Phillips 66 Partners LP (PSXP) Given New $59.00 Price Target at Barclays PLC

Phillips 66 Partners LP (NYSE:PSXP) had its price target cut by Barclays PLC from $62.00 to $59.00 in a research report sent to investors on Monday, October 30th. They currently have an overweight rating on the oil and gas company’s stock.

Several other equities analysts have also recently commented on PSXP. BidaskClub upgraded shares of Phillips 66 Partners from a hold rating to a buy rating in a research report on Thursday, September 28th. Citigroup Inc. upped their price objective on shares of Phillips 66 Partners from $60.00 to $64.00 and gave the stock a buy rating in a research report on Wednesday, October 18th. Stifel Nicolaus reiterated a buy rating and set a $60.00 price objective (down from $61.00) on shares of Phillips 66 Partners in a research report on Monday, September 25th. Jefferies Group LLC reiterated a hold rating and set a $51.00 price objective on shares of Phillips 66 Partners in a research report on Monday, October 16th. Finally, Mizuho set a $59.00 price objective on shares of Phillips 66 Partners and gave the stock a buy rating in a research report on Sunday, October 29th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $59.38.

Phillips 66 Partners (NYSE PSXP) opened at $46.52 on Monday. The company has a market cap of $5,360.00, a P/E ratio of 20.31, a PEG ratio of 1.53 and a beta of 1.52. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 1.28. Phillips 66 Partners has a 12-month low of $43.23 and a 12-month high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.59 by ($0.08). The firm had revenue of $245.00 million during the quarter, compared to analyst estimates of $236.18 million. Phillips 66 Partners had a net margin of 42.19% and a return on equity of 23.56%. Phillips 66 Partners’s quarterly revenue was up 69.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 earnings per share. sell-side analysts predict that Phillips 66 Partners will post 2.63 earnings per share for the current fiscal year.

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The firm also recently declared a quarterly dividend, which was paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st were given a $0.646 dividend. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.62. This represents a $2.58 annualized dividend and a yield of 5.55%. The ex-dividend date of this dividend was Monday, October 30th. Phillips 66 Partners’s dividend payout ratio is 109.32%.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. CNH Partners LLC increased its position in Phillips 66 Partners by 2.4% in the 2nd quarter. CNH Partners LLC now owns 8,445 shares of the oil and gas company’s stock valued at $417,000 after acquiring an additional 200 shares during the period. The Manufacturers Life Insurance Company increased its position in Phillips 66 Partners by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after acquiring an additional 234 shares during the period. Keybank National Association OH increased its position in Phillips 66 Partners by 5.9% in the 2nd quarter. Keybank National Association OH now owns 5,105 shares of the oil and gas company’s stock valued at $252,000 after acquiring an additional 285 shares during the period. ELCO Management Co. LLC increased its position in Phillips 66 Partners by 5.1% in the 2nd quarter. ELCO Management Co. LLC now owns 6,235 shares of the oil and gas company’s stock valued at $308,000 after acquiring an additional 305 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in Phillips 66 Partners by 1.3% in the 2nd quarter. Parkside Financial Bank & Trust now owns 25,245 shares of the oil and gas company’s stock valued at $1,248,000 after acquiring an additional 330 shares during the period. Hedge funds and other institutional investors own 36.89% of the company’s stock.

Phillips 66 Partners Company Profile

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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