Phillips 66 Partners LP (PSXP) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in shares of Phillips 66 Partners LP (NYSE:PSXP) by 40.5% during the third quarter, HoldingsChannel reports. The firm owned 16,550 shares of the oil and gas company’s stock after selling 11,265 shares during the period. Bank of New York Mellon Corp’s holdings in Phillips 66 Partners were worth $870,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in PSXP. Alps Advisors Inc. lifted its holdings in Phillips 66 Partners by 17.7% in the third quarter. Alps Advisors Inc. now owns 3,779,089 shares of the oil and gas company’s stock valued at $198,629,000 after acquiring an additional 568,798 shares during the period. Westwood Holdings Group Inc. lifted its holdings in Phillips 66 Partners by 0.6% in the second quarter. Westwood Holdings Group Inc. now owns 1,165,211 shares of the oil and gas company’s stock valued at $57,585,000 after acquiring an additional 7,104 shares during the period. Brookfield Asset Management Inc. lifted its holdings in Phillips 66 Partners by 3.1% in the second quarter. Brookfield Asset Management Inc. now owns 566,500 shares of the oil and gas company’s stock valued at $27,996,000 after acquiring an additional 16,900 shares during the period. Global X MANAGEMENT CO LLC lifted its holdings in Phillips 66 Partners by 22.1% in the third quarter. Global X MANAGEMENT CO LLC now owns 506,352 shares of the oil and gas company’s stock valued at $26,614,000 after acquiring an additional 91,610 shares during the period. Finally, Spirit of America Management Corp NY lifted its holdings in Phillips 66 Partners by 5.8% in the third quarter. Spirit of America Management Corp NY now owns 485,039 shares of the oil and gas company’s stock valued at $25,494,000 after acquiring an additional 26,600 shares during the period. 37.17% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Partners LP (NYSE:PSXP) opened at $55.15 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.64 and a quick ratio of 0.56. Phillips 66 Partners LP has a 12 month low of $44.40 and a 12 month high of $58.00. The company has a market capitalization of $6,700.00, a PE ratio of 23.37, a PEG ratio of 1.39 and a beta of 1.47.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.08). Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. The company had revenue of $245.00 million during the quarter, compared to the consensus estimate of $236.18 million. During the same period last year, the business earned $0.57 EPS. The firm’s quarterly revenue was up 69.8% compared to the same quarter last year. research analysts expect that Phillips 66 Partners LP will post 2.59 EPS for the current fiscal year.

A number of research analysts have weighed in on PSXP shares. Morgan Stanley lowered their target price on Phillips 66 Partners from $56.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, November 17th. Goldman Sachs Group raised Phillips 66 Partners from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, December 18th. Royal Bank of Canada reissued a “buy” rating and issued a $63.00 target price on shares of Phillips 66 Partners in a report on Tuesday, November 7th. Mizuho set a $59.00 target price on Phillips 66 Partners and gave the company a “buy” rating in a report on Sunday, October 29th. Finally, Scotiabank reissued a “buy” rating and issued a $61.00 target price on shares of Phillips 66 Partners in a report on Wednesday, October 25th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $58.30.

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About Phillips 66 Partners

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Institutional Ownership by Quarter for Phillips 66 Partners (NYSE:PSXP)

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