First Trust Advisors LP purchased a new stake in shares of Phillips 66 Partners LP (NYSE:PSXP) during the second quarter, Holdings Channel reports. The fund purchased 47,104 shares of the company’s stock, valued at approximately $2,632,000. First Trust Advisors LP owned approximately 0.06% of Phillips 66 Partners as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PSXP. Signaturefd LLC raised its position in shares of Phillips 66 Partners by 4.0% in the second quarter. Signaturefd LLC now owns 3,925 shares of the company’s stock valued at $219,000 after buying an additional 150 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Phillips 66 Partners during the second quarter valued at approximately $226,000. Cambridge Investment Research Advisors Inc. raised its position in shares of Phillips 66 Partners by 8.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,481 shares of the company’s stock valued at $250,000 after buying an additional 362 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Phillips 66 Partners during the first quarter valued at approximately $288,000. Finally, Hollencrest Securities LLC acquired a new position in shares of Phillips 66 Partners during the second quarter valued at approximately $307,000.

Shares of Phillips 66 Partners LP (NYSE:PSXP) traded down 0.28% during trading on Tuesday, hitting $46.54. The company had a trading volume of 372,383 shares. Phillips 66 Partners LP has a 52 week low of $42.83 and a 52 week high of $66.81. The stock’s 50-day moving average price is $49.37 and its 200 day moving average price is $54.80. The company has a market capitalization of $4.52 billion, a P/E ratio of 22.56 and a beta of 1.57.

Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, July 29th. The company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.01. The business had revenue of $140.40 million for the quarter, compared to the consensus estimate of $122.82 million. The firm’s revenue for the quarter was up 67.5% compared to the same quarter last year. During the same period last year, the business posted $0.50 EPS. On average, equities research analysts forecast that Phillips 66 Partners LP will post $2.28 earnings per share for the current year.

Several brokerages have recently commented on PSXP. Stifel Nicolaus began coverage on Phillips 66 Partners in a report on Thursday, August 18th. They set a “buy” rating and a $59.00 price objective for the company. Credit Suisse Group AG set a $76.00 target price on Phillips 66 Partners and gave the stock a “buy” rating in a research note on Monday, August 1st. Barclays PLC cut their target price on Phillips 66 Partners from $66.00 to $62.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. Goldman Sachs Group Inc. started coverage on Phillips 66 Partners in a research note on Thursday, August 25th. They issued a “neutral” rating and a $52.00 target price for the company. Finally, Jefferies Group started coverage on Phillips 66 Partners in a research note on Tuesday, August 23rd. They issued a “hold” rating and a $54.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $67.38.

About Phillips 66 Partners

Phillips 66 Partners LP 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 charges tariffs and fees for transporting crude oil and refined petroleum product pipeline, terminal, rail rack and storage systems in the Central, Gulf Coast, Atlantic Basin and Western regions of the United States.

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