Associated Banc Corp Sells 4,081 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Associated Banc Corp has reduced its stake in Phillips 66 by 3.8%, bringing its holdings to 102,343 shares valued at approximately $12.6 million.
• Insider transactions included the sale of 9,800 shares by EVP Brian Mandell and the purchase of 500 shares by Director Sigmund L. Cornelius.
• Analysts have mixed views on Phillips 66, with ratings ranging from "hold" to "buy," and a consensus target price set at $136.20 per share.

Associated Banc Corp decreased its stake in Phillips 66 (NYSE:PSX - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 102,343 shares of the oil and gas company's stock after selling 4,081 shares during the period. Associated Banc Corp's holdings in Phillips 66 were worth $12,637,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PSX. Pacific Center for Financial Services acquired a new stake in Phillips 66 during the 4th quarter valued at approximately $27,000. von Borstel & Associates Inc. bought a new stake in shares of Phillips 66 in the 1st quarter valued at $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 during the first quarter worth $28,000. Wood Tarver Financial Group LLC bought a new position in Phillips 66 during the fourth quarter worth $29,000. Finally, Opal Wealth Advisors LLC acquired a new position in Phillips 66 in the first quarter valued at $29,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Down 1.8%

Shares of PSX traded down $2.15 on Wednesday, reaching $119.92. The company's stock had a trading volume of 2,080,711 shares, compared to its average volume of 2,647,785. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.85. The stock has a market capitalization of $48.46 billion, a PE ratio of 28.83, a PEG ratio of 1.65 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The firm has a fifty day moving average of $122.74 and a 200-day moving average of $118.92.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. During the same period in the previous year, the company posted $2.31 EPS. Equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PSX shares. Citigroup lowered Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Evercore ISI assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price for the company. TD Cowen increased their price target on Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Tudor Pickering downgraded shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Morgan Stanley boosted their target price on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $136.20.

Insiders Place Their Bets

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the sale, the executive vice president owned 43,373 shares in the company, valued at $5,638,490. This represents a 9.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert W. Pease purchased 439 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased 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 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. Insiders bought a total of 1,939 shares of company stock worth $237,725 in the last three months. 0.22% of the stock is owned by corporate 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.