Phillips 66 Partners LP (NYSE:PSXP) has received a consensus recommendation of "Buy" from the eleven brokerages that are covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $39.73.
Several equities analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on Phillips 66 Partners in a research report on Thursday, December 17th. They set a "neutral" rating and a $29.00 price objective for the company. Barclays reduced their price objective on Phillips 66 Partners from $29.00 to $27.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 6th. Mizuho reduced their price objective on Phillips 66 Partners from $34.00 to $32.00 and set a "buy" rating for the company in a research report on Friday, October 9th. Royal Bank of Canada reduced their price objective on Phillips 66 Partners from $40.00 to $33.00 and set an "outperform" rating for the company in a research report on Wednesday, November 4th. Finally, Raymond James reduced their price objective on Phillips 66 Partners from $36.00 to $35.00 and set an "outperform" rating for the company in a research report on Tuesday, October 20th.
In related news, Director Mark Haney purchased 1,445 shares of the company's stock in a transaction on Wednesday, January 20th. The shares were bought at an average price of $30.05 per share, with a total value of $43,422.25. Following the completion of the acquisition, the director now owns 32,474 shares of the company's stock, valued at $975,843.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Several hedge funds and other institutional investors have recently bought and sold shares of PSXP. CIBC Private Wealth Group LLC increased its holdings in shares of Phillips 66 Partners by 131.4% in the third quarter. CIBC Private Wealth Group LLC now owns 1,841,300 shares of the oil and gas company's stock valued at $42,424,000 after buying an additional 1,045,736 shares in the last quarter. Blackstone Group Inc raised its stake in Phillips 66 Partners by 30.7% during the 3rd quarter. Blackstone Group Inc now owns 3,083,115 shares of the oil and gas company's stock valued at $71,035,000 after purchasing an additional 724,005 shares during the period. Chickasaw Capital Management LLC raised its stake in Phillips 66 Partners by 27.8% during the 3rd quarter. Chickasaw Capital Management LLC now owns 2,333,238 shares of the oil and gas company's stock valued at $53,758,000 after purchasing an additional 507,112 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in Phillips 66 Partners by 568.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 187,137 shares of the oil and gas company's stock valued at $4,312,000 after purchasing an additional 159,137 shares during the period. Finally, First Trust Advisors LP raised its stake in Phillips 66 Partners by 196.1% during the 3rd quarter. First Trust Advisors LP now owns 112,166 shares of the oil and gas company's stock valued at $2,584,000 after purchasing an additional 74,287 shares during the period. 22.19% of the stock is currently owned by institutional investors.
PSXP stock traded down $1.68 during midday trading on Friday, reaching $25.12. The company had a trading volume of 2,564,285 shares, compared to its average volume of 1,166,764. The company has a quick ratio of 0.18, a current ratio of 0.20 and a debt-to-equity ratio of 1.40. The stock has a 50 day moving average price of $28.35 and a 200 day moving average price of $26.84. The firm has a market capitalization of $5.74 billion, a PE ratio of 6.46 and a beta of 1.13. Phillips 66 Partners has a fifty-two week low of $19.00 and a fifty-two week high of $63.42.
Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings data on Friday, January 29th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters' consensus estimate of $0.88 by ($0.48). Phillips 66 Partners had a return on equity of 41.31% and a net margin of 56.75%. During the same period last year, the company earned $1.06 EPS. Research analysts predict that Phillips 66 Partners will post 3.56 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 12th. Shareholders of record on Friday, January 29th will be given a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a yield of 13.93%. This is an increase from Phillips 66 Partners's previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Thursday, January 28th. Phillips 66 Partners's dividend payout ratio is 81.59%.
About Phillips 66 Partners
Phillips 66 Partners LP owns, operates, develops, and acquires midstream assets. It offers transportation, terminaling, processing, and storage and fractionation of refined petroleum products and natural gas liquids. The company was founded in 2013 and is headquartered in Houston, Texas. Phillips 66 Partners LP operates as a subsidiary of Phillips 66.
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