Phillips 66 Partners (NYSE:PSXP) Stock Rating Upgraded by Zacks Investment Research

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Phillips 66 Partners (NYSE:PSXP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $54.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 5.16% from the company’s current price.

According to Zacks, “Phillips 66 Partners is least/minimally exposed to the fluctuations in commodity prices since it generates stable fee-based revenues from the diverse midstream energy assets in the United States. Thus, by providing transportation services to the third parties and Phillips 66, the partnership’s cash flows are highly stable and predictable. Notably, the partnership raised distributions for the March quarter of 2019, marking the 22nd straight quarter of a hike since its initial public offering in 2013. However, the partnership’s considerable exposure to debt load is a concern. Moreover, the partnership will continue to lose the opportunity to transport excess oil production volumes from the prolific Permian to the Texas Gulf Coast markets, unless the Gray Oak pipeline project is completed by the December quarter of 2019.”

Other research analysts have also recently issued research reports about the company. Mitsubishi UFJ Financial Group lifted their target price on Twilio to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Mizuho set a $71.00 target price on CVS Health and gave the company a “buy” rating in a research report on Wednesday, June 5th. Finally, ValuEngine cut WideOpenWest from a “hold” rating to a “sell” rating in a research report on Friday, June 28th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $56.82.

Shares of NYSE PSXP opened at $51.35 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.62 and a debt-to-equity ratio of 1.94. Phillips 66 Partners has a 52 week low of $40.76 and a 52 week high of $55.02. The company has a market capitalization of $6.40 billion, a PE ratio of 12.67, a P/E/G ratio of 2.87 and a beta of 1.04. The stock has a fifty day moving average of $49.79.

Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.92 EPS for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.06). Phillips 66 Partners had a return on equity of 47.98% and a net margin of 52.90%. The company had revenue of $423.00 million during the quarter, compared to the consensus estimate of $366.55 million. During the same quarter in the previous year, the business posted $0.87 EPS. The firm’s revenue for the quarter was up 7.6% on a year-over-year basis. Research analysts anticipate that Phillips 66 Partners will post 4.47 earnings per share for the current year.

In other news, VP Kevin J. Mitchell purchased 2,651 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $49.14 per share, with a total value of $130,270.14. Following the completion of the purchase, the vice president now owns 2,651 shares of the company’s stock, valued at approximately $130,270.14. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Kevin J. Mitchell purchased 7,349 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were purchased at an average cost of $48.50 per share, for a total transaction of $356,426.50. Following the completion of the purchase, the vice president now directly owns 10,000 shares of the company’s stock, valued at approximately $485,000. The disclosure for this purchase can be found here.

Hedge funds have recently made changes to their positions in the company. GYL Financial Synergies LLC acquired a new stake in shares of Phillips 66 Partners during the first quarter valued at about $381,000. SG Americas Securities LLC boosted its stake in shares of Phillips 66 Partners by 3.5% during the first quarter. SG Americas Securities LLC now owns 20,468 shares of the oil and gas company’s stock valued at $1,072,000 after purchasing an additional 698 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of Phillips 66 Partners by 56.4% in the first quarter. BNP Paribas Arbitrage SA now owns 32,136 shares of the oil and gas company’s stock worth $1,682,000 after acquiring an additional 11,585 shares during the period. MetLife Investment Advisors LLC lifted its stake in shares of Phillips 66 Partners by 27.6% in the fourth quarter. MetLife Investment Advisors LLC now owns 195,393 shares of the oil and gas company’s stock worth $8,228,000 after acquiring an additional 42,243 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Phillips 66 Partners by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 342,289 shares of the oil and gas company’s stock worth $14,415,000 after acquiring an additional 9,820 shares during the period. 43.32% of the stock is currently owned by hedge funds and other institutional investors.

About Phillips 66 Partners

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids (NGL) 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, New Mexico, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles, Bayway, and Wood River; and NGL assets in Texas and Louisiana.

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