In a report released yesterday, Roger Read from Wells Fargo maintained a Buy rating on Phillips 66 (PSX – Research Report), with a price target of $179.00. The company’s shares closed yesterday at $156.99.
Read covers the Energy sector, focusing on stocks such as Shell, PBF Energy, and Coterra Energy. According to TipRanks, Read has an average return of 11.7% and a 65.54% success rate on recommended stocks.
In addition to Wells Fargo, Phillips 66 also received a Buy from Piper Sandler’s Ryan Todd in a report issued on March 8. However, on March 15, Bank of America Securities maintained a Hold rating on Phillips 66 (NYSE: PSX).
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Based on Phillips 66’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $39.64 billion and a net profit of $2.1 billion. In comparison, last year the company earned a revenue of $44.96 billion and had a net profit of $5.39 billion
Based on the recent corporate insider activity of 66 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PSX in relation to earlier this year. Most recently, in January 2024, Zhanna Golodryga, the EVP of PSX sold 29,800.00 shares for a total of $4,024,963.76.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Phillips 66 (PSX) Company Description:
Founded in 2012, Phillips 66 is a Texas-based multinational energy company, which is engaged in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties.
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