Phillips 66 Partners LP (NYSE:PSXP) had its price target lowered by Morgan Stanley from $56.00 to $55.00 in a research report released on Friday. The brokerage currently has an overweight rating on the oil and gas company’s stock.

Several other brokerages also recently issued reports on PSXP. BidaskClub downgraded shares of Phillips 66 Partners from a hold rating to a sell rating in a research report on Wednesday, August 9th. Stifel Nicolaus reissued a buy rating and set a $63.00 price objective on shares of Phillips 66 Partners in a research report on Friday, July 28th. Goldman Sachs Group, Inc. (The) raised shares of Phillips 66 Partners from a sell rating to a neutral rating and set a $59.00 price objective for the company in a research report on Tuesday, October 17th. Royal Bank Of Canada reissued a buy rating and set a $63.00 price objective on shares of Phillips 66 Partners in a research report on Tuesday, October 3rd. Finally, Scotiabank set a $61.00 price objective on shares of Phillips 66 Partners and gave the stock a buy rating in a research report on Friday, July 21st. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Phillips 66 Partners has a consensus rating of Buy and an average price target of $58.89.

Shares of Phillips 66 Partners (NYSE:PSXP) opened at $47.32 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.56 and a debt-to-equity ratio of 1.28. Phillips 66 Partners has a 12-month low of $43.23 and a 12-month high of $58.00. The stock has a market cap of $5,750.46, a price-to-earnings ratio of 19.97, a PEG ratio of 1.51 and a beta of 1.52.

Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.08). Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. The company had revenue of $245.00 million for the quarter, compared to the consensus estimate of $236.18 million. During the same period in the prior year, the company earned $0.57 EPS. The firm’s revenue was up 69.8% on a year-over-year basis. research analysts expect that Phillips 66 Partners will post 2.62 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which was paid on Monday, November 13th. Investors of record on Tuesday, October 31st were given a $0.646 dividend. The ex-dividend date was Monday, October 30th. This represents a $2.58 dividend on an annualized basis and a yield of 5.46%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.62. Phillips 66 Partners’s dividend payout ratio (DPR) is 108.86%.

Institutional investors have recently added to or reduced their stakes in the stock. Duff & Phelps Investment Management Co. grew its position in Phillips 66 Partners by 10.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 317,319 shares of the oil and gas company’s stock valued at $16,678,000 after purchasing an additional 29,300 shares in the last quarter. Samson Capital Management LLC grew its position in Phillips 66 Partners by 5.4% in the second quarter. Samson Capital Management LLC now owns 110,635 shares of the oil and gas company’s stock valued at $5,468,000 after purchasing an additional 5,681 shares in the last quarter. Miller Howard Investments Inc. NY grew its position in Phillips 66 Partners by 47.6% in the second quarter. Miller Howard Investments Inc. NY now owns 517,942 shares of the oil and gas company’s stock valued at $25,597,000 after purchasing an additional 167,049 shares in the last quarter. NBW Capital LLC grew its position in Phillips 66 Partners by 4.1% in the second quarter. NBW Capital LLC now owns 157,341 shares of the oil and gas company’s stock valued at $7,776,000 after purchasing an additional 6,161 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Phillips 66 Partners by 408.3% in the first quarter. Bank of New York Mellon Corp now owns 23,798 shares of the oil and gas company’s stock valued at $1,221,000 after purchasing an additional 19,116 shares in the last quarter. 30.86% of the stock is owned by institutional investors and hedge funds.

About Phillips 66 Partners

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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