Wells Fargo & Company MN lifted its holdings in shares of Phillips 66 Partners LP (NYSE:PSXP) by 50.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 545,681 shares of the oil and gas company’s stock after purchasing an additional 183,324 shares during the quarter. Wells Fargo & Company MN owned 0.44% of Phillips 66 Partners worth $26,929,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new stake in Phillips 66 Partners in the 1st quarter valued at approximately $47,000. Lindbrook Capital LLC increased its position in shares of Phillips 66 Partners by 47.6% during the 2nd quarter. Lindbrook Capital LLC now owns 1,240 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 400 shares during the last quarter. Lee Financial Co acquired a new position in shares of Phillips 66 Partners during the 2nd quarter worth approximately $69,000. FDx Advisors Inc. acquired a new position in shares of Phillips 66 Partners during the 2nd quarter worth approximately $208,000. Finally, Kendall Capital Management acquired a new position in shares of Phillips 66 Partners during the 1st quarter worth approximately $209,000. 42.96% of the stock is currently owned by institutional investors.
PSXP traded up $0.11 during trading on Thursday, hitting $55.02. The stock had a trading volume of 1,347 shares, compared to its average volume of 429,749. The company has a 50 day moving average price of $52.90 and a 200-day moving average price of $51.09. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 13.72, a P/E/G ratio of 3.29 and a beta of 0.92. Phillips 66 Partners LP has a one year low of $40.76 and a one year high of $55.43. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.76 and a quick ratio of 0.72.
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 13th. Stockholders of record on Wednesday, July 31st were given a dividend of $0.855 per share. This represents a $3.42 dividend on an annualized basis and a dividend yield of 6.22%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.85. The ex-dividend date of this dividend was Tuesday, July 30th. Phillips 66 Partners’s dividend payout ratio is presently 85.50%.
In related news, Director Phillip David Bairrington bought 613 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average cost of $52.11 per share, for a total transaction of $31,943.43. Following the transaction, the director now owns 10,626 shares in the company, valued at approximately $553,720.86. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink.
Several research analysts have recently commented on the company. ValuEngine downgraded Phillips 66 Partners from a “hold” rating to a “sell” rating in a research note on Friday, June 28th. Mizuho assumed coverage on Phillips 66 Partners in a research note on Wednesday, June 5th. They set a “buy” rating and a $56.00 target price for the company. Zacks Investment Research upgraded Phillips 66 Partners from a “sell” rating to a “hold” rating and set a $54.00 target price for the company in a research note on Tuesday, July 16th. Finally, Bank of America upgraded Phillips 66 Partners from a “neutral” rating to a “buy” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $56.00.
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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