Bank of America Begins Coverage on Phillips 66 Partners (PSXP)
Bank of America began coverage on shares of Phillips 66 Partners (NYSE:PSXP) in a research note issued to investors on Tuesday, The Fly reports. The brokerage issued a neutral rating on the oil and gas company’s stock.
A number of other brokerages have also issued reports on PSXP. Credit Suisse Group began coverage on Phillips 66 Partners in a research report on Thursday, January 4th. They issued a neutral rating and a $52.00 target price on the stock. Royal Bank of Canada reaffirmed a buy rating and set a $63.00 price objective on shares of Phillips 66 Partners in a research report on Tuesday, October 3rd. BidaskClub raised Phillips 66 Partners from a hold rating to a buy rating in a research report on Thursday, September 28th. Goldman Sachs Group raised Phillips 66 Partners from a sell rating to a neutral rating and set a $59.00 price objective on the stock in a research report on Tuesday, October 17th. Finally, Jefferies Group reaffirmed a hold rating and set a $51.00 price objective on shares of Phillips 66 Partners in a research report on Monday, October 16th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Phillips 66 Partners currently has an average rating of Buy and a consensus target price of $58.30.
Shares of Phillips 66 Partners (NYSE:PSXP) traded up $0.67 during midday trading on Tuesday, reaching $55.13. The company’s stock had a trading volume of 150,539 shares, compared to its average volume of 354,587. The stock has a market capitalization of $6,610.00, a price-to-earnings ratio of 23.36, a price-to-earnings-growth ratio of 1.37 and a beta of 1.47. 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 52 week low of $44.40 and a 52 week high of $58.00.
Several institutional investors have recently bought and sold shares of PSXP. Alps Advisors Inc. increased its position in shares of Phillips 66 Partners by 17.7% during the third quarter. Alps Advisors Inc. now owns 3,779,089 shares of the oil and gas company’s stock worth $198,629,000 after acquiring an additional 568,798 shares during the period. RR Advisors LLC purchased a new stake in shares of Phillips 66 Partners during the third quarter worth $23,677,000. JPMorgan Chase & Co. grew its stake in shares of Phillips 66 Partners by 33.9% during the third quarter. JPMorgan Chase & Co. now owns 851,747 shares of the oil and gas company’s stock worth $44,955,000 after purchasing an additional 215,461 shares in the last quarter. ING Groep NV acquired a new position in shares of Phillips 66 Partners during the third quarter worth $10,880,000. Finally, BP Capital Fund Advisors LLC acquired a new position in shares of Phillips 66 Partners during the second quarter worth $8,908,000. 37.17% of the stock is currently owned by institutional investors and hedge funds.
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About Phillips 66 Partners
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