Perigon Wealth Management LLC Cuts Stock Position in Phillips 66 (NYSE:PSX)

Perigon Wealth Management LLC cut its holdings in shares of Phillips 66 (NYSE:PSX) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,252 shares of the oil and gas company’s stock after selling 139 shares during the quarter. Perigon Wealth Management LLC’s holdings in Phillips 66 were worth $402,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of Phillips 66 by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock valued at $968,844,000 after buying an additional 82,758 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock worth $686,618,000 after acquiring an additional 4,455,220 shares during the last quarter. Northern Trust Corp raised its position in Phillips 66 by 10.6% during the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock valued at $522,834,000 after purchasing an additional 440,107 shares during the period. Norges Bank bought a new stake in shares of Phillips 66 in the 4th quarter valued at approximately $497,648,000. Finally, Invesco Ltd. boosted its holdings in shares of Phillips 66 by 9.2% in the 4th quarter. Invesco Ltd. now owns 4,112,618 shares of the oil and gas company’s stock worth $468,551,000 after purchasing an additional 347,905 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Wells Fargo & Company cut their price target on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a report on Wednesday, June 11th. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a report on Wednesday, June 18th. Raymond James Financial decreased their price target on Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Evercore ISI assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an “outperform” rating and a $130.00 price objective on the stock. Finally, Compass Point initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a “buy” rating for the company. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target of $133.93.

Insider Activity

In other news, EVP Brian Mandell sold 9,800 shares of the company’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robert W. Pease purchased 439 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the completion of the acquisition, the director directly owned 4,091 shares of the company’s stock, valued at $465,760.35. This represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.22% of the company’s stock.

Phillips 66 Trading Up 0.2%

Shares of PSX stock opened at $119.46 on Tuesday. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The firm has a market cap of $48.67 billion, a PE ratio of 27.21, a price-to-earnings-growth ratio of 1.86 and a beta of 1.02. The company has a 50-day moving average of $115.12 and a two-hundred day moving average of $116.79. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. During the same quarter in the prior year, the business earned $1.90 earnings per share. On average, analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $1.20 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a yield of 4.02%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s dividend payout ratio (DPR) is currently 109.34%.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.