According to Zacks, “Phillips 66 Partners is minimally exposed to the commodity price fluctuations since it generates stable fee-based revenues from the diverse midstream energy assets across the Gulf Coast, Central, Western and Atlantic areas of the United States. The partnership’s cash flows are highly stable and predictable. Moreover, the partnership is likely to deliver steady increase in cash distributions since it has a solid backlog of organic growth projects. However, the partnership’s surging balance sheet weakness is concerning. Also, the partnership lowering its capital budget through 2019 to $601 million for its Gray Oak pipeline project may hurt its pipeline and terminal throughput volume, in return. As such, the stock warrants a cautious stance.”
A number of other analysts have also recently issued reports on PSXP. Jefferies Financial Group upgraded Phillips 66 Partners from a hold rating to a buy rating in a research report on Thursday, December 20th. ValuEngine upgraded Phillips 66 Partners from a sell rating to a hold rating in a research report on Monday, February 4th. Bank of America restated a neutral rating and set a $53.00 price objective (up from $46.00) on shares of Phillips 66 Partners in a research report on Thursday, February 7th. Stifel Nicolaus cut Phillips 66 Partners from a buy rating to a hold rating and boosted their price objective for the company from $50.00 to $52.00 in a research report on Monday, February 11th. Finally, Credit Suisse Group lowered their price objective on Phillips 66 Partners from $61.00 to $59.00 and set an outperform rating on the stock in a research report on Monday, February 11th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $56.55.
PSXP opened at $50.79 on Monday. The company has a market cap of $6.34 billion, a PE ratio of 12.76, a PEG ratio of 1.66 and a beta of 1.23. The company has a current ratio of 0.48, a quick ratio of 0.43 and a debt-to-equity ratio of 1.70. Phillips 66 Partners has a 1 year low of $40.76 and a 1 year high of $55.02.
Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings data on Friday, February 8th. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). The firm had revenue of $393.00 million for the quarter, compared to the consensus estimate of $375.17 million. Phillips 66 Partners had a net margin of 53.57% and a return on equity of 48.73%. The business’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.83 earnings per share. As a group, research analysts predict that Phillips 66 Partners will post 4.41 earnings per share for the current year.
In related news, Director Mark Haney purchased 1,392 shares of the firm’s stock in a transaction that occurred on Wednesday, January 16th. The shares were acquired at an average price of $49.31 per share, with a total value of $68,639.52. Following the purchase, the director now directly owns 28,000 shares in the company, valued at $1,380,680. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
A number of hedge funds have recently made changes to their positions in the stock. Toth Financial Advisory Corp boosted its stake in Phillips 66 Partners by 479.5% in the 1st quarter. Toth Financial Advisory Corp now owns 10,767 shares of the oil and gas company’s stock valued at $564,000 after buying an additional 8,909 shares in the last quarter. Deutsche Bank AG boosted its stake in Phillips 66 Partners by 15.5% in the 4th quarter. Deutsche Bank AG now owns 138,150 shares of the oil and gas company’s stock valued at $5,817,000 after buying an additional 18,562 shares in the last quarter. American Century Companies Inc. boosted its stake in Phillips 66 Partners by 59.3% in the 4th quarter. American Century Companies Inc. now owns 6,838 shares of the oil and gas company’s stock valued at $288,000 after buying an additional 2,546 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in Phillips 66 Partners in the 4th quarter valued at $5,408,000. Finally, MetLife Investment Advisors LLC boosted its stake in Phillips 66 Partners by 27.6% in the 4th quarter. MetLife Investment Advisors LLC now owns 195,393 shares of the oil and gas company’s stock valued at $8,228,000 after buying an additional 42,243 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.
Phillips 66 Partners Company Profile
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.
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