Phillips 66 $PSX Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in Phillips 66 by 1,607.2% in the 2nd quarter, acquiring a total of 254,251 shares valued at approximately $30.3 million.
• Insider trading activities include sales by EVP Vanessa Allen Sutherland, who sold 4,393 shares, and purchases by Director Gregory Hayes, who acquired 8,350 shares.
• Phillips 66's stock has received mixed analyst ratings, with an average target price of $138.94 and various recommendations ranging from "Strong Buy" to "Hold".

Assenagon Asset Management S.A. raised its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 1,607.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 254,251 shares of the oil and gas company's stock after purchasing an additional 239,358 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of Phillips 66 worth $30,332,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of PSX. Elliott Investment Management L.P. boosted its holdings in shares of Phillips 66 by 1,929.0% in the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after buying an additional 14,950,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of Phillips 66 by 20.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after purchasing an additional 26,825 shares during the last quarter. Alta Advisers Ltd bought a new position in shares of Phillips 66 in the first quarter worth approximately $253,000. Sustainable Insight Capital Management LLC bought a new position in Phillips 66 during the first quarter valued at approximately $1,457,000. Finally, Evergreen Wealth Solutions LLC purchased a new stake in Phillips 66 during the 1st quarter valued at $292,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on the company. Jefferies Financial Group raised their price objective on Phillips 66 from $130.00 to $133.00 and gave the company a "hold" rating in a research report on Monday, September 15th. Scotiabank restated a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. UBS Group raised their price target on shares of Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a report on Monday. Barclays lifted their target price on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Finally, Cantor Fitzgerald initiated coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "neutral" rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $139.38.

Phillips 66 Stock Up 0.1%

Shares of PSX traded up $0.14 during midday trading on Monday, reaching $129.86. 3,361,899 shares of the stock were exchanged, compared to its average volume of 2,462,234. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.60. 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 company's 50 day moving average is $127.04 and its two-hundred day moving average is $119.76. The company has a market capitalization of $52.48 billion, a P/E ratio of 31.22, a PEG ratio of 1.86 and a beta of 1.15.

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 earnings per share for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter last year, the company earned $2.31 earnings per share. On average, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the purchase, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total value of $593,055.00. Following the transaction, the executive vice president owned 38,980 shares of the company's stock, valued at approximately $5,262,300. This represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have bought 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is owned by company insiders.

Phillips 66 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.