Phillips 66 Partners (NYSE:PSXP) had its target price reduced by equities research analysts at Wells Fargo & Co from $57.00 to $55.00 in a research note issued on Wednesday. The brokerage currently has a “market perform” rating on the oil and gas company’s stock. Wells Fargo & Co’s price objective indicates a potential upside of 11.11% from the company’s previous close.
A number of other brokerages have also commented on PSXP. Morgan Stanley reaffirmed an “underweight” rating and set a $55.00 price objective on shares of Phillips 66 Partners in a research report on Friday, September 28th. JPMorgan Chase & Co. lowered shares of Phillips 66 Partners from an “overweight” rating to a “neutral” rating and set a $61.00 price objective for the company. in a research report on Friday, August 24th. ValuEngine raised shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Raymond James upped their price objective on shares of Phillips 66 Partners from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Zacks Investment Research lowered shares of Phillips 66 Partners from a “buy” rating to a “hold” rating in a research report on Thursday, July 19th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $58.54.
Phillips 66 Partners stock traded up $0.42 on Wednesday, reaching $49.50. 24,343 shares of the stock were exchanged, compared to its average volume of 248,462. The firm has a market cap of $6.17 billion, a price-to-earnings ratio of 19.11, a P/E/G ratio of 1.84 and a beta of 1.39. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.00 and a quick ratio of 1.19. Phillips 66 Partners has a twelve month low of $44.40 and a twelve month high of $56.48.
Phillips 66 Partners (NYSE:PSXP) last released its earnings results on Friday, October 26th. The oil and gas company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.18. The firm had revenue of $384.00 million during the quarter, compared to analyst estimates of $362.44 million. Phillips 66 Partners had a net margin of 51.76% and a return on equity of 47.66%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 EPS. As a group, sell-side analysts expect that Phillips 66 Partners will post 4.05 earnings per share for the current year.
Institutional investors and hedge funds have recently made changes to their positions in the company. Keybank National Association OH increased its stake in Phillips 66 Partners by 12.2% in the second quarter. Keybank National Association OH now owns 9,276 shares of the oil and gas company’s stock valued at $474,000 after acquiring an additional 1,006 shares during the period. BlackRock Inc. increased its stake in Phillips 66 Partners by 0.6% in the first quarter. BlackRock Inc. now owns 172,616 shares of the oil and gas company’s stock valued at $8,248,000 after acquiring an additional 1,025 shares during the period. Tortoise Index Solutions LLC increased its stake in Phillips 66 Partners by 16.1% in the second quarter. Tortoise Index Solutions LLC now owns 7,539 shares of the oil and gas company’s stock valued at $385,000 after acquiring an additional 1,045 shares during the period. Copeland Capital Management LLC increased its stake in Phillips 66 Partners by 1.7% in the third quarter. Copeland Capital Management LLC now owns 66,076 shares of the oil and gas company’s stock valued at $3,379,000 after acquiring an additional 1,117 shares during the period. Finally, California Public Employees Retirement System increased its stake in Phillips 66 Partners by 1.6% in the second quarter. California Public Employees Retirement System now owns 78,667 shares of the oil and gas company’s stock valued at $4,017,000 after acquiring an additional 1,267 shares during the period. 41.72% of the stock is owned by institutional investors and hedge funds.
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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