Research Analysts Offer Predictions for Phillips 66's FY2017 Earnings (PSX)

Lloyd Doyle
December 8, 2017

Shares of Phillips 66 (NYSE PSX) opened at $97.59 on Wednesday. $60.13 million flowed into the stock on the tick-up and $25.59 million flowed out of the stock on the tick-down, for a money net flow of $34.54 million into the stock. Phillips 66 has a 1-year low of $73.67 and a 1-year high of $88.87.

A number of other equities research analysts have also commented on PSX. Jefferies Group restated a hold rating and issued a $78.00 price objective on shares of Phillips 66 in a research report on Tuesday, September 5th. Royal Bank of Canada reiterated a "hold" rating and set a $87.00 price target on shares of Phillips 66 in a research report on Thursday, April 20th. The stock of Phillips 66 (NYSE:PSX) earned "Hold" rating by RBC Capital Markets on Monday, June 5. Piper Jaffray Companies set a $93.00 target price on Phillips 66 and gave the company a "buy" rating in a research report on Monday, November 13th. Finally, Argus reaffirmed a "buy" rating and issued a $108.00 price target (up previously from $96.00) on shares of Phillips 66 in a report on Thursday, October 12th. Also, the current price highlights a discount of 45.77% to analysts' high consensus price target. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $49,887.64, a price-to-earnings ratio of 28.11, a PEG ratio of 2.50 and a beta of 1.24. DCP Midstream, for example, expects to finish the expansion of its Sand Hills NGL Pipeline by year-end, which should provide a boost not only to its earnings but those of its joint venture partner Phillips 66 Partners (NYSE: PSXP). The oil and gas company reported $1.66 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $1.62 by $0.04.

Driving interest in Phillips 66 (PSX) is a number of factors, including perhaps, a steady decrease of the profile of the company as insider activity takes center stage. Revenue during the quarter was $26.21 billion, representing 19% growth from $22.04 billion in year-ago quarter. Phillips 66 earnings have declined with an annualized rate of -17.1% over the last 5 years. The ex-dividend date was Thursday, November 16th. State Street Corp now owns 23,164,008 shares of the oil and gas company's stock valued at $2,001,602,000 after buying an additional 788,420 shares during the last quarter. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the stock in a transaction on Tuesday, September 19th. The share price has moved forward from its 20 days moving average, trading at a distance of 4.37% and stays 5.72% away from its 50 days moving average. The institutional investor held 3.57M shares of the capital goods company at the end of 2017Q2, valued at $9.11 million, up from 3.20 million at the end of the previous reported quarter. Clearbridge Investments LLC raised its holdings in shares of Phillips 66 by 4,771.9% during the first quarter.

We can gain important insight by taking a look at institutional ownership, as detailed in public companies' latest 13F filings. BlackRock Inc. boosted its stake in Phillips 66 by 0.7% during the second quarter. The firm owned 248,239 shares of the oil and gas company's stock after selling 1,431 shares during the period. However, many of those challenges went away this year, which enabled Phillips 66's earnings to rebound, with refining segment profitability hitting $779 million through the third quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company's stock valued at $1,908,079,000 after buying an additional 921,895 shares during the period. Russell Investments Group Ltd. now owns 1,608,000 shares of the oil and gas company's stock worth $132,965,000 after acquiring an additional 720,568 shares during the last quarter. Two Sigma Securities LLC purchased a new stake in Phillips 66 during the 1st quarter worth $1,043,000. FMR LLC now owns 7,520,743 shares of the oil and gas company's stock valued at $621,890,000 after purchasing an additional 2,036,258 shares during the last quarter.

TRADEMARK VIOLATION WARNING: This article was originally published by The Lincolnian Online and is the property of of The Lincolnian Online. If you are reading this story on another publication, it was copied illegally and reposted in violation of US and global trademark and copyright law. Thanks to an improvement in market conditions in the company's core refining business and the impact from recently completed midstream expansion projects, the energy logistics and manufacturing company's earnings have improved, which gave it more cash to return to shareholders.

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