Mizuho set a $59.00 target price on Phillips 66 Partners LP (NYSE:PSXP) in a research note issued to investors on Sunday morning. The firm currently has a buy rating on the oil and gas company’s stock.
PSXP has been the topic of a number of other research reports. Barclays PLC raised shares of Phillips 66 Partners from an equal weight rating to an overweight rating and set a $61.00 target price on the stock in a report on Tuesday, July 18th. BidaskClub lowered shares of Phillips 66 Partners from a hold rating to a sell rating in a report on Wednesday, October 25th. Jefferies Group LLC reaffirmed a hold rating and set a $51.00 target price on shares of Phillips 66 Partners in a report on Monday, October 16th. Scotiabank reaffirmed a buy rating and set a $61.00 target price on shares of Phillips 66 Partners in a report on Wednesday, October 25th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $60.00 target price (down previously from $61.00) on shares of Phillips 66 Partners in a report on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Phillips 66 Partners presently has an average rating of Buy and a consensus price target of $59.38.
Shares of Phillips 66 Partners (NYSE:PSXP) traded up 0.56% on Friday, hitting $50.96. 243,631 shares of the company’s stock were exchanged. Phillips 66 Partners has a 12 month low of $42.47 and a 12 month high of $58.00. The firm has a market cap of $5.63 billion, a P/E ratio of 21.01 and a beta of 1.54. The stock’s 50 day moving average is $50.96 and its 200 day moving average is $49.93.
Phillips 66 Partners (NYSE:PSXP) last posted its earnings results on Friday, October 27th. The oil and gas company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.08). The firm had revenue of $245.00 million for the quarter, compared to the consensus estimate of $236.18 million. Phillips 66 Partners had a return on equity of 23.99% and a net margin of 42.19%. The business’s revenue was up 69.8% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. On average, equities analysts predict that Phillips 66 Partners will post $2.66 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st will be paid a $0.646 dividend. This represents a $2.58 dividend on an annualized basis and a yield of 5.07%. The ex-dividend date is Monday, October 30th. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.62. Phillips 66 Partners’s payout ratio is currently 103.80%.
A number of hedge funds have recently added to or reduced their stakes in PSXP. Bank of New York Mellon Corp grew its stake in Phillips 66 Partners by 408.3% in the 1st quarter. Bank of New York Mellon Corp now owns 23,798 shares of the oil and gas company’s stock worth $1,221,000 after buying an additional 19,116 shares in the last quarter. Alliancebernstein L.P. grew its stake in Phillips 66 Partners by 40.6% in the 1st quarter. Alliancebernstein L.P. now owns 10,572 shares of the oil and gas company’s stock worth $543,000 after buying an additional 3,052 shares in the last quarter. OppenheimerFunds Inc. grew its stake in Phillips 66 Partners by 9.8% in the 1st quarter. OppenheimerFunds Inc. now owns 22,360 shares of the oil and gas company’s stock worth $1,148,000 after buying an additional 1,990 shares in the last quarter. California Public Employees Retirement System purchased a new position in Phillips 66 Partners in the 1st quarter worth approximately $4,211,000. Finally, KCG Holdings Inc. grew its stake in Phillips 66 Partners by 84.8% in the 1st quarter. KCG Holdings Inc. now owns 9,854 shares of the oil and gas company’s stock worth $506,000 after buying an additional 4,522 shares in the last quarter. 43.07% of the stock is owned by institutional investors and hedge funds.
About Phillips 66 Partners
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