Assenagon Asset Management S.A. Buys 309,507 Shares of Phillips 66 (NYSE:PSX)

Assenagon Asset Management S.A. raised its stake in Phillips 66 (NYSE:PSX) by 73.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 732,556 shares of the oil and gas company’s stock after acquiring an additional 309,507 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.17% of Phillips 66 worth $96,294,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Manning & Napier Advisors LLC bought a new position in shares of Phillips 66 in the second quarter worth about $17,670,000. M&G Plc bought a new position in Phillips 66 in the 2nd quarter valued at approximately $3,596,000. Duality Advisers LP bought a new position in Phillips 66 in the 1st quarter valued at approximately $3,596,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Phillips 66 by 42.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock valued at $21,844,000 after buying an additional 39,775 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its holdings in Phillips 66 by 69.8% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock valued at $6,175,000 after buying an additional 15,542 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.22% of the company’s stock.

Phillips 66 Trading Down 0.7 %

Shares of PSX stock traded down $0.87 during trading hours on Thursday, hitting $128.25. 1,047,388 shares of the company were exchanged, compared to its average volume of 2,664,785. The firm has a market cap of $54.37 billion, a P/E ratio of 9.83, a P/E/G ratio of 5.68 and a beta of 1.33. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. The company has a 50 day simple moving average of $132.85 and a two-hundred day simple moving average of $139.57.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm posted $3.87 EPS. Equities analysts anticipate that Phillips 66 will post 7.81 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.59%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of research reports. Scotiabank dropped their price objective on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Wolfe Research initiated coverage on shares of Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Barclays dropped their price objective on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $149.50.

About Phillips 66

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.