Phillips 66 Partners (NYSE:PSXP)‘s stock had its “overweight” rating restated by research analysts at JPMorgan Chase & Co. in a note issued to investors on Tuesday. They presently have a $61.00 price objective on the oil and gas company’s stock, up from their prior price objective of $60.00. JPMorgan Chase & Co.’s target price suggests a potential upside of 18.75% from the company’s previous close.
PSXP has been the topic of a number of other reports. Bank of America started coverage on Phillips 66 Partners in a report on Tuesday, January 9th. They issued a “neutral” rating on the stock. Zacks Investment Research raised Phillips 66 Partners from a “sell” rating to a “hold” rating in a report on Wednesday, February 21st. Morgan Stanley lowered Phillips 66 Partners from an “overweight” rating to an “equal weight” rating in a report on Thursday, January 11th. They noted that the move was a valuation call. Scotiabank reissued a “buy” rating and set a $60.00 target price on shares of Phillips 66 Partners in a report on Monday, January 29th. Finally, Barclays lowered Phillips 66 Partners from an “overweight” rating to an “equal weight” rating and set a $59.00 target price on the stock. in a report on Wednesday, January 17th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $58.45.
Shares of Phillips 66 Partners (PSXP) traded down $0.54 during midday trading on Tuesday, reaching $51.37. The company’s stock had a trading volume of 54,324 shares, compared to its average volume of 296,055. The company has a current ratio of 1.71, a quick ratio of 1.64 and a debt-to-equity ratio of 2.06. Phillips 66 Partners has a 52-week low of $44.40 and a 52-week high of $56.48. The firm has a market cap of $6,309.59, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 1.83 and a beta of 1.41.
Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $0.83 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.04). Phillips 66 Partners had a net margin of 44.16% and a return on equity of 27.99%. The firm had revenue of $331.00 million during the quarter, compared to analyst estimates of $316.00 million. During the same period in the prior year, the company earned $0.65 earnings per share. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. research analysts expect that Phillips 66 Partners will post 3.15 EPS for the current year.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors acquired a new stake in shares of Phillips 66 Partners during the 4th quarter worth $159,000. The Manufacturers Life Insurance Company lifted its position in shares of Phillips 66 Partners by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock worth $165,000 after buying an additional 234 shares during the last quarter. Johnson Financial Group LLC bought a new stake in shares of Phillips 66 Partners during the 3rd quarter worth $217,000. Pitcairn Co. bought a new stake in shares of Phillips 66 Partners during the 4th quarter worth $220,000. Finally, Advisor Group Inc. lifted its position in shares of Phillips 66 Partners by 165.3% during the 4th quarter. Advisor Group Inc. now owns 4,634 shares of the oil and gas company’s stock worth $242,000 after buying an additional 2,887 shares during the last quarter. 41.14% of the stock is currently owned by institutional investors.
Phillips 66 Partners Company Profile
Phillips 66 Partners LP (Phillips 66) 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’s assets consist of systems, such as Clifton Ridge Crude System, Eagle Ford Gathering System, Ponca Crude System, Billings Crude System, Borger Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Cross-Channel Connector Products System, Ponca Products System, Billings Products System, Bayway Products System, Standish Pipeline, Borger Products System, River Parish NGL System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Sand Hills/Southern Hills Joint Ventures, Explorer Pipeline Joint Venture, Bakken Joint Ventures, Bayou Bridge Pipeline Joint Venture, STACK Pipeline Joint Venture, and Sweeny Fractionator and Clemens Caverns.
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