Phillips 66 Partners (PSXP) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Phillips 66 Partners (NYSE:PSXP) from a hold rating to a sell rating in a research report released on Tuesday.

According to Zacks, “Phillips 66 Partners L.P is a downstream energy company. It operates in three segments: Refining and Marketing, Midstream and Chemicals. Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products primarily in the United States, Europe and Asia. This segment also includes power generation operations. Midstream segment gathers, processes, transports and markets natural gas and transports, fractionates and markets natural gas liquids primarily in the United States. Chemicals segment manufactures and markets petrochemicals and plastics. Phillips 66 Partners L.P is headquartered in Houston, Texas. “

PSXP has been the subject of several other research reports. Bank of America initiated coverage on shares of Phillips 66 Partners in a research report on Tuesday, January 9th. They issued a neutral rating for the company. Stifel Nicolaus reissued a buy rating and issued a $62.00 target price (up previously from $59.00) on shares of Phillips 66 Partners in a research report on Sunday, February 4th. Citigroup boosted their target price on shares of Phillips 66 Partners from $60.00 to $64.00 and gave the stock a buy rating in a research report on Wednesday, October 18th. Jefferies Group reissued a hold rating and issued a $51.00 target price on shares of Phillips 66 Partners in a research report on Monday, October 16th. Finally, BidaskClub downgraded shares of Phillips 66 Partners from a buy rating to a hold rating in a research report on Wednesday, October 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $58.20.

Phillips 66 Partners (NYSE PSXP) opened at $50.25 on Tuesday. Phillips 66 Partners has a 1-year low of $44.40 and a 1-year high of $57.61. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.64 and a quick ratio of 0.56. The company has a market cap of $6,110.00, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 1.80 and a beta of 1.39.

Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). Phillips 66 Partners had a return on equity of 26.73% and a net margin of 44.16%. The firm had revenue of $331.00 million during the quarter, compared to analyst estimates of $316.00 million. During the same quarter in the prior year, the firm earned $0.65 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. equities analysts expect that Phillips 66 Partners will post 3.15 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, February 13th. Stockholders of record on Wednesday, January 31st were given a $0.678 dividend. The ex-dividend date was Tuesday, January 30th. This represents a $2.71 annualized dividend and a dividend yield of 5.40%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.65. Phillips 66 Partners’s payout ratio is presently 106.27%.

Large investors have recently made changes to their positions in the stock. Captrust Financial Advisors bought a new stake in shares of Phillips 66 Partners during the 4th quarter valued at about $159,000. The Manufacturers Life Insurance Company grew its position in shares of Phillips 66 Partners by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after buying an additional 234 shares during the last quarter. Johnson Financial Group LLC bought a new stake in shares of Phillips 66 Partners during the 3rd quarter valued at about $217,000. Pitcairn Co. bought a new stake in shares of Phillips 66 Partners during the 4th quarter valued at about $220,000. Finally, Advisor Group Inc. grew its position in shares of Phillips 66 Partners by 165.3% during the 4th quarter. Advisor Group Inc. now owns 4,634 shares of the oil and gas company’s stock valued at $242,000 after buying an additional 2,887 shares during the last quarter. 36.89% of the stock is owned by institutional investors and hedge funds.

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About Phillips 66 Partners

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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