Phillips 66 (NYSE:PSX) Reaches New 12-Month Low – What’s Next?

Phillips 66 (NYSE:PSX) hit a new 52-week low during trading on Thursday . The company traded as low as $107.63 and last traded at $108.05, with a volume of 2939097 shares trading hands. The stock had previously closed at $124.06.

Analyst Ratings Changes

Several equities analysts have weighed in on PSX shares. Piper Sandler downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, January 10th. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Mizuho cut their price objective on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating for the company in a research report on Monday, December 16th. Barclays increased their target price on Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a report on Friday, March 14th. Finally, The Goldman Sachs Group cut Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price target for the company. in a report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $146.43.

Phillips 66 Trading Down 13.6 %

The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The business’s 50-day simple moving average is $125.02 and its two-hundred day simple moving average is $125.48. The stock has a market capitalization of $43.69 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 4.84 and a beta of 1.31.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter last year, the business posted $3.09 EPS. On average, research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were paid a $1.15 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.29%. Phillips 66’s dividend payout ratio (DPR) is currently 93.12%.

Hedge Funds Weigh In On Phillips 66

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of Phillips 66 by 7.3% during the fourth quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock valued at $1,064,601,000 after purchasing an additional 639,323 shares during the period. Geode Capital Management LLC increased its stake in Phillips 66 by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock worth $968,844,000 after buying an additional 82,758 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock worth $686,618,000 after buying an additional 4,455,220 shares during the period. Northern Trust Corp lifted its holdings in Phillips 66 by 10.6% in the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock worth $522,834,000 after buying an additional 440,107 shares in the last quarter. Finally, Norges Bank purchased a new position in Phillips 66 in the 4th quarter valued at about $497,648,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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 petroleum products to market; provides terminaling and storage services for crude oil and refined 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.