Perigon Wealth Management LLC Purchases Shares of 4,499 Phillips 66 (NYSE:PSX)

Perigon Wealth Management LLC purchased a new stake in Phillips 66 (NYSE:PSX – Get Rating) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,499 shares of the oil and gas company’s stock, valued at approximately $363,000.

Other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP lifted its position in shares of Phillips 66 by 62.1% in the first quarter. Wellington Management Group LLP now owns 7,188,087 shares of the oil and gas company’s stock valued at $620,979,000 after buying an additional 2,753,700 shares during the last quarter. FMR LLC lifted its position in shares of Phillips 66 by 18.9% in the second quarter. FMR LLC now owns 10,264,690 shares of the oil and gas company’s stock valued at $841,602,000 after buying an additional 1,634,573 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Phillips 66 by 1.9% in the third quarter. Vanguard Group Inc. now owns 50,644,106 shares of the oil and gas company’s stock valued at $4,087,993,000 after buying an additional 966,125 shares during the last quarter. State Street Corp lifted its position in shares of Phillips 66 by 2.7% in the second quarter. State Street Corp now owns 32,668,525 shares of the oil and gas company’s stock valued at $2,678,492,000 after buying an additional 854,076 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Phillips 66 by 50.3% in the first quarter. Renaissance Technologies LLC now owns 2,053,650 shares of the oil and gas company’s stock valued at $177,415,000 after buying an additional 687,650 shares during the last quarter. 70.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Morgan Stanley raised their price objective on Phillips 66 from $115.00 to $125.00 and gave the company an “equal weight” rating in a research report on Friday, January 20th. Piper Sandler dropped their price target on Phillips 66 from $155.00 to $137.00 and set an “overweight” rating for the company in a report on Monday, December 19th. Wells Fargo & Company dropped their price target on Phillips 66 from $134.00 to $127.00 and set an “overweight” rating for the company in a report on Thursday, January 5th. Mizuho dropped their price target on Phillips 66 from $121.00 to $120.00 in a report on Friday, March 10th. Finally, Raymond James lifted their price target on Phillips 66 from $130.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, January 13th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $121.27.

Insider Activity

In other news, Director Gregory Hayes acquired 10,250 shares of Phillips 66 stock in a transaction that occurred on Thursday, February 2nd. The shares were acquired at an average price of $97.75 per share, for a total transaction of $1,001,937.50. Following the transaction, the director now directly owns 14,299 shares of the company’s stock, valued at approximately $1,397,727.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.74% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $94.72 on Friday. Phillips 66 has a fifty-two week low of $74.02 and a fifty-two week high of $113.53. The business has a fifty day moving average price of $102.53 and a two-hundred day moving average price of $99.45. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.38 and a quick ratio of 1.17. The stock has a market capitalization of $43.94 billion, a PE ratio of 4.13, a P/E/G ratio of 0.32 and a beta of 1.37.

Phillips 66 (NYSE:PSX – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.35 by ($0.35). Phillips 66 had a net margin of 6.27% and a return on equity of 31.20%. The business had revenue of $40.91 billion during the quarter, compared to the consensus estimate of $34.30 billion. During the same quarter in the previous year, the business posted $2.94 EPS. As a group, equities analysts predict that Phillips 66 will post 15.68 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Stockholders of record on Tuesday, February 21st were paid a $1.05 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $0.97. The ex-dividend date was Friday, February 17th. This represents a $4.20 annualized dividend and a dividend yield of 4.43%. Phillips 66’s dividend payout ratio (DPR) is presently 18.30%.

About Phillips 66

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Phillips 66 engages 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. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.