Dividend Assets Capital LLC cut its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) by 26.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 483,018 shares of the oil and gas company’s stock after selling 177,162 shares during the period. Dividend Assets Capital LLC owned 0.44% of Phillips 66 Partners worth $25,387,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. CNH Partners LLC raised its stake in Phillips 66 Partners by 2.4% in the second quarter. CNH Partners LLC now owns 8,445 shares of the oil and gas company’s stock valued at $417,000 after buying an additional 200 shares during the period. The Manufacturers Life Insurance Company raised its stake in Phillips 66 Partners by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after buying an additional 234 shares during the period. Keybank National Association OH raised its stake in Phillips 66 Partners by 5.9% in the second quarter. Keybank National Association OH now owns 5,105 shares of the oil and gas company’s stock valued at $252,000 after buying an additional 285 shares during the period. ELCO Management Co. LLC raised its stake in Phillips 66 Partners by 5.1% in the second quarter. ELCO Management Co. LLC now owns 6,235 shares of the oil and gas company’s stock valued at $308,000 after buying an additional 305 shares during the period. Finally, Parkside Financial Bank & Trust raised its stake in Phillips 66 Partners by 1.3% in the second quarter. Parkside Financial Bank & Trust now owns 25,245 shares of the oil and gas company’s stock valued at $1,248,000 after buying an additional 330 shares during the period. 36.89% of the stock is owned by hedge funds and other institutional investors.

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Several research firms have issued reports on PSXP. Stifel Nicolaus restated a “buy” rating and issued a $60.00 price objective (down previously from $61.00) on shares of Phillips 66 Partners in a research note on Monday, September 25th. Jefferies Group LLC restated 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 upgraded Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, October 31st. Goldman Sachs Group, Inc. (The) upgraded Phillips 66 Partners from a “sell” rating to a “neutral” rating and set a $59.00 target price on the stock in a research note on Tuesday, October 17th. Finally, Citigroup Inc. lowered their target price on Phillips 66 Partners from $63.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, July 17th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $59.38.

Shares of Phillips 66 Partners LP (NYSE:PSXP) traded up $0.16 during midday trading on Monday, hitting $48.14. The stock had a trading volume of 278,600 shares, compared to its average volume of 287,250. The company has a market capitalization of $5,850.11, a price-to-earnings ratio of 20.31, a P/E/G ratio of 1.53 and a beta of 1.52. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.56 and a current ratio of 0.64. Phillips 66 Partners LP has a one year low of $43.23 and a one year high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Friday, October 27th. The oil and gas company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.08). The firm had revenue of $245.00 million for the quarter, compared to the consensus estimate of $236.18 million. Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. Phillips 66 Partners’s revenue for the quarter was up 69.8% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. research analysts predict that Phillips 66 Partners LP will post 2.63 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, November 13th. Investors of record on Tuesday, October 31st will be given a dividend of $0.646 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $2.58 dividend on an annualized basis and a yield of 5.37%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.62. Phillips 66 Partners’s dividend payout ratio is currently 108.86%.

About Phillips 66 Partners

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

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