Advisors LP bought a new stake in shares of Phillips 66 during the first quarter worth $38,000. Burt Wealth Advisors raised its position in shares of Phillips 66 by 285.7% during the first quarter. Burt Wealth Advisors now owns 405 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 300 shares during the last quarter. Finally, Truehand Inc bought a new stake in Phillips 66 in the fourth quarter valued at about $40,000. 69.98% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Company Profile

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; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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Analyst Recommendations for Phillips 66 (NYSE:PSX)

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