Phillips 66 (PSX) is Upgraded by Cowen to Outperform, Price Target at $92

Phillips 66 (PSX) was Upgraded by Cowen to ” Outperform” and the brokerage firm has set the Price Target at $92. Earlier the firm had a rating of “Market Perform ” on the company shares. Cowen advised their investors in a research report released on Aug 3, 2016.

Many Wall Street Analysts have commented on Phillips 66. Phillips 66 was Downgraded by Scotia Howard Weil to ” Sector Perform” on Jul 11, 2016. Phillips 66 was Downgraded by Wells Fargo to ” Market Perform” on Jul 8, 2016. Phillips 66 was Downgraded by Morgan Stanley to ” Equal-Weight” on Jun 17, 2016.

On the company’s financial health, Phillips 66 reported $0.94 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 29, 2016. Analyst had a consensus of $0.93.Analysts expectations of $ 29056.46.During the same quarter in the previous year, the company posted $1.83 EPS.

Phillips 66 opened for trading at $74.53 and hit $76.33 on the upside on Tusday, eventually ending the session at $76.15, with a gain of 2.55% or 1.89 points. The heightened volatility saw the trading volume jump to 45,28,320 shares. Company has a market cap of $39,815 M.

Investors should note that on Jul 13, 2016, Phillips 66 announced a cash dividend of $0.6300. The company’s management has announced Aug 16, 2016 as the ex-dividend date and fixed the record date on Aug 18, 2016. The payable date has been fixed on Sep 1, 2016.

In a different news, on Jun 30, 2016, Paula Ann Johnson (Executive VP and Gen Counsel) sold 40,141 shares at $79.57 per share price. According to the SEC, on Jun 30, 2016, Timothy Garth Taylor (President) sold 50,000 shares at $78.00 per share price. On Jun 14, 2016, William R Jr Loomis (director) purchased 12,680 shares at $78.86 per share price, according to the Form-4 filing with the securities and exchange commission.

Phillips 66 is an energy manufacturing and logistics company with midstream chemicals refining and marketing and specialties businesses. The Company operates its business through four segments: midstream chemicals refining and marketing and specialties. It gathers processes transports and markets natural gas and transports fractionates and markets natural gas liquids (NGL) in the United States. The Chemical segment manufactures and markets petrochemicals and plastics. The Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). The refining segment buys sells and refines crude oil and other feedstocks into petroleum products (such as gasolines distillates and aviation fuels) at 14 refineries mainly in the United States and Europe. The Marketing and Specialties segment purchases for resale and markets refined petroleum products (such as gasolines distillates and aviation fuels) mainly in the United States and Europe.

Phillips 66

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