Zacks Research Comments on Phillips 66’s Q3 2024 Earnings (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for shares of Phillips 66 in a note issued to investors on Tuesday, October 1st. Zacks Research analyst R. Department now anticipates that the oil and gas company will post earnings of $2.11 per share for the quarter, down from their previous forecast of $2.40. The consensus estimate for Phillips 66’s current full-year earnings is $8.27 per share. Zacks Research also issued estimates for Phillips 66’s Q4 2024 earnings at $2.05 EPS, FY2024 earnings at $8.37 EPS, Q1 2026 earnings at $2.82 EPS and Q3 2026 earnings at $3.35 EPS.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the business earned $3.87 EPS.

Several other research firms have also recently weighed in on PSX. Wolfe Research started coverage on shares of Phillips 66 in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Barclays boosted their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Morgan Stanley dropped their price objective on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. JPMorgan Chase & Co. dropped their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Raymond James boosted their price objective on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $152.71.

Phillips 66 Stock Down 0.2 %

Shares of PSX opened at $138.62 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The business’s 50 day simple moving average is $133.83 and its 200-day simple moving average is $142.39. Phillips 66 has a one year low of $107.85 and a one year high of $174.08. The company has a market capitalization of $58.77 billion, a P/E ratio of 10.66, a PEG ratio of 5.28 and a beta of 1.33.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

Insider Activity at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.22% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Phillips 66

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Madison Park Capital Advisors LLC boosted its stake in Phillips 66 by 3.0% in the 1st quarter. Madison Park Capital Advisors LLC now owns 2,346 shares of the oil and gas company’s stock worth $383,000 after purchasing an additional 68 shares during the period. MV Capital Management Inc. boosted its stake in shares of Phillips 66 by 9.6% during the 1st quarter. MV Capital Management Inc. now owns 837 shares of the oil and gas company’s stock worth $137,000 after buying an additional 73 shares during the last quarter. Mitchell & Pahl Private Wealth LLC boosted its stake in shares of Phillips 66 by 0.4% during the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock worth $2,519,000 after buying an additional 74 shares during the last quarter. Catalyst Financial Partners LLC boosted its stake in shares of Phillips 66 by 5.1% during the 2nd quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock worth $214,000 after buying an additional 74 shares during the last quarter. Finally, Claro Advisors LLC boosted its stake in shares of Phillips 66 by 4.5% during the 1st quarter. Claro Advisors LLC now owns 1,738 shares of the oil and gas company’s stock worth $284,000 after buying an additional 75 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

About Phillips 66

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.