Assenagon Asset Management S.A. Grows Stock Holdings in Phillips 66 $PSX

Assenagon Asset Management S.A. boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 959.7% in the first quarter, HoldingsChannel reports. The firm owned 278,659 shares of the oil and gas company’s stock after buying an additional 252,363 shares during the period. Assenagon Asset Management S.A.’s holdings in Phillips 66 were worth $50,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Board of the Pension Protection Fund acquired a new stake in Phillips 66 during the fourth quarter worth about $26,000. Accordant Advisory Group Inc lifted its stake in shares of Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 180 shares during the period. SWAN Capital LLC grew its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the period. Eagle Bay Advisors LLC purchased a new position in Phillips 66 in the fourth quarter valued at $27,000. Finally, Stephens Consulting LLC raised its position in shares of Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 90 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Trading Up 1.7%

PSX opened at $171.58 on Friday. The stock has a market capitalization of $68.79 billion, a PE ratio of 16.90, a P/E/G ratio of 0.24 and a beta of 0.68. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. Phillips 66 has a one year low of $118.00 and a one year high of $190.61. The business’s 50 day moving average price is $172.74 and its 200 day moving average price is $159.93.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same period in the prior year, the business posted ($0.90) EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities research analysts expect that Phillips 66 will post 18.22 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.0%. Phillips 66’s dividend payout ratio (DPR) is 50.05%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Argus increased their target price on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Raymond James Financial boosted their price target on shares of Phillips 66 from $215.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, June 10th. Piper Sandler increased their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a report on Wednesday, April 8th. Finally, Jefferies Financial Group boosted their target price on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $192.33.

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 related news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This trade represents a 23.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kevin Omar Meyers acquired 175 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director directly owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 45,629 shares of company stock worth $8,071,540 in the last 90 days. 0.40% of the stock is currently owned by insiders.

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.