Phillips 66 Partners LP (NYSE:PSXP) Cut to Sell at BidaskClub

BidaskClub downgraded shares of Phillips 66 Partners LP (NYSE:PSXP) from a hold rating to a sell rating in a research report sent to investors on Wednesday, October 25th.

Several other research analysts have also weighed in on the stock. Morgan Stanley reaffirmed an overweight rating on shares of Phillips 66 Partners in a research note on Tuesday, September 5th. Scotiabank set a $61.00 target price on shares of Phillips 66 Partners and gave the stock a buy rating in a research note on Friday, July 21st. Citigroup Inc. lowered their target price on shares of Phillips 66 Partners from $63.00 to $60.00 and set a buy rating for the company in a research note on Monday, July 17th. Stifel Nicolaus reissued a buy rating and issued a $63.00 price objective on shares of Phillips 66 Partners in a research note on Friday, July 28th. Finally, Barclays PLC raised shares of 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 note on Tuesday, July 18th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $59.38.

Phillips 66 Partners (NYSE PSXP) traded up $0.16 during trading hours on Wednesday, reaching $48.14. 278,600 shares of the company’s stock were exchanged, compared to its average volume of 253,064. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.64 and a quick ratio of 0.56. The firm has a market capitalization of $5,850.12, a PE ratio of 20.31, a PEG ratio of 1.53 and a beta of 1.52. Phillips 66 Partners has a 52 week low of $43.23 and a 52 week high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 company’s revenue for the quarter was up 69.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. equities research analysts predict that Phillips 66 Partners will post 2.63 earnings per share for the current year.

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The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st will be issued a dividend of $0.646 per share. The ex-dividend date of this dividend is Monday, October 30th. This represents a $2.58 dividend on an annualized basis and a yield of 5.37%. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.62. Phillips 66 Partners’s dividend payout ratio (DPR) is presently 108.86%.

Several institutional investors and hedge funds have recently made changes to their positions in PSXP. The Manufacturers Life Insurance Company grew its position in Phillips 66 Partners by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after buying an additional 234 shares during the last quarter. Signature Financial Management Inc. purchased a new position in Phillips 66 Partners in the 2nd quarter valued at $202,000. Beaumont Financial Partners LLC purchased a new position in Phillips 66 Partners in the 2nd quarter valued at $217,000. Johnson Financial Group LLC purchased a new position in Phillips 66 Partners in the 3rd quarter valued at $217,000. Finally, Proficio Capital Partners LLC grew its position in Phillips 66 Partners by 8.2% in the 2nd quarter. Proficio Capital Partners LLC now owns 4,676 shares of the oil and gas company’s stock valued at $231,000 after buying an additional 354 shares during the last quarter. Institutional investors and hedge funds own 40.30% of the company’s stock.

Phillips 66 Partners Company Profile

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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