Royal Bank of Canada Upgrades Phillips 66 (NYSE:PSX) to “Outperform”

Phillips 66 (NYSE:PSX) was upgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research note issued to investors on Sunday, Marketbeat Ratings reports. The firm currently has a $67.00 target price on the oil and gas company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 26.24% from the company’s current price.

PSX has been the topic of a number of other research reports. Credit Suisse Group upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and set a $100.00 price target on the stock in a report on Monday, March 9th. Cowen lowered their price target on Phillips 66 from $127.00 to $115.00 and set an “outperform” rating on the stock in a report on Monday, February 3rd. Raymond James lowered their price target on Phillips 66 from $110.00 to $69.00 and set an “outperform” rating on the stock in a report on Tuesday, March 24th. They noted that the move was a valuation call. Barclays initiated coverage on Phillips 66 in a report on Tuesday, January 14th. They issued an “overweight” rating and a $122.00 price target on the stock. Finally, Piper Sandler lowered their target price on Phillips 66 from $139.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. One analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have assigned a buy rating to the company. Phillips 66 presently has a consensus rating of “Buy” and a consensus target price of $91.36.

NYSE PSX traded down $1.08 on Friday, hitting $53.08. 2,241,507 shares of the company’s stock were exchanged, compared to its average volume of 6,525,651. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.24 and a quick ratio of 0.91. The firm’s 50-day moving average price is $70.04 and its two-hundred day moving average price is $98.74. Phillips 66 has a fifty-two week low of $40.04 and a fifty-two week high of $119.92. The firm has a market cap of $22.99 billion, a price-to-earnings ratio of 7.83, a P/E/G ratio of 1.22 and a beta of 1.17.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, January 31st. The oil and gas company reported $1.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.01. Phillips 66 had a return on equity of 13.51% and a net margin of 2.81%. The company had revenue of $29.61 billion for the quarter, compared to analysts’ expectations of $27.30 billion. During the same quarter in the previous year, the firm posted $4.87 EPS. On average, research analysts predict that Phillips 66 will post 6.41 earnings per share for the current fiscal year.

In other Phillips 66 news, Director John E. Lowe purchased 2,000 shares of Phillips 66 stock in a transaction on Thursday, February 27th. The shares were bought at an average price of $76.71 per share, with a total value of $153,420.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.13% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Allred Capital Management LLC purchased a new position in Phillips 66 in the fourth quarter valued at about $27,000. Total Clarity Wealth Management Inc. purchased a new position in Phillips 66 in the fourth quarter valued at about $28,000. Lighthouse Financial Advisors Inc. purchased a new position in Phillips 66 in the fourth quarter valued at about $30,000. Savior LLC purchased a new position in Phillips 66 in the fourth quarter valued at about $32,000. Finally, JFS Wealth Advisors LLC raised its position in Phillips 66 by 56.9% in the fourth quarter. JFS Wealth Advisors LLC now owns 317 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 115 shares during the period. 69.99% of the stock is currently owned by institutional investors and hedge funds.

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; 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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