Q3 2020 Earnings Forecast for Phillips 66 Issued By Piper Sandler (NYSE:PSX)

Phillips 66 (NYSE:PSX) – Investment analysts at Piper Sandler lifted their Q3 2020 earnings estimates for shares of Phillips 66 in a report issued on Monday, January 13th. Piper Sandler analyst P. Flam now expects that the oil and gas company will post earnings per share of $3.49 for the quarter, up from their prior forecast of $3.48. Piper Sandler also issued estimates for Phillips 66’s Q1 2021 earnings at $1.80 EPS, Q3 2021 earnings at $3.36 EPS and FY2021 earnings at $10.27 EPS.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, October 25th. The oil and gas company reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.60 by $0.51. The company had revenue of $27.77 billion for the quarter, compared to analyst estimates of $28.31 billion. Phillips 66 had a net margin of 4.17% and a return on equity of 19.31%. During the same quarter last year, the firm earned $3.10 EPS.

Several other research analysts have also issued reports on the stock. Morgan Stanley reduced their target price on shares of Phillips 66 from $125.00 to $120.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Cowen raised their target price on shares of Phillips 66 from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, November 7th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $120.00 target price on shares of Phillips 66 in a research note on Sunday, December 22nd. Evercore ISI assumed coverage on shares of Phillips 66 in a research note on Wednesday, October 2nd. They issued an “outperform” rating on the stock. Finally, Barclays assumed coverage on shares of Phillips 66 in a research note on Tuesday. They issued an “overweight” rating and a $122.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $120.00.

Shares of NYSE PSX opened at $106.38 on Wednesday. The firm has a market capitalization of $46.60 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 1.55 and a beta of 1.09. The company has a current ratio of 1.29, a quick ratio of 0.84 and a debt-to-equity ratio of 0.41. Phillips 66 has a 1 year low of $80.24 and a 1 year high of $119.92. The firm’s 50-day moving average is $111.36 and its 200-day moving average is $106.14.

Several large investors have recently added to or reduced their stakes in PSX. Nuveen Asset Management LLC grew its stake in shares of Phillips 66 by 3,861.0% in the second quarter. Nuveen Asset Management LLC now owns 3,744,797 shares of the oil and gas company’s stock valued at $350,288,000 after buying an additional 3,650,256 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Phillips 66 by 3.3% in the second quarter. Vanguard Group Inc. now owns 36,451,696 shares of the oil and gas company’s stock valued at $3,409,691,000 after buying an additional 1,172,468 shares in the last quarter. Waddell & Reed Financial Inc. grew its stake in shares of Phillips 66 by 248.3% in the second quarter. Waddell & Reed Financial Inc. now owns 1,511,127 shares of the oil and gas company’s stock valued at $141,351,000 after buying an additional 1,077,246 shares in the last quarter. State Street Corp grew its stake in shares of Phillips 66 by 4.9% in the third quarter. State Street Corp now owns 22,727,392 shares of the oil and gas company’s stock valued at $2,327,285,000 after buying an additional 1,064,558 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Phillips 66 in the third quarter valued at $47,594,000. 68.34% of the stock is owned by institutional investors and hedge funds.

In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 464 shares of the firm’s stock in a transaction that occurred on Thursday, November 14th. The shares were sold at an average price of $119.53, for a total transaction of $55,461.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.13% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.

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Earnings History and Estimates for Phillips 66 (NYSE:PSX)

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