The Jefferies Group Comments on Phillips 66’s Q3 2016 Earnings (PSX)

The Jefferies Group Comments on Phillips 66’s Q3 2016 Earnings (PSX)

Phillips 66 (NYSE:PSX) – Equities research analysts at Jefferies Group lowered their Q3 2016 earnings per share (EPS) estimates for Phillips 66 in a research note issued to investors on Thursday. Jefferies Group analyst S. Goldman now expects that the firm will post earnings of $0.94 per share for the quarter, down from their previous forecast of $1.06. Jefferies Group currently has a “Hold” rating and a $72.00 price target on the stock. Jefferies Group also issued estimates for Phillips 66’s FY2016 earnings at $3.54 EPS and FY2017 earnings at $5.12 EPS.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 29th. The company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same quarter in the prior year, the business posted $1.83 EPS.

Other equities analysts have also issued research reports about the stock. Cowen and Company raised shares of Phillips 66 from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $76.15 to $92.00 in a research report on Wednesday, August 3rd. Goldman Sachs Group Inc. reissued a “sell” rating on shares of Phillips 66 in a research report on Wednesday, June 29th. Scotiabank lowered shares of Phillips 66 from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $90.00 to $89.00 in a research report on Monday, July 11th. Vetr lowered shares of Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 price target on the stock. in a research report on Wednesday, June 29th. Finally, Barclays PLC reissued an “equal weight” rating and issued a $86.00 price target on shares of Phillips 66 in a research report on Thursday, July 28th. Fourteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $86.12.

Shares of Phillips 66 (NYSE:PSX) opened at 79.31 on Friday. Phillips 66 has a one year low of $71.74 and a one year high of $94.12. The firm’s 50 day moving average is $79.50 and its 200-day moving average is $79.90. The firm has a market capitalization of $41.47 billion, a PE ratio of 13.73 and a beta of 1.37.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. A.R. Schmeidler & Co. Inc. boosted its position in Phillips 66 by 12.8% in the first quarter. A.R. Schmeidler & Co. Inc. now owns 190,590 shares of the company’s stock worth $16,503,000 after buying an additional 21,672 shares in the last quarter. LVW Advisors LLC boosted its position in Phillips 66 by 0.3% in the first quarter. LVW Advisors LLC now owns 3,049 shares of the company’s stock worth $264,000 after buying an additional 10 shares in the last quarter. Ropes Wealth Advisors LLC boosted its position in Phillips 66 by 0.6% in the first quarter. Ropes Wealth Advisors LLC now owns 2,372 shares of the company’s stock worth $205,000 after buying an additional 15 shares in the last quarter. Investec Asset Management LTD boosted its position in Phillips 66 by 3.4% in the first quarter. Investec Asset Management LTD now owns 367,505 shares of the company’s stock worth $31,822,000 after buying an additional 12,194 shares in the last quarter. Finally, Associated Banc Corp boosted its position in Phillips 66 by 2.4% in the first quarter. Associated Banc Corp now owns 122,064 shares of the company’s stock worth $10,569,000 after buying an additional 2,833 shares in the last quarter. 69.99% of the stock is owned by institutional investors and hedge funds.

In other Phillips 66 news, major shareholder Berkshire Hathaway Inc purchased 17,910 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The stock was acquired at an average cost of $77.52 per share, with a total value of $1,388,383.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.05% of the stock is owned by corporate insiders.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 17th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, November 15th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.18%. Phillips 66’s dividend payout ratio is 43.83%.

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