Wolfe Research Boosts Phillips 66 Rating, Predicts Significant Price Growth
Analysts See Potential for 27.64% Gain
On January 3, 2025, Wolfe Research upgraded Phillips 66 (XTRA:R66) from Peer Perform to Outperform. As of December 23, 2024, analysts have set an average one-year price target for Phillips 66 at 141,96 €/share. The estimates vary, with a low of 121,28 € and a high of 164,35 €. This average target suggests a substantial increase of 27.64% from the company’s recent closing price of 111,22 €/share.
Company Revenue and Earnings Projections
The projected annual revenue for Phillips 66 stands at 133,487MM, reflecting a decline of 9.65%. Analysts expect a non-GAAP EPS of 11.55 for the upcoming year.
Institutional Sentiment Shifts
Currently, 2,707 funds or institutions are reporting investments in Phillips 66, marking a decrease of 39 in the last quarter, which is a reduction of 1.42%. The average portfolio weight for all funds in R66 is now 0.30%, which has increased by 14.31%. However, total institutional shares held has declined by 2.87% over the past three months to 346,132K shares.
Actions by Key Shareholders
Wells Fargo currently owns 16,153K shares, translating to a 3.91% stake. This is a decrease from their previous holding of 16,621K shares, reflecting a 2.89% drop. Their investment in R66 was reduced by 71.82% during the last quarter.
The Vanguard Total Stock Market Index Fund Investor Shares holds 13,266K shares, representing 3.21% ownership. They reported a decrease from 13,385K shares, marking a decline of 0.90%. Their allocation in R66 has dropped by 13.32%.
The Energy Select Sector SPDR Fund owns 11,154K shares, equivalent to 2.70%. Previously, they held 11,736K shares, reflecting a decrease of 5.22% in the past quarter. Their investment in R66 was reduced by 5.51%.
Vanguard 500 Index Fund Investor Shares possesses 10,963K shares, accounting for 2.65%. They made a slight increase from 10,881K shares, but have decreased their overall allocation in R66 by 13.66% over the last quarter.
Harris Associates L P has increased its holdings to 9,795K shares, marking 2.37% ownership, up from 8,447K shares, which shows a rise of 13.76%. Yet, they have cut back their portfolio allocation in R66 by 18.22% this past quarter.
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This story originally appeared on Fintel.
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