Assenagon Asset Management S.A. Sells 194,320 Shares of Phillips 66 $PSX

Assenagon Asset Management S.A. reduced its stake in shares of Phillips 66 (NYSE:PSX) by 88.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,296 shares of the oil and gas company’s stock after selling 194,320 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Phillips 66 were worth $3,393,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Elliott Investment Management L.P. increased its holdings in Phillips 66 by 22.4% in the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after buying an additional 3,526,000 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Phillips 66 by 57.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock valued at $7,734,000 after buying an additional 20,742 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Phillips 66 by 5.0% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock worth $28,523,000 after acquiring an additional 10,000 shares during the period. First National Bank of Omaha acquired a new stake in shares of Phillips 66 during the 3rd quarter worth approximately $2,357,000. Finally, TD Asset Management Inc boosted its position in shares of Phillips 66 by 15.5% during the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company’s stock worth $23,724,000 after acquiring an additional 23,364 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on PSX. Citigroup boosted their price objective on shares of Phillips 66 from $146.00 to $159.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. The Goldman Sachs Group raised their target price on Phillips 66 from $168.00 to $186.00 and gave the company a “neutral” rating in a report on Thursday, March 12th. Morgan Stanley lifted their price target on Phillips 66 from $140.00 to $147.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Raymond James Financial boosted their price target on Phillips 66 from $175.00 to $205.00 and gave the stock an “outperform” rating in a report on Wednesday, March 25th. Finally, JPMorgan Chase & Co. dropped their price objective on Phillips 66 from $154.00 to $151.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $164.00.

Insider Activity

In related news, EVP Don Baldridge sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the transaction, the executive vice president owned 38,488 shares in the company, valued at $6,158,080. This trade represents a 16.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 16,856 shares of Phillips 66 stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,380,590.72. This represents a 14.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 84,688 shares of company stock valued at $14,066,145. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Stock Performance

NYSE PSX opened at $188.20 on Monday. The firm’s fifty day moving average price is $159.24 and its two-hundred day moving average price is $143.46. The stock has a market cap of $75.42 billion, a PE ratio of 17.39, a PEG ratio of 0.35 and a beta of 0.86. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $188.53.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.32. The company had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same quarter last year, the business posted ($0.15) EPS. On average, equities analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.7%. Phillips 66’s payout ratio is 46.95%.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.