Zacks Investment Research Upgrades Phillips 66 Partners LP (PSXP) to Buy
Phillips 66 Partners LP (NYSE:PSXP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm currently has a $53.00 price objective on the stock. Zacks Investment Research’s target price would suggest a potential upside of 12.79% from the company’s previous close.
According to Zacks, “Phillips 66 Partners L.P is a downstream energy company. It operates in three segments: Refining and Marketing, Midstream and Chemicals. Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products primarily in the United States, Europe and Asia. This segment also includes power generation operations. Midstream segment gathers, processes, transports and markets natural gas and transports, fractionates and markets natural gas liquids primarily in the United States. Chemicals segment manufactures and markets petrochemicals and plastics. Phillips 66 Partners L.P is headquartered in Houston, Texas. “
Other equities research analysts have also issued reports about the stock. Deutsche Bank AG set a $57.00 price target on shares of Phillips 66 Partners and gave the company a “buy” rating in a report on Monday, October 10th. Mizuho started coverage on shares of Phillips 66 Partners in a report on Thursday, September 29th. They issued a “buy” rating and a $55.00 price target on the stock. Stifel Nicolaus started coverage on shares of Phillips 66 Partners in a report on Thursday, August 18th. They issued a “buy” rating and a $59.00 price target on the stock. Credit Suisse Group AG set a $76.00 price target on shares of Phillips 66 Partners and gave the company a “buy” rating in a report on Monday, August 1st. Finally, Barclays PLC lowered their price target on shares of Phillips 66 Partners from $66.00 to $62.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $63.93.
Phillips 66 Partners (NYSE:PSXP) opened at 46.99 on Friday. The stock’s 50 day moving average price is $48.02 and its 200-day moving average price is $53.19. Phillips 66 Partners has a 12 month low of $46.20 and a 12 month high of $66.81. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of 22.78 and a beta of 1.57.
Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.50 by $0.01. The business earned $140.40 million during the quarter, compared to analysts’ expectations of $122.82 million. During the same period in the previous year, the company posted $0.50 earnings per share. Phillips 66 Partners’s revenue for the quarter was up 67.5% compared to the same quarter last year. Equities analysts expect that Phillips 66 Partners will post $2.28 EPS for the current year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in Phillips 66 Partners by 4.1% in the first quarter. State Street Corp now owns 19,766 shares of the company’s stock valued at $1,237,000 after buying an additional 773 shares during the period. UBS Group AG increased its stake in Phillips 66 Partners by 125.6% in the first quarter. UBS Group AG now owns 635,532 shares of the company’s stock worth $39,778,000 after buying an additional 353,836 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in Phillips 66 Partners during the first quarter worth approximately $288,000. TPH Asset Management LLC increased its stake in Phillips 66 Partners by 4.7% in the first quarter. TPH Asset Management LLC now owns 135,681 shares of the company’s stock worth $8,492,000 after buying an additional 6,115 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in Phillips 66 Partners by 56.2% in the first quarter. Nuveen Asset Management LLC now owns 104,898 shares of the company’s stock worth $6,566,000 after buying an additional 37,743 shares during the last quarter.
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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