Zacks: Brokerages Anticipate Phillips 66 Partners LP (NYSE:PSXP) Will Post Earnings of $0.99 Per Share

Wall Street analysts forecast that Phillips 66 Partners LP (NYSE:PSXP) will announce earnings of $0.99 per share for the current quarter, Zacks reports. Two analysts have made estimates for Phillips 66 Partners’ earnings, with the lowest EPS estimate coming in at $0.95 and the highest estimate coming in at $1.04. Phillips 66 Partners posted earnings of $0.85 per share during the same quarter last year, which would suggest a positive year-over-year growth rate of 16.5%. The company is scheduled to announce its next quarterly earnings results before the market opens on Friday, October 29th.

According to Zacks, analysts expect that Phillips 66 Partners will report full year earnings of $2.72 per share for the current year. For the next financial year, analysts forecast that the company will report earnings of $4.12 per share, with EPS estimates ranging from $4.02 to $4.25. Zacks’ EPS averages are an average based on a survey of research analysts that that provide coverage for Phillips 66 Partners.

Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Monday, August 2nd. The oil and gas company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. Phillips 66 Partners had a return on equity of 35.09% and a net margin of 32.66%. The firm had revenue of $423.00 million for the quarter, compared to analysts’ expectations of $394.73 million. During the same period in the prior year, the firm earned $1.05 EPS. The company’s revenue was down 1.6% compared to the same quarter last year.

PSXP has been the topic of a number of recent research reports. Barclays raised their target price on Phillips 66 Partners from $38.00 to $39.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 6th. TheStreet raised Phillips 66 Partners from a “c+” rating to a “b” rating in a report on Friday, September 3rd. Raymond James increased their price target on Phillips 66 Partners from $36.00 to $41.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 21st. Zacks Investment Research upgraded Phillips 66 Partners from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a research note on Monday, October 4th. Finally, Wells Fargo & Company increased their price target on Phillips 66 Partners from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 24th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $36.63.

Phillips 66 Partners stock traded up $0.24 during trading on Friday, reaching $39.30. The company had a trading volume of 2,495 shares, compared to its average volume of 764,327. Phillips 66 Partners has a 52 week low of $22.25 and a 52 week high of $42.17. The firm’s 50-day simple moving average is $36.14 and its 200 day simple moving average is $36.74. The firm has a market capitalization of $8.97 billion, a price-to-earnings ratio of 19.38 and a beta of 1.20. The company has a current ratio of 0.24, a quick ratio of 0.18 and a debt-to-equity ratio of 1.63.

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Friday, July 30th were given a dividend of $0.875 per share. The ex-dividend date of this dividend was Thursday, July 29th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 8.91%. Phillips 66 Partners’s payout ratio is 97.77%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSXP. Harbor Investment Advisory LLC bought a new stake in Phillips 66 Partners in the second quarter worth about $28,000. Advisory Services Network LLC bought a new stake in shares of Phillips 66 Partners during the second quarter valued at approximately $64,000. Clean Yield Group bought a new stake in shares of Phillips 66 Partners during the second quarter valued at approximately $75,000. IFP Advisors Inc bought a new position in Phillips 66 Partners in the second quarter worth approximately $75,000. Finally, Carroll Financial Associates Inc. raised its stake in Phillips 66 Partners by 37.9% in the third quarter. Carroll Financial Associates Inc. now owns 2,599 shares of the oil and gas company’s stock worth $93,000 after buying an additional 714 shares in the last quarter. Institutional investors own 17.44% of the company’s stock.

Phillips 66 Partners Company Profile

Phillips 66 Partners LP engages in the ownership, operation, development, and acquisition of crude oil, refined petroleum product and natural gas liquids pipelines and terminals, and other transportation and midstream assets. It also provides terminals and storages for oil and petroleum products. The company was founded on February 20, 2013 and is headquartered in Houston, TX.

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Earnings History and Estimates for Phillips 66 Partners (NYSE:PSXP)

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