Brokers Provide Phillips 66 Q2 2024 Earnings Forecasts (NYSE:PSX)

Phillips 66 (NYSE:PSX – Free Report) – Zacks Research lowered its second quarter 2024 earnings per share (EPS) estimates for Phillips 66 in a report on Thursday, June 27. The Zacks Research analyst R. Department now anticipates that the oil and gas company will earn $3.02 per share for the quarter, down from the previous forecast of $3.11. The consensus estimate for Phillips 66’s current full-year earnings is $11.08 per share. Zacks Research also issued estimates for Phillips 66’s first-quarter 2025 earnings of $2.85 EPS, second-quarter 2025 earnings of $3.28 EPS and third-quarter 2025 earnings of $3.28 EPS.

Other equities analysts have also issued research reports on the company. Bank of America raised their price target on Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, March 15. Argus reiterated a “buy” rating and set a $167.00 price target on shares of Phillips 66 in a research note on Thursday, May 30. JPMorgan Chase & Co. raised their price target on Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, April 1. Barclays lowered their price target on Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 30. Finally, Goldman Sachs Group lifted their price target on Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22. Five research analysts have rated the stock a “hold” and eleven have given the stock a “buy” rating. The company has a consensus rating of “Moderate Buy” and a consensus price target of $157.79, based on data from MarketBeat.

See our latest analysis for Phillips 66 stock

Phillips 66 Price Performance

Shares of NYSE PSX opened at $141.17 on Monday. The company has a market capitalization of $59.85 billion, a P/E ratio of 10.86, a price-to-earnings-growth ratio of 2.12 and a beta of 1.37. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. Phillips 66 has a one-year low of $93.40 and a one-year high of $174.08. The company’s 50-day moving average is $142.91 and its 200-day moving average is $144.83.

Phillips 66 (NYSE:PSX – Get Free Report) last released its quarterly earnings data on Friday, April 26. The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.05 by (-$0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The company had revenue of $36.44 billion for the quarter, compared to analyst estimates of $35.87 billion. During the same period in the prior year, the company earned $4.21 earnings per share.

Phillips 66 increases dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 3. On Monday, May 20, record shareholders received a dividend of $1.15 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date was Friday, May 17. This represents a dividend of $4.60 on an annualized basis and a dividend yield of 3.26%. Phillips 66’s payout ratio is currently 35.38%.

Buying and selling confidential information

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $145.80, bringing the total to $5,502,783.60. Following the sale, the executive vice president now owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The sale was disclosed in documents filed with the SEC, which can be accessed through the SEC’s website. 0.22% of the stock is currently owned by insiders.

Hedge funds rate Phillips 66

Several hedge funds have recently added to or reduced their holdings in PSX. Crewe Advisors LLC acquired a new stake in Phillips 66 in the first quarter worth approximately $25,000. Keener Financial Planning LLC acquired a new position in Phillips 66 in the first quarter worth approximately $26,000. Ables Iannone Moore & Associates Inc. acquired a new position in Phillips 66 in the fourth quarter worth approximately $27,000. Redmont Wealth Advisors LLC acquired a new position in Phillips 66 in the first quarter worth approximately $28,000. Finally, First United Bank & Trust acquired a new position in Phillips 66 in the fourth quarter worth approximately $31,000. 76.93% of the shares are currently owned by institutional investors.

Phillips 66 company profile

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Phillips 66 operates as an energy production and logistics company in the United States, United Kingdom, Germany and internationally. It operates in four segments: Midstream, Chemicals, Refining and Marketing and Specialties (M&S). The midstream segment transports crude oil and other raw materials; supplies refined petroleum products to the market; provides terminal and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports and markets liquid natural gas; provides other paid processing services; and collects, processes, transports and sells natural gas.

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