SG Americas Securities LLC reduced its position in Phillips 66 Partners LP (NYSE:PSXP) by 8.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 25,421 shares of the oil and gas company’s stock after selling 2,416 shares during the period. SG Americas Securities LLC’s holdings in Phillips 66 Partners were worth $1,300,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSXP. Tortoise Capital Advisors L.L.C. increased its stake in Phillips 66 Partners by 9.5% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 10,655,570 shares of the oil and gas company’s stock valued at $544,074,000 after purchasing an additional 920,338 shares in the last quarter. Alps Advisors Inc. increased its stake in Phillips 66 Partners by 8.0% in the 3rd quarter. Alps Advisors Inc. now owns 4,769,284 shares of the oil and gas company’s stock valued at $243,901,000 after purchasing an additional 354,764 shares in the last quarter. Bank of America Corp DE increased its stake in Phillips 66 Partners by 94.1% in the 2nd quarter. Bank of America Corp DE now owns 461,807 shares of the oil and gas company’s stock valued at $23,580,000 after purchasing an additional 223,853 shares in the last quarter. Global X Management Co LLC increased its stake in Phillips 66 Partners by 17.8% in the 2nd quarter. Global X Management Co LLC now owns 888,563 shares of the oil and gas company’s stock valued at $45,370,000 after purchasing an additional 134,476 shares in the last quarter. Finally, Cadence Capital Management LLC increased its stake in Phillips 66 Partners by 39.8% in the 2nd quarter. Cadence Capital Management LLC now owns 265,323 shares of the oil and gas company’s stock valued at $13,547,000 after purchasing an additional 75,478 shares in the last quarter. 44.13% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Joseph O’toole bought 10,000 shares of the stock in a transaction on Wednesday, November 28th. The shares were purchased at an average price of $46.96 per share, for a total transaction of $469,600.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $469,600. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of NYSE:PSXP opened at $45.87 on Friday. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 12.24, a P/E/G ratio of 1.64 and a beta of 1.27. The company has a debt-to-equity ratio of 1.72, a quick ratio of 0.95 and a current ratio of 1.00. Phillips 66 Partners LP has a one year low of $44.94 and a one year high of $56.48.
Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Friday, October 26th. The oil and gas company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.18. The firm had revenue of $384.00 million for the quarter, compared to analysts’ expectations of $362.44 million. Phillips 66 Partners had a return on equity of 47.66% and a net margin of 51.76%. Phillips 66 Partners’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS. As a group, equities research analysts forecast that Phillips 66 Partners LP will post 4.05 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 13th. Shareholders of record on Wednesday, October 31st were issued a dividend of $0.792 per share. This represents a $3.17 dividend on an annualized basis and a yield of 6.91%. The ex-dividend date of this dividend was Tuesday, October 30th. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.75. Phillips 66 Partners’s dividend payout ratio is 122.39%.
Several research firms recently weighed in on PSXP. Morgan Stanley downgraded Phillips 66 Partners from an “equal weight” rating to an “underweight” rating and set a $55.00 price objective for the company. in a research note on Thursday, September 27th. They noted that the move was a valuation call. ValuEngine raised Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. Wells Fargo & Co dropped their price objective on Phillips 66 Partners from $57.00 to $55.00 and set a “market perform” rating for the company in a research note on Wednesday, October 31st. JPMorgan Chase & Co. downgraded Phillips 66 Partners from an “overweight” rating to a “neutral” rating and set a $61.00 price objective for the company. in a research note on Friday, August 24th. Finally, Scotiabank set a $60.00 price objective on Phillips 66 Partners and gave the company a “buy” rating in a research note on Monday, August 20th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $58.19.
COPYRIGHT VIOLATION WARNING: “Phillips 66 Partners LP (PSXP) Shares Sold by SG Americas Securities LLC” was originally reported by Stock Observer and is owned by of Stock Observer. If you are accessing this story on another domain, it was copied illegally and republished in violation of international trademark and copyright legislation. The legal version of this story can be viewed at https://www.thestockobserver.com/2018/12/08/phillips-66-partners-lp-psxp-shares-sold-by-sg-americas-securities-llc.html.
About Phillips 66 Partners
Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids pipelines, terminals, and other transportation and midstream assets. The company operates pipeline assets in Lake Charles, Sweeny, Wood River, Borger/Ponca City, Billings, and Borger; terminal, rail rack, and storage assets in Louisiana, Texas, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles and Wood River; and natural gas liquids assets in Texas and Louisiana.
Further Reading: How does a reverse stock split work?
Want to see what other hedge funds are holding PSXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 Partners LP (NYSE:PSXP).
Receive News & Ratings for Phillips 66 Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 Partners and related companies with MarketBeat.com's FREE daily email newsletter.