Assenagon Asset Management S.A. Buys 252,363 Shares of Phillips 66 $PSX

Key Points

• Assenagon Asset Management sharply increased its Phillips 66 stake by 959.7% in the first quarter, buying 252,363 additional shares and bringing its total holding to 278,659 shares worth about $50.8 million.
• Phillips 66 reported better-than-expected earnings for the latest quarter, with EPS of $0.49 versus an expected loss, though revenue came in below estimates at $32.54 billion.
• The company recently paid a quarterly dividend of $1.27 per share, equal to an annualized yield of about 3.0%, while analysts remain broadly positive with a consensus rating of Moderate Buy.

Assenagon Asset Management S.A. boosted its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 959.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 278,659 shares of the oil and gas company's stock after purchasing an additional 252,363 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of Phillips 66 worth $50,766,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after acquiring an additional 7,214 shares during the period. Woodline Partners LP increased its position in Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after buying an additional 10,089 shares in the last quarter. Sei Investments Co. raised its stake in shares of Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after buying an additional 34,698 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Phillips 66 by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock valued at $41,359,000 after buying an additional 28,988 shares in the last quarter. Finally, Glenview Trust co grew its stake in shares of Phillips 66 by 2.6% during the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock valued at $1,068,000 after acquiring an additional 229 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of PSX stock opened at $171.58 on Friday. The company has a market capitalization of $68.79 billion, a P/E ratio of 16.90, a P/E/G ratio of 0.24 and a beta of 0.68. The company's 50-day simple moving average is $172.74 and its two-hundred day simple moving average is $159.93. Phillips 66 has a one year low of $118.00 and a one year high of $190.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company's quarterly revenue was up 6.9% on a year-over-year basis. During the same period last year, the firm earned ($0.90) earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 18.22 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66's dividend payout ratio is presently 50.05%.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Analysts nudged Phillips 66’s fair value estimate higher, citing refining margin trends, tight product inventories, and progress on the company’s refining and midstream initiatives. Phillips 66 (PSX) Stock Sees Modest Fair Value Lift As Analysts Rework Targets
• Positive Sentiment: Wall Street coverage remained broadly favorable, with articles highlighting Phillips 66 as an attractive investment on broker recommendations, which can help support sentiment around the stock. Wall Street Analysts Think Phillips 66 (PSX) Is a Good Investment: Is It?
• Positive Sentiment: Market commentary also singled out Phillips 66 as a top energy idea while oil traded near $70, suggesting investors still see upside in the refining and energy complex. Don't Miss Out: 2 Top Energy Stocks to Buy Now as Oil Trades Near 70
• Positive Sentiment: Phillips 66 announced a 7-megawatt waste-heat-to-power project with Kanin Energy, a no-upfront-capex initiative that could improve efficiency and reduce emissions. Phillips 66 (PSX) Partners With Kanin Energy On 7 Megawatt Power Project

Insider Activity

In other news, CFO Kevin J. Mitchell sold 600 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,705,826.56. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the business's stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have sold 45,629 shares of company stock valued at $8,071,540. Insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PSX. Guggenheim upgraded shares of Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Argus lifted their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Citigroup raised their price target on Phillips 66 from $159.00 to $183.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. Barclays increased their target price on Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 8th. Finally, Tudor Pickering upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and an average target price of $192.33.

Phillips 66 Company 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.

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