Todays Report: Today, Phillips 66 Partners LP (PSXP) Receives $61.30 Average PT from Brokerages

Today, Phillips 66 Partners LP (PSXP) Receives $61.30 Average PT from Brokerages

Phillips 66 Partners LP (NYSE:PSXP) has earned a consensus rating of “Buy” from the fourteen brokerages that are covering the company. Five analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among analysts that have covered the stock in the last year is $61.30.

A number of analysts recently commented on the company. Stifel Nicolaus assumed coverage on Phillips 66 Partners in a research note on Thursday, August 18th. They issued a “buy” rating and a $59.00 price target for the company. Jefferies Group set a $54.00 price target on Phillips 66 Partners and gave the stock a “hold” rating in a research note on Saturday, October 15th. Mizuho assumed coverage on Phillips 66 Partners in a research note on Thursday, September 29th. They issued a “buy” rating and a $55.00 price target for the company. Zacks Investment Research lowered Phillips 66 Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, October 25th. Finally, Deutsche Bank AG set a $57.00 price target on Phillips 66 Partners and gave the stock a “buy” rating in a research note on Monday, October 10th.

Shares of Phillips 66 Partners (NYSE:PSXP) opened at 44.78 on Tuesday. The firm’s 50-day moving average is $45.55 and its 200-day moving average is $50.15. Phillips 66 Partners has a 52 week low of $42.47 and a 52 week high of $66.81. The company has a market cap of $4.63 billion, a price-to-earnings ratio of 20.95 and a beta of 1.57.

Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings data on Friday, October 28th. The company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.03. The firm earned $144.30 million during the quarter, compared to analysts’ expectations of $151.70 million. The business’s revenue for the quarter was up 52.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 earnings per share. Equities research analysts predict that Phillips 66 Partners will post $2.30 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Wednesday, November 2nd were issued a dividend of $0.531 per share. The ex-dividend date of this dividend was Monday, October 31st. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.51. This represents a $2.12 annualized dividend and a dividend yield of 4.74%.

In related news, President Timothy Garth Taylor purchased 5,000 shares of Phillips 66 Partners stock in a transaction dated Thursday, November 17th. The stock was purchased at an average cost of $43.53 per share, for a total transaction of $217,650.00. Following the completion of the acquisition, the president now directly owns 55,000 shares of the company’s stock, valued at $2,394,150. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

A number of large investors have recently added to or reduced their stakes in PSXP. Conning Inc. increased its stake in Phillips 66 Partners by 1.4% in the second quarter. Conning Inc. now owns 46,047 shares of the company’s stock valued at $2,573,000 after buying an additional 654 shares during the last quarter. Duff & Phelps Investment Management Co. increased its stake in Phillips 66 Partners by 195.7% in the second quarter. Duff & Phelps Investment Management Co. now owns 251,319 shares of the company’s stock valued at $14,041,000 after buying an additional 166,319 shares during the last quarter. Monashee Investment Management LLC acquired a new stake in Phillips 66 Partners during the second quarter valued at approximately $2,235,000. Global X Management Co. LLC increased its stake in Phillips 66 Partners by 37.5% in the second quarter. Global X Management Co. LLC now owns 5,313 shares of the company’s stock valued at $297,000 after buying an additional 1,449 shares during the last quarter. Finally, Spirit of America Management Corp NY increased its stake in Phillips 66 Partners by 2.6% in the second quarter. Spirit of America Management Corp NY now owns 159,967 shares of the company’s stock valued at $8,937,000 after buying an additional 4,000 shares during the last quarter.

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