Phillips 66 Partners LP (PSXP) Shares Sold by Duff & Phelps Investment Management Co.

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Duff & Phelps Investment Management Co. lessened its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) by 8.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 516,719 shares of the oil and gas company’s stock after selling 45,300 shares during the quarter. Duff & Phelps Investment Management Co. owned about 0.42% of Phillips 66 Partners worth $26,425,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of America Corp DE increased its stake in shares of Phillips 66 Partners by 94.1% during the second quarter. Bank of America Corp DE now owns 461,807 shares of the oil and gas company’s stock valued at $23,580,000 after acquiring an additional 223,853 shares during the period. Keybank National Association OH increased its stake in shares of Phillips 66 Partners by 12.2% during the second quarter. Keybank National Association OH now owns 9,276 shares of the oil and gas company’s stock valued at $474,000 after acquiring an additional 1,006 shares during the period. Country Club Trust Company n.a. acquired a new position in shares of Phillips 66 Partners during the second quarter valued at approximately $265,000. GAM Holding AG acquired a new position in shares of Phillips 66 Partners during the second quarter valued at approximately $242,000. Finally, Alps Advisors Inc. increased its stake in shares of Phillips 66 Partners by 6.4% during the second quarter. Alps Advisors Inc. now owns 4,414,520 shares of the oil and gas company’s stock valued at $225,405,000 after acquiring an additional 263,903 shares during the period. Institutional investors and hedge funds own 41.77% of the company’s stock.

Shares of NYSE:PSXP opened at $51.82 on Tuesday. The company has a market cap of $6.39 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.02 and a beta of 1.39. Phillips 66 Partners LP has a 1-year low of $44.40 and a 1-year high of $56.48. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 1.84.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Friday, July 27th. The oil and gas company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.05. Phillips 66 Partners had a net margin of 48.17% and a return on equity of 39.53%. The firm had revenue of $354.00 million during the quarter, compared to analyst estimates of $344.16 million. During the same quarter last year, the business posted $0.61 EPS. The company’s revenue was up 51.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Phillips 66 Partners LP will post 3.73 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 13th. Investors of record on Wednesday, October 31st will be paid a $0.792 dividend. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend is Tuesday, October 30th. This represents a $3.17 dividend on an annualized basis and a yield of 6.11%. Phillips 66 Partners’s dividend payout ratio (DPR) is currently 116.22%.

PSXP has been the subject of a number of research reports. Scotiabank set a $60.00 target price on shares of Phillips 66 Partners and gave the stock a “buy” rating in a report on Monday, August 20th. Bank of America reduced their target price on shares of Phillips 66 Partners from $65.00 to $59.00 and set a “buy” rating for the company in a report on Wednesday, August 1st. Zacks Investment Research upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a report on Wednesday, August 1st. Morgan Stanley raised their target price on shares of Phillips 66 Partners from $54.00 to $55.00 and gave the stock an “equal weight” rating in a report on Friday, August 17th. Finally, ValuEngine upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Phillips 66 Partners has a consensus rating of “Hold” and an average price target of $58.58.

Phillips 66 Partners Company Profile

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids pipelines, terminals, and other transportation and midstream assets. The company operates pipeline assets in Lake Charles, Sweeny, Wood River, Borger/Ponca City, Billings, and Borger; terminal, rail rack, and storage assets in Louisiana, Texas, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles and Wood River; and natural gas liquids assets in Texas and Louisiana.

See Also: Asset Allocation

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Institutional Ownership by Quarter for Phillips 66 Partners (NYSE:PSXP)

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