Trade Report: The Phillips 66 Partners LP (PSXP) Upgraded to “Buy” at Zacks Investment Research

The Phillips 66 Partners LP (PSXP) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Phillips 66 Partners LP (NYSE:PSXP) from a hold rating to a buy rating in a research note released on Saturday morning. They currently have $53.00 target price on the stock.

According to Zacks, “Phillips 66 Partners L.P is a downstream energy company. It operates in three segments: Refining and Marketing, Midstream and Chemicals. Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products primarily in the United States, Europe and Asia. This segment also includes power generation operations. Midstream segment gathers, processes, transports and markets natural gas and transports, fractionates and markets natural gas liquids primarily in the United States. Chemicals segment manufactures and markets petrochemicals and plastics. Phillips 66 Partners L.P is headquartered in Houston, Texas. “

A number of other equities analysts have also recently issued reports on the company. Deutsche Bank AG set a $57.00 target price on Phillips 66 Partners and gave the stock a buy rating in a report on Monday, October 10th. Mizuho assumed coverage on Phillips 66 Partners in a report on Thursday, September 29th. They issued a buy rating and a $55.00 price objective for the company. Goldman Sachs Group Inc. assumed coverage on Phillips 66 Partners in a report on Thursday, August 25th. They issued a neutral rating and a $52.00 price objective for the company. Jefferies Group assumed coverage on Phillips 66 Partners in a report on Tuesday, August 23rd. They issued a hold rating and a $54.00 price objective for the company. Finally, Stifel Nicolaus assumed coverage on Phillips 66 Partners in a report on Thursday, August 18th. They issued a buy rating and a $59.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Phillips 66 Partners presently has an average rating of Buy and a consensus target price of $63.93.

Phillips 66 Partners (NYSE:PSXP) opened at 46.99 on Friday. The company’s 50-day moving average price is $48.02 and its 200 day moving average price is $53.19. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 22.78 and a beta of 1.57. Phillips 66 Partners has a 52 week low of $46.20 and a 52 week high of $66.81.

Phillips 66 Partners (NYSE:PSXP) last released its earnings results on Friday, July 29th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.50 by $0.01. The firm had revenue of $140.40 million for the quarter, compared to the consensus estimate of $122.82 million. Phillips 66 Partners’s revenue for the quarter was up 67.5% on a year-over-year basis. During the same quarter last year, the company posted $0.50 EPS. On average, analysts predict that Phillips 66 Partners will post $2.28 EPS for the current year.

A number of large investors have recently modified their holdings of PSXP. Balentine LLC bought a new stake in shares of Phillips 66 Partners during the second quarter valued at about $173,000. Alliancebernstein L.P. increased its stake in shares of Phillips 66 Partners by 2.6% in the second quarter. Alliancebernstein L.P. now owns 3,897 shares of the company’s stock valued at $218,000 after buying an additional 97 shares during the period. Signaturefd LLC increased its stake in shares of Phillips 66 Partners by 4.0% in the second quarter. Signaturefd LLC now owns 3,925 shares of the company’s stock valued at $219,000 after buying an additional 150 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Phillips 66 Partners during the second quarter valued at about $226,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Phillips 66 Partners by 8.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,481 shares of the company’s stock valued at $250,000 after buying an additional 362 shares during the period.

Phillips 66 Partners Company Profile

Phillips 66 Partners LP 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 charges tariffs and fees for transporting crude oil and refined petroleum product pipeline, terminal, rail rack and storage systems in the Central, Gulf Coast, Atlantic Basin and Western regions of the United States.

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