Assenagon Asset Management S.A. Sells 558,599 Shares of Phillips 66 (NYSE:PSX)

Assenagon Asset Management S.A. cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 97.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,893 shares of the oil and gas company's stock after selling 558,599 shares during the period. Assenagon Asset Management S.A.'s holdings in Phillips 66 were worth $1,839,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. J.Safra Asset Management Corp purchased a new position in Phillips 66 during the fourth quarter worth about $25,000. Pacific Center for Financial Services bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $27,000. Graney & King LLC purchased a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $28,000. Wood Tarver Financial Group LLC bought a new stake in Phillips 66 during the fourth quarter worth $29,000. Finally, Human Investing LLC bought a new position in Phillips 66 in the 4th quarter valued at $30,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PSX shares. Barclays increased their price target on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Mizuho lifted their price target on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. TD Cowen increased their price objective on Phillips 66 from $114.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Wells Fargo & Company cut their price target on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Finally, JPMorgan Chase & Co. lowered their price objective on Phillips 66 from $138.00 to $131.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 29th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $135.46.

Phillips 66 Trading Up 0.8%

Shares of NYSE:PSX opened at $124.65 on Wednesday. The stock's 50-day simple moving average is $110.89 and its two-hundred day simple moving average is $117.33. The stock has a market capitalization of $50.79 billion, a price-to-earnings ratio of 28.39, a PEG ratio of 1.91 and a beta of 1.02. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $31.92 billion during 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 last year, the company earned $1.90 earnings per share. Analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.85%. The ex-dividend date was Monday, May 19th. This is an increase from Phillips 66's previous quarterly dividend of $1.15. Phillips 66's dividend payout ratio (DPR) is 109.34%.

Insider Buying and Selling

In other news, Director Robert W. Pease bought 439 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director now owns 4,091 shares of the company's stock, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.22% of the stock is owned by insiders.

Phillips 66 Company 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.

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