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.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.08). The firm had revenue of $245.00 million during the quarter, compared to analysts’ expectations of $236.18 million. Phillips 66 Partners had a net margin of 42.19% and a return on equity of 23.56%. The firm’s revenue for the quarter was up 69.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.57 EPS. analysts predict that Phillips 66 Partners will post 2.58 EPS for the current fiscal year.

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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Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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