Morgan Stanley lowered shares of Phillips 66 Partners (NYSE:PSXP) from an overweight rating to an equal weight rating in a research note issued to investors on Thursday, January 11th, MarketBeat.com reports. The analysts noted that the move was a valuation call.
A number of other equities analysts also recently commented on the stock. Goldman Sachs Group raised shares of Phillips 66 Partners from a neutral rating to a buy rating and set a $60.00 price objective for the company in a research note on Monday, December 18th. Royal Bank of Canada reissued a buy rating and issued a $63.00 price objective on shares of Phillips 66 Partners in a research note on Tuesday, November 7th. Mizuho set a $59.00 price objective on shares of Phillips 66 Partners and gave the stock a buy rating in a research note on Sunday, October 29th. Scotiabank reissued a buy rating and issued a $61.00 price objective on shares of Phillips 66 Partners in a research note on Wednesday, October 25th. Finally, Barclays reduced their price target on Phillips 66 Partners from $62.00 to $59.00 and set an overweight rating on the stock in a research report on Monday, October 30th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $58.20.
Shares of Phillips 66 Partners (NYSE:PSXP) traded down $1.52 during trading hours on Thursday, hitting $51.61. The company’s stock had a trading volume of 456,222 shares, compared to its average volume of 295,499. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $6,460.00, a price-to-earnings ratio of 21.87, a PEG ratio of 1.34 and a beta of 1.39. Phillips 66 Partners has a fifty-two week low of $44.40 and a fifty-two week high of $58.00.
Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Friday, February 2nd. The oil and gas company reported $0.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.05). The firm had revenue of $331.00 million during the quarter, compared to analysts’ expectations of $316.00 million. Phillips 66 Partners had a net margin of 42.19% and a return on equity of 23.56%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.65 EPS. analysts expect that Phillips 66 Partners will post 2.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 13th. Investors of record on Wednesday, January 31st will be given a $0.678 dividend. This represents a $2.71 annualized dividend and a dividend yield of 5.25%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.65. The ex-dividend date is Tuesday, January 30th. Phillips 66 Partners’s dividend payout ratio is presently 114.83%.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSXP. Beach Investment Management LLC. acquired a new position in shares of Phillips 66 Partners in the 2nd quarter valued at $363,000. Bank of New York Mellon Corp increased its position in shares of Phillips 66 Partners by 16.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 27,815 shares of the oil and gas company’s stock valued at $1,375,000 after acquiring an additional 4,017 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Phillips 66 Partners by 135.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 7,300 shares of the oil and gas company’s stock valued at $361,000 after acquiring an additional 4,200 shares during the period. Neuberger Berman Group LLC increased its position in shares of Phillips 66 Partners by 13.4% in the 2nd quarter. Neuberger Berman Group LLC now owns 11,205 shares of the oil and gas company’s stock valued at $554,000 after acquiring an additional 1,328 shares during the period. Finally, Keybank National Association OH increased its position in shares of Phillips 66 Partners by 5.9% in the 2nd quarter. Keybank National Association OH now owns 5,105 shares of the oil and gas company’s stock valued at $252,000 after acquiring an additional 285 shares during the period. 37.20% of the stock is currently owned by hedge funds and other institutional investors.
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Phillips 66 Partners Company Profile
Phillips 66 Partners LP (Phillips 66) owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Company’s assets consist of systems, such as Clifton Ridge Crude System, Eagle Ford Gathering System, Ponca Crude System, Billings Crude System, Borger Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Cross-Channel Connector Products System, Ponca Products System, Billings Products System, Bayway Products System, Standish Pipeline, Borger Products System, River Parish NGL System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Sand Hills/Southern Hills Joint Ventures, Explorer Pipeline Joint Venture, Bakken Joint Ventures, Bayou Bridge Pipeline Joint Venture, STACK Pipeline Joint Venture, and Sweeny Fractionator and Clemens Caverns.
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