Phillips 66 Partners (NYSE:PSXP) was downgraded by stock analysts at Barclays from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday. They currently have a $59.00 price objective on the oil and gas company’s stock. Barclays’ price target would suggest a potential upside of 5.87% from the stock’s current price.
Several other research firms also recently weighed in on PSXP. Morgan Stanley downgraded Phillips 66 Partners from an “overweight” rating to an “equal weight” rating in a report on Thursday, January 11th. They noted that the move was a valuation call. Bank of America assumed coverage on Phillips 66 Partners in a research report on Tuesday, January 9th. They set a “neutral” rating for the company. Credit Suisse Group assumed coverage on Phillips 66 Partners in a research report on Thursday, January 4th. They set a “neutral” rating and a $52.00 target price for the company. Royal Bank of Canada reaffirmed a “buy” rating and set a $63.00 target price on shares of Phillips 66 Partners in a research report on Tuesday, October 3rd. Finally, BidaskClub raised Phillips 66 Partners from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $58.30.
Shares of Phillips 66 Partners (NYSE:PSXP) opened at $55.73 on Wednesday. The company has a current ratio of 0.64, a quick ratio of 0.56 and a debt-to-equity ratio of 1.28. Phillips 66 Partners has a twelve month low of $44.40 and a twelve month high of $58.00. The firm has a market capitalization of $6,704.70, a price-to-earnings ratio of 23.51, a P/E/G ratio of 1.41 and a beta of 1.46.
Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.51 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.08). Phillips 66 Partners had a net margin of 42.19% and a return on equity of 23.56%. The firm had revenue of $245.00 million for the quarter, compared to analyst estimates of $236.18 million. During the same period last year, the business earned $0.57 EPS. The company’s revenue was up 69.8% compared to the same quarter last year. research analysts forecast that Phillips 66 Partners will post 2.59 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in shares of 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 worth $165,000 after acquiring an additional 234 shares in the last quarter. Johnson Financial Group LLC bought a new position in shares of Phillips 66 Partners in the 3rd quarter worth about $217,000. Beaumont Financial Partners LLC bought a new position in shares of Phillips 66 Partners in the 2nd quarter worth about $217,000. Signature Financial Management Inc. raised its position in shares of Phillips 66 Partners by 34.1% in the 3rd quarter. Signature Financial Management Inc. now owns 5,500 shares of the oil and gas company’s stock worth $289,000 after acquiring an additional 1,400 shares in the last quarter. Finally, ELCO Management Co. LLC raised its position in shares of Phillips 66 Partners by 5.1% in the 2nd quarter. ELCO Management Co. LLC now owns 6,235 shares of the oil and gas company’s stock worth $308,000 after acquiring an additional 305 shares in the last quarter. 37.16% of the stock is owned by hedge funds and other institutional investors.
About Phillips 66 Partners
Phillips 66 Partners LP (Phillips 66) owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Company’s assets consist of systems, such as Clifton Ridge Crude System, Eagle Ford Gathering System, Ponca Crude System, Billings Crude System, Borger Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Cross-Channel Connector Products System, Ponca Products System, Billings Products System, Bayway Products System, Standish Pipeline, Borger Products System, River Parish NGL System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Sand Hills/Southern Hills Joint Ventures, Explorer Pipeline Joint Venture, Bakken Joint Ventures, Bayou Bridge Pipeline Joint Venture, STACK Pipeline Joint Venture, and Sweeny Fractionator and Clemens Caverns.
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