Phillips 66 (NYSE:PSX) Coverage Initiated by Analysts at Credit Suisse Group
Credit Suisse Group initiated coverage on shares of Phillips 66 (NYSE:PSX) in a report released on Wednesday, January 3rd, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $108.00 target price on the oil and gas company’s stock.
PSX has been the topic of a number of other reports. Barclays lowered shares of Phillips 66 from an equal weight rating to an underweight rating and raised their price objective for the stock from $95.00 to $100.00 in a report on Tuesday, November 14th. Goldman Sachs Group upgraded shares of Phillips 66 to a buy rating in a report on Monday, December 18th. US Capital Advisors lowered shares of Phillips 66 from an overweight rating to a hold rating in a report on Monday, December 4th. Zacks Investment Research upgraded shares of Phillips 66 from a hold rating to a buy rating and set a $105.00 price target on the stock in a research note on Tuesday, October 10th. Finally, Scotiabank reiterated a hold rating on shares of Phillips 66 in a research note on Friday, September 8th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. The stock has an average rating of Hold and an average price target of $99.55.
Phillips 66 (NYSE PSX) opened at $104.25 on Wednesday. Phillips 66 has a 52 week low of $75.14 and a 52 week high of $107.47. The stock has a market cap of $52,830.00, a P/E ratio of 26.26, a price-to-earnings-growth ratio of 1.55 and a beta of 1.24. 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 declared that its Board of Directors has approved a share repurchase plan on Monday, October 9th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of Phillips 66 stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $100.25, for a total transaction of $270,675.00. Following the completion of the sale, the vice president now owns 2,700 shares of the company’s stock, valued at approximately $270,675. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Institute for Wealth Management LLC. bought a new stake in Phillips 66 in the 2nd quarter valued at about $979,000. Blue Edge Capital LLC boosted its holdings in Phillips 66 by 3.2% in the 2nd quarter. Blue Edge Capital LLC now owns 5,088 shares of the oil and gas company’s stock valued at $421,000 after purchasing an additional 160 shares during the period. Wells Fargo & Company MN boosted its holdings in Phillips 66 by 0.9% in the 2nd 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. Great Lakes Advisors LLC boosted its holdings in Phillips 66 by 3.5% in the 2nd quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock valued at $49,919,000 after purchasing an additional 20,264 shares during the period. Finally, Nationwide Fund Advisors boosted its holdings in Phillips 66 by 7.7% in the 3rd quarter. Nationwide Fund Advisors now owns 338,816 shares of the oil and gas company’s stock valued at $31,039,000 after purchasing an additional 24,318 shares during the period. 70.19% of the stock is owned by institutional investors and hedge funds.
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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.
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