Phillips 66 Partners (NYSE:PSXP) Upgraded at Bank of America

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Bank of America upgraded shares of Phillips 66 Partners (NYSE:PSXP) from a neutral rating to a buy rating in a research note released on Friday, BenzingaRatingsTable reports.

A number of other research firms have also recently commented on PSXP. Mitsubishi UFJ Financial Group reduced their target price on shares of Phillips 66 Partners to $58.00 and set an overweight rating on the stock in a research report on Wednesday, May 1st. ValuEngine cut shares of Phillips 66 Partners from a hold rating to a sell rating in a research report on Friday, June 28th. Zacks Investment Research raised shares of Phillips 66 Partners from a sell rating to a hold rating and set a $54.00 target price on the stock in a research report on Tuesday, July 16th. Finally, Mizuho initiated coverage on shares of Phillips 66 Partners in a research report on Wednesday, June 5th. They set a buy rating and a $56.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $56.82.

Shares of PSXP stock opened at $51.62 on Friday. The firm has a market capitalization of $6.48 billion, a PE ratio of 12.91, a price-to-earnings-growth ratio of 2.97 and a beta of 1.00. The company has a current ratio of 0.76, a quick ratio of 0.55 and a debt-to-equity ratio of 1.88. Phillips 66 Partners has a fifty-two week low of $40.76 and a fifty-two week high of $55.02. The firm’s 50 day simple moving average is $51.13.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Friday, July 26th. The oil and gas company reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. The firm had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $393.61 million. Phillips 66 Partners had a net margin of 54.28% and a return on equity of 48.70%. Phillips 66 Partners’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.87 earnings per share. On average, research analysts anticipate that Phillips 66 Partners will post 4.42 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 13th. Investors of record on Wednesday, July 31st will be issued a $0.855 dividend. The ex-dividend date is Tuesday, July 30th. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.85. This represents a $3.42 annualized dividend and a yield of 6.63%. Phillips 66 Partners’s dividend payout ratio is currently 85.50%.

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

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kayne Anderson Capital Advisors LP increased its stake in Phillips 66 Partners by 11.5% during the first quarter. Kayne Anderson Capital Advisors LP now owns 2,816,746 shares of the oil and gas company’s stock valued at $147,448,000 after purchasing an additional 290,976 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Phillips 66 Partners by 3.2% during the first quarter. JPMorgan Chase & Co. now owns 1,729,228 shares of the oil and gas company’s stock valued at $90,525,000 after purchasing an additional 54,307 shares during the last quarter. RR Advisors LLC increased its stake in Phillips 66 Partners by 11.0% during the first quarter. RR Advisors LLC now owns 1,207,000 shares of the oil and gas company’s stock valued at $63,174,000 after purchasing an additional 120,000 shares during the last quarter. Bank of Montreal Can increased its stake in Phillips 66 Partners by 275.6% during the first quarter. Bank of Montreal Can now owns 637,445 shares of the oil and gas company’s stock valued at $33,370,000 after purchasing an additional 467,709 shares during the last quarter. Finally, Duff & Phelps Investment Management Co. increased its stake in Phillips 66 Partners by 22.9% during the first quarter. Duff & Phelps Investment Management Co. now owns 635,739 shares of the oil and gas company’s stock valued at $33,281,000 after purchasing an additional 118,520 shares during the last quarter. 43.30% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Partners Company Profile

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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Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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