Phillips 66 Gets Price Target Boost from JP Morgan Chase & Co.
Phillips 66, a renowned oil and gas company found on the NYSE, has recently received a boost in its price target. According to reports, JP Morgan Chase & Co. increased the price target from $112.00 to $120.00, much to the delight of both clients and investors alike.
With a potential upside of almost 25%, this boost could potentially lead to even greater profits for Phillips 66. This development follows on from their recent quarterly earnings report, which showed mixed results. The company reported earnings per share (EPS) of $4.00 for the quarter, missing out on the consensus estimate by a margin of $0.35.
While not quite hitting expectations with regards to EPS, Phillips 66 still displayed promising data regarding their revenue stream. During that particular quarter they generated a total revenue stream of $40.91 billion; an impressive feat when compared with an earlier estimate of $34.30 billion.
Phillips 66 conducts business through several sections or “segments,” including Midstream, Chemicals and Refining & Marketing Specialties. These segments each focus on different aspects of processing, transportation, storage and marketing of fuels and other related resources.
The Midstream segment offers crude oil and refined products transportation services as well as providing terminaling services and natural gas transportation alongside various processing and marketing services relating to liquefied petroleum gas (LPG). Meanwhile, the Chemicals division is responsible for producing such chemicals as styrene, polymers as well as aviation fuel among others.
Overall this is an exciting turn for shareholders and industry analysts alike who are hopeful that despite some hiccups along the way; Phillips 66 will come out on top when it comes down to continuing success in their area of operations moving forward into the future.
Phillips 66: Analyst Reports, Market Performance, and Business Operations
Phillips 66, a company that specializes in the processing, transportation, storage, and marketing of fuels and other related products, has recently been the subject of several reports by equities research analysts.
Morgan Stanley increased its price target on the company from $115.00 to $125.00 and gave it an “equal weight” rating in a report on Friday, January 20th.
Similarly, Royal Bank of Canada increased their price objective on Phillips 66 from $130.00 to $132.00 and gave the stock an “outperform” rating in a report on Wednesday, February 8th.
Meanwhile, UBS Group initiated coverage on Phillips 66 with a “buy” rating and a $139.00 price target for the company in a report released on Wednesday, March 8th.
However, Piper Sandler decreased its price objective on the company from $155.00 to $137.00 and set an “overweight” rating for it in a report published on Monday, December 19th. Finally, Mizuho decreased its price objective for Phillips 66 from $121.00 to $120.00 in its report released on Friday, March 10th.
According to data from Bloomberg, there are currently five investment analysts who have rated Phillips 66 as a hold and nine have given it a buy rating with an average consensus rating of “Moderate Buy”. The average price target for the company is at $121.80.
Phillips 66 currently holds a market capitalization of $44.64 billion with NYSE:PSX opening at $96.23 as of Tuesday’s trading session; having recorded a year low (2019) value of just over USD74 per share and another high value at just above USD113 per share respectively.
The Midstream segment provides crude oil and refined product transportation services while also offering terminaling and processing services alongside natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services. The company’s portfolio of products encompasses a variety of offerings that cater to the needs of various industries; from industrial customers to consumers.
In other Phillips 66 news, Director Gregory Hayes purchased 10,250 shares of the firm’s stock at an average cost per share of $97.75 in early February for a total transaction amounting to over $1 million. Given his recent acquisition, Director Gregory now directly owns 14,299 shares in the said company valued at $1,397,727.25.
Additionally, many hedge funds have recently made changes to their positions in Phillips 66’s business operations. Among these institutions are Wellington Management Group LLP which currently owns 7,188,087 shares worth $620,979k; Vanguard Group Inc whose total hold is currently valued at $4.09 billion across its over 50 million available shares.
The firm boasts strong fundamentals which have enabled it to navigate through challenging economic conditions with impressive results. Its PEG ratio is one of the lowest within its peer group and with notable initiatives aimed at expanding its reach globally leveraging on its Midstream segment capability among others there is much optimism surrounding its prospects for shareholders both existing and prospective.
Best Stocks by Ronald Kaufman, April 4, 2023