ValuEngine upgraded shares of Phillips 66 Partners (NYSE:PSXP) from a sell rating to a hold rating in a research note issued to investors on Monday, February 4th.
PSXP has been the topic of several other reports. Raymond James boosted their price objective on Phillips 66 Partners from $60.00 to $62.00 and gave the stock an outperform rating in a research note on Monday, October 29th. Credit Suisse Group assumed coverage on Phillips 66 Partners in a research note on Thursday, October 11th. They set an outperform rating and a $66.00 price objective on the stock. Bank of America cut Phillips 66 Partners from a buy rating to a neutral rating in a research note on Monday, December 10th. Wells Fargo & Co cut their target price on Phillips 66 Partners from $57.00 to $55.00 and set a market perform rating on the stock in a research note on Wednesday, October 31st. Finally, Jefferies Financial Group raised Phillips 66 Partners from a hold rating to a buy rating in a research note on Thursday, December 20th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus target price of $56.54.
NYSE PSXP opened at $49.77 on Monday. Phillips 66 Partners has a fifty-two week low of $40.76 and a fifty-two week high of $55.00. The firm has a market cap of $6.16 billion, a P/E ratio of 12.44, a P/E/G ratio of 1.71 and a beta of 1.34. The company has a current ratio of 1.00, a quick ratio of 0.95 and a debt-to-equity ratio of 1.72.
Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings data on Friday, February 8th. The oil and gas company reported $1.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.10 by ($0.01). Phillips 66 Partners had a net margin of 53.57% and a return on equity of 50.05%. The business had revenue of $393.00 million during the quarter, compared to analysts’ expectations of $375.17 million. During the same quarter in the previous year, the firm earned $0.83 earnings per share. Phillips 66 Partners’s revenue was up 18.7% on a year-over-year basis. On average, equities research analysts anticipate that Phillips 66 Partners will post 4.21 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 13th. Stockholders of record on Friday, February 1st were issued a dividend of $0.835 per share. This represents a $3.34 annualized dividend and a dividend yield of 6.71%. The ex-dividend date of this dividend was Thursday, January 31st. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.79. Phillips 66 Partners’s dividend payout ratio is currently 83.50%.
In other news, Director Mark Haney bought 1,392 shares of the business’s stock in a transaction that occurred on Wednesday, January 16th. The shares were purchased at an average cost of $49.31 per share, with a total value of $68,639.52. Following the transaction, the director now directly owns 28,000 shares in the company, valued at $1,380,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Institutional investors and hedge funds have recently made changes to their positions in the business. Gryphon Financial Partners LLC grew its position in Phillips 66 Partners by 157.2% during the 3rd quarter. Gryphon Financial Partners LLC now owns 9,817 shares of the oil and gas company’s stock worth $502,000 after purchasing an additional 6,000 shares during the period. State of New Jersey Common Pension Fund D grew its position in Phillips 66 Partners by 2.6% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 148,080 shares of the oil and gas company’s stock worth $6,236,000 after purchasing an additional 3,800 shares during the period. BlackRock Inc. grew its position in Phillips 66 Partners by 22.5% during the 3rd quarter. BlackRock Inc. now owns 211,413 shares of the oil and gas company’s stock worth $10,812,000 after purchasing an additional 38,797 shares during the period. Arlington Partners LLC acquired a new stake in Phillips 66 Partners during the 4th quarter worth about $113,000. Finally, Port Capital LLC grew its position in Phillips 66 Partners by 138.6% during the 3rd quarter. Port Capital LLC now owns 161,487 shares of the oil and gas company’s stock worth $8,259,000 after purchasing an additional 93,805 shares during the period. 43.37% of the stock is currently owned by institutional investors.
About Phillips 66 Partners
Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids pipelines, terminals, and other transportation and midstream assets. The company operates pipeline assets in Lake Charles, Sweeny, Wood River, Borger/Ponca City, Billings, and Borger; terminal, rail rack, and storage assets in Louisiana, Texas, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles and Wood River; and natural gas liquids assets in Texas and Louisiana.
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