Phillips 66 (NYSE:PSX) Sets New 12-Month Low – Here’s Why

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.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Wolfe Research raised Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 price objective for the company in a report on Friday, January 3rd. Barclays lifted their target price on shares of Phillips 66 from $115.00 to $135.00 and gave the stock an “equal weight” rating in a research note on Friday, March 14th. Mizuho dropped their price target on shares of Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a research note on Monday, December 16th. Wells Fargo & Company lifted their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, Piper Sandler downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.43.

Phillips 66 Stock Down 8.0 %

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 company has a fifty day moving average price of $124.24 and a 200 day moving average price of $125.15. The company has a market cap of $40.22 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 4.84 and a beta of 1.31.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same quarter in the previous year, the firm posted $3.09 earnings per share. As a group, analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Shareholders of record on Monday, February 24th were given a dividend of $1.15 per share. The ex-dividend date was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a yield of 4.66%. Phillips 66’s payout ratio is 93.12%.

Hedge Funds Weigh In On Phillips 66

Hedge funds and other institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC lifted its stake in Phillips 66 by 359.5% in the third quarter. Janus Henderson Group PLC now owns 228,165 shares of the oil and gas company’s stock worth $29,992,000 after purchasing an additional 178,515 shares during the last quarter. Morse Asset Management Inc bought a new stake in shares of Phillips 66 in the 3rd quarter valued at about $493,000. Redwood Investment Management LLC boosted its holdings in Phillips 66 by 2.4% during the 3rd quarter. Redwood Investment Management LLC now owns 10,234 shares of the oil and gas company’s stock valued at $1,341,000 after acquiring an additional 240 shares during the period. Quantinno Capital Management LP grew its position in Phillips 66 by 35.5% during the 3rd quarter. Quantinno Capital Management LP now owns 26,098 shares of the oil and gas company’s stock worth $3,431,000 after acquiring an additional 6,841 shares during the last quarter. Finally, Weiss Asset Management LP purchased a new position in Phillips 66 in the 3rd quarter worth approximately $34,042,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

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.