Phillips 66 (PSX) is Downgraded by Wells Fargo to Market Perform

Phillips 66 (PSX) was Downgraded by Wells Fargo to ” Market Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Wells Fargo advised their investors in a research report released on Jul 8, 2016.

Many Wall Street Analysts have commented on Phillips 66. Phillips 66 was Downgraded by Morgan Stanley to ” Equal-Weight” on Jun 17, 2016. Shares were Reiterated by Barclays on May 2, 2016 to “Overweight” and Lowered the Price Target to $ 93 from a previous price target of $97 .Phillips 66 was Downgraded by Citigroup to ” Neutral” on Apr 20, 2016.

On the company’s financial health, Phillips 66 reported $0.67 EPS for the quarter, missing the analyst consensus estimate by $ -0.20 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.87.Analysts expectations of $ 27437.26.During the same quarter in the previous year, the company posted $1.51 EPS.

Phillips 66 closed down -1.85 points or -2.32% at $77.93 with 30,63,859 shares getting traded on Tuesday. Post opening the session at $78.97, the shares hit an intraday low of $77.4 and an intraday high of $79.32 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

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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