Phillips 66 Partners LP (PSXP) Price Target Raised to $64.00 at Citigroup Inc.

Phillips 66 Partners LP (NYSE:PSXP) had its target price boosted by equities researchers at Citigroup Inc. from $60.00 to $64.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “buy” rating on the oil and gas company’s stock. Citigroup Inc.’s price objective would indicate a potential upside of 24.54% from the company’s previous close.

Other research analysts have also issued reports about the company. BidaskClub raised Phillips 66 Partners from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Stifel Nicolaus set a $63.00 price objective on Phillips 66 Partners and gave the stock a “buy” rating in a research report on Saturday, June 24th. Barclays PLC raised Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 price objective for the company in a research report on Tuesday, July 18th. Scotiabank set a $61.00 price objective on Phillips 66 Partners and gave the stock a “buy” rating in a research report on Friday, July 21st. Finally, Morgan Stanley reissued an “overweight” rating on shares of Phillips 66 Partners in a research report on Tuesday, September 5th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Phillips 66 Partners presently has an average rating of “Buy” and a consensus price target of $59.86.

Shares of Phillips 66 Partners (NYSE PSXP) opened at 51.39 on Wednesday. Phillips 66 Partners has a 52-week low of $42.47 and a 52-week high of $58.00. The stock’s 50 day moving average price is $50.17 and its 200-day moving average price is $50.00. The company has a market cap of $5.68 billion, a P/E ratio of 21.19 and a beta of 1.54.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). The firm had revenue of $234.00 million during the quarter, compared to the consensus estimate of $235.69 million. Phillips 66 Partners had a net margin of 45.35% and a return on equity of 23.01%. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. Equities analysts expect that Phillips 66 Partners will post $2.65 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Phillips 66 Partners LP (PSXP) Price Target Raised to $64.00 at Citigroup Inc.” was published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this news story on another website, it was copied illegally and republished in violation of U.S. & international copyright legislation. The original version of this news story can be accessed at https://ledgergazette.com/2017/10/18/phillips-66-partners-lp-psxp-price-target-raised-to-64-00-at-citigroup-inc.html.

A number of hedge funds have recently added to or reduced their stakes in PSXP. Bank of New York Mellon Corp boosted its stake in Phillips 66 Partners by 408.3% during the 1st quarter. Bank of New York Mellon Corp now owns 23,798 shares of the oil and gas company’s stock valued at $1,221,000 after purchasing an additional 19,116 shares during the last quarter. BNP Paribas Arbitrage SA acquired a new position in Phillips 66 Partners during the 1st quarter valued at about $159,000. Neuberger Berman Group LLC boosted its stake in Phillips 66 Partners by 23.9% during the 1st quarter. Neuberger Berman Group LLC now owns 9,877 shares of the oil and gas company’s stock valued at $507,000 after purchasing an additional 1,903 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Phillips

Other research analysts have also issued reports about the company. BidaskClub raised Phillips 66 Partners from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Stifel Nicolaus set a $63.00 price objective on Phillips 66 Partners and gave the stock a “buy” rating in a research report on Saturday, June 24th. Barclays PLC raised Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 price objective for the company in a research report on Tuesday, July 18th. Scotiabank set a $61.00 price objective on Phillips 66 Partners and gave the stock a “buy” rating in a research report on Friday, July 21st. Finally, Morgan Stanley reissued an “overweight” rating on shares of Phillips 66 Partners in a research report on Tuesday, September 5th. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Phillips 66 Partners presently has an average rating of “Buy” and a consensus price target of $59.86.

Shares of Phillips 66 Partners (NYSE PSXP) opened at 51.39 on Wednesday. Phillips 66 Partners has a 52-week low of $42.47 and a 52-week high of $58.00. The stock’s 50 day moving average price is $50.17 and its 200-day moving average price is $50.00. The company has a market cap of $5.68 billion, a P/E ratio of 21.19 and a beta of 1.54.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). The firm had revenue of $234.00 million during the quarter, compared to the consensus estimate of $235.69 million. Phillips 66 Partners had a net margin of 45.35% and a return on equity of 23.01%. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.60 earnings per share. Equities analysts expect that Phillips 66 Partners will post $2.65 EPS for the current year.

ILLEGAL ACTIVITY WARNING: “Phillips 66 Partners LP (PSXP) Price Target Raised to $64.00 at Citigroup Inc.” was published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this news story on another website, it was copied illegally and republished in violation of U.S. & international copyright legislation. The original version of this news story can be accessed at https://ledgergazette.com/2017/10/18/phillips-66-partners-lp-psxp-price-target-raised-to-64-00-at-citigroup-inc.html.

A number of hedge funds have recently added to or reduced their stakes in PSXP. Bank of New York Mellon Corp boosted its stake in Phillips 66 Partners by 408.3% during the 1st quarter. Bank of New York Mellon Corp now owns 23,798 shares of the oil and gas company’s stock valued at $1,221,000 after purchasing an additional 19,116 shares during the last quarter. BNP Paribas Arbitrage SA acquired a new position in Phillips 66 Partners during the 1st quarter valued at about $159,000. Neuberger Berman Group LLC boosted its stake in Phillips 66 Partners by 23.9% during the 1st quarter. Neuberger Berman Group LLC now owns 9,877 shares of the oil and gas company’s stock valued at $507,000 after purchasing an additional 1,903 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Phillips 66 Partners by 40.6% during the 1st quarter. Alliancebernstein L.P. now owns 10,572 shares of the oil and gas company’s stock valued at $543,000 after purchasing an additional 3,052 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in Phillips 66 Partners by 9.8% during the 1st quarter. OppenheimerFunds Inc. now owns 22,360 shares of the oil and gas company’s stock valued at $1,148,000 after purchasing an additional 1,990 shares during the last quarter. Institutional investors and hedge funds own 43.02% of the company’s stock.

Phillips 66 Partners Company Profile

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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