Zacks Investment Research upgraded shares of Phillips 66 Partners LP (NYSE:PSXP) from a hold rating to a buy rating in a research report report published on Saturday morning. Zacks Investment Research currently has $53.00 price target 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 research analysts have also recently weighed in on PSXP. Stifel Nicolaus started coverage on shares of Phillips 66 Partners in a research report on Thursday, August 18th. They issued a buy rating and a $59.00 price target for the company. Credit Suisse Group AG set a $76.00 price target on shares of Phillips 66 Partners and gave the company a buy rating in a research report on Monday, August 1st. Barclays PLC reduced their price target on shares of Phillips 66 Partners from $66.00 to $62.00 and set an equal weight rating for the company in a research report on Thursday, July 28th. Deutsche Bank AG set a $57.00 price target on shares of Phillips 66 Partners and gave the company a buy rating in a research report on Monday, October 10th. Finally, Mizuho started coverage on shares of Phillips 66 Partners in a research report on Thursday, September 29th. They issued a buy rating and a $55.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Phillips 66 Partners presently has an average rating of Buy and a consensus price target of $63.93.
Shares of Phillips 66 Partners (NYSE:PSXP) opened at 46.99 on Friday. The firm has a market cap of $4.57 billion, a P/E ratio of 22.78 and a beta of 1.57. Phillips 66 Partners has a 12-month low of $46.20 and a 12-month high of $66.81. The stock’s 50 day moving average price is $48.02 and its 200-day moving average price is $53.19.
Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, July 29th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. The firm had revenue of $140.40 million for the quarter, compared to analyst estimates of $122.82 million. The business’s revenue for the quarter was up 67.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.50 EPS. On average, analysts predict that Phillips 66 Partners will post $2.28 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp boosted its position in Phillips 66 Partners by 4.1% in the first quarter. State Street Corp now owns 19,766 shares of the company’s stock valued at $1,237,000 after buying an additional 773 shares in the last quarter. Nuveen Asset Management LLC boosted its position in Phillips 66 Partners by 56.2% in the first quarter. Nuveen Asset Management LLC now owns 104,898 shares of the company’s stock valued at $6,566,000 after buying an additional 37,743 shares in the last quarter. Conning Inc. boosted its position 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 in the last quarter. Barclays PLC boosted its position in Phillips 66 Partners by 1.9% in the first quarter. Barclays PLC now owns 80,189 shares of the company’s stock valued at $4,972,000 after buying an additional 1,506 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in Phillips 66 Partners during the first quarter valued at about $288,000.
About Phillips 66 Partners
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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