Assenagon Asset Management S.A. Sells 194,320 Shares of Phillips 66 $PSX

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Assenagon Asset Management S.A. significantly reduced its stake in Phillips 66 (NYSE:PSX) by 88.1% in the fourth quarter, selling 194,320 shares and now owning 26,296 shares valued at $3.39 million. Company insiders have also been net sellers, with EVP Don Baldridge and CFO Kevin Mitchell recently selling shares, bringing total insider sales to 84,688 shares ($14.07 million) in the past 90 days. Despite these sales, analysts rate Phillips 66 a “Moderate Buy” with an average target price of $164, and the company recently reported strong quarterly earnings and increased its quarterly dividend.

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