Scotiabank Analysts Give Phillips 66 Partners LP (NYSE:PSXP) a $61.00 Price Target

Scotiabank set a $61.00 price target on Phillips 66 Partners LP (NYSE:PSXP) in a research report released on Friday, July 21st. The firm currently has a buy rating on the oil and gas company’s stock.

Other equities analysts also recently issued research reports about the company. BidaskClub upgraded Phillips 66 Partners from a sell rating to a hold rating in a report on Thursday, July 13th. Stifel Nicolaus set a $63.00 price objective on Phillips 66 Partners and gave the stock a buy rating in a report on Saturday, June 24th. Citigroup Inc. decreased their price objective on Phillips 66 Partners from $63.00 to $60.00 and set a buy rating for the company in a report on Monday, July 17th. Finally, Barclays PLC upgraded Phillips 66 Partners from an equal weight rating to an overweight rating and set a $61.00 price objective for the company in a report on Tuesday, July 18th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $56.44.

Phillips 66 Partners (NYSE:PSXP) traded up 0.58% during mid-day trading on Friday, hitting $46.53. 113,243 shares of the stock traded hands. The company has a 50-day moving average of $49.07 and a 200 day moving average of $51.27. The firm has a market capitalization of $5.14 billion, a P/E ratio of 19.19 and a beta of 1.51. Phillips 66 Partners has a 1-year low of $42.47 and a 1-year high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by $0.11. The business had revenue of $234 million for 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%. Phillips 66 Partners’s revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.60 EPS. On average, equities research analysts anticipate that Phillips 66 Partners will post $2.66 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Monday, July 31st were given a dividend of $0.615 per share. The ex-dividend date of this dividend was Thursday, July 27th. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.59. This represents a $2.46 annualized dividend and a dividend yield of 5.29%. Phillips 66 Partners’s dividend payout ratio (DPR) is 101.23%.

Several large investors have recently added to or reduced their stakes in PSXP. Creative Planning boosted its position in shares of Phillips 66 Partners by 233.1% in the first quarter. Creative Planning now owns 2,861 shares of the oil and gas company’s stock valued at $147,000 after buying an additional 2,002 shares during the last quarter. BNP Paribas Arbitrage SA purchased a new position in shares of Phillips 66 Partners during the first quarter valued at about $159,000. The Manufacturers Life Insurance Company boosted its position in shares of Phillips 66 Partners by 7.5% in the second 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. Investment House LLC purchased a new position in shares of Phillips 66 Partners during the first quarter valued at about $200,000. Finally, Signature Financial Management Inc. purchased a new position in shares of Phillips 66 Partners during the second quarter valued at about $202,000. 42.22% of the stock is currently owned by institutional investors.

About Phillips 66 Partners

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