Infrastructure Capital Advisors LLC Cuts Stock Holdings in Phillips 66 Partners LP (NYSE:PSXP)

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Infrastructure Capital Advisors LLC cut its stake in Phillips 66 Partners LP (NYSE:PSXP) by 18.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 505,285 shares of the oil and gas company’s stock after selling 113,164 shares during the period. Phillips 66 Partners comprises about 3.0% of Infrastructure Capital Advisors LLC’s investment portfolio, making the stock its 10th largest position. Infrastructure Capital Advisors LLC owned 0.40% of Phillips 66 Partners worth $24,779,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Phillips 66 Partners by 3.2% in the first quarter. JPMorgan Chase & Co. now owns 1,729,228 shares of the oil and gas company’s stock worth $90,525,000 after purchasing an additional 54,307 shares during the last quarter. RR Advisors LLC grew its holdings in shares of Phillips 66 Partners by 0.3% in the second quarter. RR Advisors LLC now owns 1,211,000 shares of the oil and gas company’s stock worth $59,639,000 after purchasing an additional 4,000 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Phillips 66 Partners by 38.2% in the second quarter. Bank of Montreal Can now owns 881,216 shares of the oil and gas company’s stock worth $43,488,000 after purchasing an additional 243,771 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Phillips 66 Partners by 50.6% in the second quarter. Wells Fargo & Company MN now owns 545,681 shares of the oil and gas company’s stock worth $26,929,000 after purchasing an additional 183,324 shares during the last quarter. Finally, Miller Howard Investments Inc. NY grew its holdings in shares of Phillips 66 Partners by 43.7% in the second quarter. Miller Howard Investments Inc. NY now owns 461,835 shares of the oil and gas company’s stock worth $22,792,000 after purchasing an additional 140,499 shares during the last quarter. Hedge funds and other institutional investors own 42.87% of the company’s stock.

In related news, Director Phillip David Bairrington acquired 613 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was purchased at an average cost of $52.11 per share, with a total value of $31,943.43. Following the transaction, the director now directly owns 10,626 shares of the company’s stock, valued at approximately $553,720.86. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Shares of PSXP stock traded down $0.07 during mid-day trading on Thursday, hitting $56.06. 2,417 shares of the stock traded hands, compared to its average volume of 353,054. The stock has a market cap of $7.06 billion, a P/E ratio of 14.00, a P/E/G ratio of 3.36 and a beta of 0.92. The stock’s fifty day moving average is $53.33 and its two-hundred day moving average is $51.26. Phillips 66 Partners LP has a 52-week low of $40.76 and a 52-week high of $56.69. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.76 and a quick ratio of 0.72.

Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Friday, July 26th. The oil and gas company reported $1.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.13 by $0.02. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $393.61 million. Phillips 66 Partners had a net margin of 54.28% and a return on equity of 48.70%. The company’s quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. As a group, equities analysts forecast that Phillips 66 Partners LP will post 4.14 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 13th. Investors of record on Wednesday, July 31st were given a $0.855 dividend. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.85. This represents a $3.42 annualized dividend and a dividend yield of 6.10%. The ex-dividend date of this dividend was Tuesday, July 30th. Phillips 66 Partners’s dividend payout ratio (DPR) is presently 85.50%.

A number of analysts recently weighed in on the stock. Bank of America upped their price objective on shares of Phillips 66 Partners from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday. Zacks Investment Research raised shares of Phillips 66 Partners from a “sell” rating to a “hold” rating and set a $54.00 price objective for the company in a research note on Tuesday, July 16th. Mizuho assumed coverage on shares of Phillips 66 Partners in a research note on Wednesday, June 5th. They issued a “buy” rating and a $56.00 price objective for the company. Finally, ValuEngine lowered shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research note on Friday, June 28th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $57.00.

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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Institutional Ownership by Quarter for Phillips 66 Partners (NYSE:PSXP)

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