Phillips 66 Partners LP (PSXP) Receives Average Rating of “Hold” from Brokerages

Phillips 66 Partners LP (NYSE:PSXP) has been given an average recommendation of “Hold” by the twelve analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $57.40.

A number of research analysts have recently issued reports on PSXP shares. Mitsubishi UFJ Financial Group reduced their price objective on shares of Phillips 66 Partners to $58.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Stifel Nicolaus cut shares of Phillips 66 Partners from a “buy” rating to a “hold” rating and boosted their price target for the stock from $50.00 to $52.00 in a research note on Monday, February 11th. Credit Suisse Group cut their price target on shares of Phillips 66 Partners from $61.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, February 11th. ValuEngine raised shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Finally, Zacks Investment Research cut shares of Phillips 66 Partners from a “buy” rating to a “hold” rating in a research note on Monday, April 15th.

Several institutional investors and hedge funds have recently made changes to their positions in the company. RR Advisors LLC lifted its holdings in shares of Phillips 66 Partners by 11.0% in the 1st quarter. RR Advisors LLC now owns 1,207,000 shares of the oil and gas company’s stock worth $63,174,000 after acquiring an additional 120,000 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Phillips 66 Partners in the 1st quarter worth about $889,000. SEI Investments Co purchased a new stake in shares of Phillips 66 Partners in the 1st quarter worth about $3,587,000. Goldman Sachs Group Inc. grew its position in Phillips 66 Partners by 15.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,450,578 shares of the oil and gas company’s stock valued at $180,638,000 after purchasing an additional 470,792 shares during the last quarter. Finally, Hsbc Holdings PLC grew its position in Phillips 66 Partners by 97.0% during the 1st quarter. Hsbc Holdings PLC now owns 199,417 shares of the oil and gas company’s stock valued at $10,439,000 after purchasing an additional 98,184 shares during the last quarter. Hedge funds and other institutional investors own 43.22% of the company’s stock.

Shares of NYSE:PSXP traded up $0.51 during midday trading on Thursday, hitting $50.31. The company’s stock had a trading volume of 13,605 shares, compared to its average volume of 344,376. The company has a market cap of $6.21 billion, a P/E ratio of 12.61, a P/E/G ratio of 2.77 and a beta of 1.19. Phillips 66 Partners has a fifty-two week low of $40.76 and a fifty-two week high of $55.02. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.55 and a current ratio of 0.62.

Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.06). The business had revenue of $423.00 million during the quarter, compared to analyst estimates of $366.55 million. Phillips 66 Partners had a net margin of 52.90% and a return on equity of 47.98%. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.87 earnings per share. As a group, equities analysts predict that Phillips 66 Partners will post 4.42 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 14th. Stockholders of record on Tuesday, April 30th were issued a $0.845 dividend. This represents a $3.38 dividend on an annualized basis and a dividend yield of 6.72%. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.84. The ex-dividend date was Monday, April 29th. Phillips 66 Partners’s payout ratio is presently 84.50%.

Phillips 66 Partners Company Profile

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids (NGL) 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, New Mexico, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles, Bayway, and Wood River; and NGL assets in Texas and Louisiana.

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Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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