Phillips 66 Partners LP (NYSE:PSXP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage currently has a $53.00 price objective on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.79% from the company’s previous close.
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 a number of other research reports. Barclays PLC dropped their price target on Phillips 66 Partners from $66.00 to $62.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. Credit Suisse Group AG set a $76.00 price target on Phillips 66 Partners and gave the company a “buy” rating in a research note on Monday, August 1st. Stifel Nicolaus assumed coverage on Phillips 66 Partners in a research note on Thursday, August 18th. They issued a “buy” rating and a $59.00 price target for the company. Jefferies Group assumed coverage on Phillips 66 Partners in a research note on Tuesday, August 23rd. They issued a “hold” rating and a $54.00 price target for the company. Finally, Goldman Sachs Group Inc. assumed coverage on Phillips 66 Partners in a research note on Thursday, August 25th. They issued a “neutral” rating and a $52.00 price target for the company. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Phillips 66 Partners presently has a consensus rating of “Buy” and a consensus price target of $63.93.
Shares of Phillips 66 Partners (NYSE:PSXP) opened at 46.99 on Friday. The company has a market cap of $4.57 billion, a price-to-earnings ratio of 22.78 and a beta of 1.57. Phillips 66 Partners has a one year low of $46.20 and a one year high of $66.81. The firm’s 50-day moving average is $48.02 and its 200-day moving average is $53.19.
Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Friday, July 29th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.01. The business earned $140.40 million during the quarter, compared to the consensus estimate of $122.82 million. The company’s revenue was up 67.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.50 EPS. Analysts expect that Phillips 66 Partners will post $2.28 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Balentine LLC purchased a new position in Phillips 66 Partners during the second quarter valued at about $173,000. Alliancebernstein L.P. boosted its stake in shares of Phillips 66 Partners by 2.6% in the second quarter. Alliancebernstein L.P. now owns 3,897 shares of the company’s stock valued at $218,000 after buying an additional 97 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Phillips 66 Partners by 4.0% in the second quarter. Signaturefd LLC now owns 3,925 shares of the company’s stock valued at $219,000 after buying an additional 150 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Phillips 66 Partners during the second quarter valued at approximately $226,000. Finally, Cambridge Investment Research Advisors Inc. boosted its stake in shares of Phillips 66 Partners by 8.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,481 shares of the company’s stock valued at $250,000 after buying an additional 362 shares during the last quarter.
Phillips 66 Partners Company Profile
Phillips 66 Partners LP 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 charges tariffs and fees for transporting crude oil and refined petroleum product pipeline, terminal, rail rack and storage systems in the Central, Gulf Coast, Atlantic Basin and Western regions of the United States.
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