Bank of Montreal Can cut its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) by 66.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,776 shares of the oil and gas company’s stock after selling 118,429 shares during the quarter. Bank of Montreal Can’s holdings in Phillips 66 Partners were worth $3,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of PSXP. Clinton Group Inc. purchased a new stake in Phillips 66 Partners during the 3rd quarter valued at $411,000. Walnut Private Equity Partners LLC boosted its stake in shares of Phillips 66 Partners by 275.9% in the 3rd quarter. Walnut Private Equity Partners LLC now owns 2,725 shares of the oil and gas company’s stock worth $139,000 after buying an additional 2,000 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Phillips 66 Partners by 18.3% in the 2nd quarter. Northern Trust Corp now owns 38,805 shares of the oil and gas company’s stock worth $1,981,000 after buying an additional 6,000 shares during the last quarter. Global X Management Co LLC boosted its stake in shares of Phillips 66 Partners by 17.8% in the 2nd quarter. Global X Management Co LLC now owns 888,563 shares of the oil and gas company’s stock worth $45,370,000 after buying an additional 134,476 shares during the last quarter. Finally, Jane Street Group LLC purchased a new position in shares of Phillips 66 Partners in the 2nd quarter worth $214,000. Institutional investors own 41.75% of the company’s stock.
A number of research firms have recently issued reports on PSXP. ValuEngine downgraded Phillips 66 Partners from a “hold” rating to a “sell” rating in a research note on Thursday, November 1st. Bank of America dropped their price target on Phillips 66 Partners from $65.00 to $59.00 and set a “buy” rating on the stock in a research note on Wednesday, August 1st. Scotiabank set a $60.00 price target on Phillips 66 Partners and gave the stock a “buy” rating in a research note on Monday, August 20th. Zacks Investment Research upgraded Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, August 1st. Finally, Wells Fargo & Co dropped their price target on Phillips 66 Partners from $57.00 to $55.00 and set a “market perform” rating on the stock in a research note on Wednesday, October 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company’s stock. Phillips 66 Partners has an average rating of “Hold” and an average price target of $58.54.
Shares of Phillips 66 Partners stock opened at $49.29 on Tuesday. Phillips 66 Partners LP has a one year low of $44.40 and a one year high of $56.48. The firm has a market capitalization of $6.00 billion, a P/E ratio of 19.03, a P/E/G ratio of 1.74 and a beta of 1.26. The company has a current ratio of 1.00, a quick ratio of 0.95 and a debt-to-equity ratio of 1.72.
Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Friday, October 26th. The oil and gas company reported $1.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.18. Phillips 66 Partners had a return on equity of 47.66% and a net margin of 51.76%. The company had revenue of $384.00 million for the quarter, compared to analysts’ expectations of $362.44 million. During the same period last year, the firm earned $0.65 EPS. Phillips 66 Partners’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, analysts forecast that Phillips 66 Partners LP will post 4.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 13th. Investors of record on Wednesday, October 31st will be issued a $0.792 dividend. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.75. This represents a $3.17 dividend on an annualized basis and a yield of 6.43%. The ex-dividend date is Tuesday, October 30th. Phillips 66 Partners’s dividend payout ratio (DPR) is currently 122.39%.
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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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