Phillips 66 Partners (NYSE:PSXP) had its price objective lifted by Wells Fargo & Company from $37.00 to $38.00 in a research note released on Thursday morning, Price Targets.com reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.
PSXP has been the topic of a number of other reports. Credit Suisse Group reduced their price target on Phillips 66 Partners from $39.00 to $33.00 and set an outperform rating on the stock in a research report on Monday, March 1st. Mizuho upped their target price on Phillips 66 Partners from $34.00 to $41.00 and gave the company a neutral rating in a research report on Wednesday, June 9th. Finally, Zacks Investment Research raised Phillips 66 Partners from a sell rating to a hold rating and set a $41.00 target price on the stock in a research report on Monday. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $34.78.
Shares of PSXP stock opened at $40.70 on Thursday. The business’s fifty day simple moving average is $37.82. The firm has a market capitalization of $9.29 billion, a P/E ratio of 18.76 and a beta of 1.20. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.19 and a current ratio of 0.21. Phillips 66 Partners has a 12-month low of $21.28 and a 12-month high of $42.17.
The business also recently declared a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Friday, April 30th were given a dividend of $0.875 per share. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.37. This represents a $3.50 annualized dividend and a yield of 8.60%. The ex-dividend date was Thursday, April 29th. Phillips 66 Partners’s dividend payout ratio (DPR) is currently 97.77%.
A number of institutional investors and hedge funds have recently made changes to their positions in PSXP. Tortoise Capital Advisors L.L.C. grew its position in Phillips 66 Partners by 4,689.5% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 2,195,809 shares of the oil and gas company’s stock worth $76,798,000 after purchasing an additional 2,149,963 shares during the period. Alps Advisors Inc. grew its position in Phillips 66 Partners by 6.2% during the 1st quarter. Alps Advisors Inc. now owns 9,664,138 shares of the oil and gas company’s stock worth $306,063,000 after purchasing an additional 566,476 shares during the period. Brookfield Asset Management Inc. grew its position in Phillips 66 Partners by 38.2% during the 4th quarter. Brookfield Asset Management Inc. now owns 1,855,769 shares of the oil and gas company’s stock worth $49,011,000 after purchasing an additional 513,414 shares during the period. Morgan Stanley grew its position in Phillips 66 Partners by 20.5% during the 4th quarter. Morgan Stanley now owns 1,614,655 shares of the oil and gas company’s stock worth $42,644,000 after purchasing an additional 274,824 shares during the period. Finally, CIBC Private Wealth Group LLC grew its position in Phillips 66 Partners by 15.1% during the 1st quarter. CIBC Private Wealth Group LLC now owns 1,656,269 shares of the oil and gas company’s stock worth $52,455,000 after purchasing an additional 217,279 shares during the period. 17.25% of the stock is currently owned by institutional investors.
About Phillips 66 Partners
Phillips 66 Partners LP owns, operates, develops, and acquires midstream assets. It offers transportation, terminaling, processing, stevedoring, storage, and fractionation of crude oil, refined petroleum products, and natural gas liquids. The company was founded in 2013 and is headquartered in Houston, Texas.
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