TipRanksStock Market NewsPSX NewsPhillips 66 (PSX) Receives a Buy from RBC Capital

Phillips 66 (PSX) Receives a Buy from RBC Capital

In a report issued on August 1, T J Schultz from RBC Capital maintained a Buy rating on Phillips 66 (PSXResearch Report), with a price target of $112.00. The company’s shares closed last Wednesday at $85.51.

According to TipRanks.com, Schultz is a top 25 analyst with an average return of 18.5% and a 69.1% success rate. Schultz covers the Industrial Goods sector, focusing on stocks such as Equitrans Midstream, Rattler Midstream, and EnLink Midstream.

Currently, the analyst consensus on Phillips 66 is a Strong Buy with an average price target of $116.00, which is a 30.4% upside from current levels. In a report issued on July 29, Goldman Sachs also maintained a Buy rating on the stock with a $109.00 price target.

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Based on Phillips 66’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $48.58 billion and net profit of $3.17 billion. In comparison, last year the company earned revenue of $27 billion and had a net profit of $294 million.

Based on the recent corporate insider activity of 55 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 June 2022, Greg Garland, the Chairman & CEO of PSX sold 146,700 shares for a total of $16,092,990.

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.

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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