Citigroup Inc. Raises Phillips 66 Partners LP (PSXP) Price Target to $64.00
Phillips 66 Partners LP (NYSE:PSXP) had its price target upped by Citigroup Inc. from $60.00 to $64.00 in a research report sent to investors on Wednesday. They currently have a buy rating on the oil and gas company’s stock.
PSXP has been the subject of several other research reports. Barclays PLC upgraded Phillips 66 Partners from an equal weight rating to an overweight rating and set a $61.00 price target for the company in a research report on Tuesday, July 18th. Stifel Nicolaus set a $63.00 price objective on shares of Phillips 66 Partners and gave the stock a buy rating in a research note on Saturday, June 24th. Jefferies Group LLC reissued a hold rating and issued a $51.00 price objective on shares of Phillips 66 Partners in a research note on Monday, October 16th. BidaskClub downgraded shares of Phillips 66 Partners from a buy rating to a hold rating in a research note on Wednesday. Finally, Scotiabank set a $61.00 price objective on shares of Phillips 66 Partners and gave the stock a buy rating in a research note on Friday, July 21st. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Phillips 66 Partners has a consensus rating of Buy and an average target price of $59.86.
Phillips 66 Partners (NYSE:PSXP) traded down 0.95% during midday trading on Wednesday, hitting $50.96. The stock had a trading volume of 186,461 shares. The company has a market capitalization of $5.63 billion, a PE ratio of 21.01 and a beta of 1.54. The stock’s 50-day moving average is $50.70 and its 200-day moving average is $50.02. Phillips 66 Partners has a 1-year low of $42.47 and a 1-year high of $58.00.
Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by ($0.11). The company had revenue of $234.00 million during the quarter, compared to analysts’ expectations of $235.69 million. Phillips 66 Partners had a return on equity of 23.01% and a net margin of 45.35%. The company’s revenue was up .0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.60 EPS. Equities research analysts forecast that Phillips 66 Partners will post $2.65 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st will be paid a $0.646 dividend. The ex-dividend date is Monday, October 30th. This represents a $2.58 annualized dividend and a yield of 5.07%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.62. Phillips 66 Partners’s dividend payout ratio (DPR) is presently 101.23%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Tortoise Capital Advisors L.L.C. lifted its stake in Phillips 66 Partners by 0.7% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 8,034,708 shares of the oil and gas company’s stock worth $397,075,000 after purchasing an additional 58,854 shares during the last quarter. Alps Advisors Inc. lifted its stake in Phillips 66 Partners by 5.4% in the second quarter. Alps Advisors Inc. now owns 3,210,291 shares of the oil and gas company’s stock worth $158,653,000 after purchasing an additional 163,520 shares during the last quarter. Westwood Holdings Group Inc. lifted its stake in Phillips 66 Partners by 0.6% in the second quarter. Westwood Holdings Group Inc. now owns 1,165,211 shares of the oil and gas company’s stock worth $57,585,000 after purchasing an additional 7,104 shares during the last quarter. Dividend Assets Capital LLC lifted its stake in Phillips 66 Partners by 20.6% in the second quarter. Dividend Assets Capital LLC now owns 660,180 shares of the oil and gas company’s stock worth $32,626,000 after purchasing an additional 112,680 shares during the last quarter. Finally, Brookfield Asset Management Inc. lifted its stake in Phillips 66 Partners by 3.1% in the second quarter. Brookfield Asset Management Inc. now owns 566,500 shares of the oil and gas company’s stock worth $27,996,000 after purchasing an additional 16,900 shares during the last quarter. 43.02% of the stock is owned by institutional investors and hedge funds.
About Phillips 66 Partners
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