Credit Suisse Group Initiates Coverage on Phillips 66 Partners (PSXP)

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Credit Suisse Group assumed coverage on shares of Phillips 66 Partners (NYSE:PSXP) in a research report released on Thursday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $66.00 target price on the oil and gas company’s stock.

Several other research analysts have also weighed in on PSXP. Zacks Investment Research raised Phillips 66 Partners from a hold rating to a buy rating and set a $57.00 target price on the stock in a research report on Wednesday, July 4th. Bank of America dropped their target price on Phillips 66 Partners from $65.00 to $59.00 and set a buy rating on the stock in a research report on Wednesday, August 1st. Scotiabank set a $60.00 target price on Phillips 66 Partners and gave the stock a buy rating in a research report on Monday, August 20th. Morgan Stanley upped their target price on Phillips 66 Partners from $54.00 to $55.00 and gave the stock an equal weight rating in a research report on Friday, August 17th. Finally, ValuEngine raised Phillips 66 Partners from a sell rating to a hold rating in a research report on Wednesday, July 25th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. Phillips 66 Partners currently has a consensus rating of Hold and an average target price of $58.04.

Shares of Phillips 66 Partners stock opened at $51.34 on Thursday. The stock has a market capitalization of $6.29 billion, a P/E ratio of 19.82, a price-to-earnings-growth ratio of 1.97 and a beta of 1.39. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.25 and a quick ratio of 1.19. Phillips 66 Partners has a 1 year low of $44.40 and a 1 year high of $56.48.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings data on Friday, July 27th. The oil and gas company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.05. The firm had revenue of $354.00 million during the quarter, compared to the consensus estimate of $344.16 million. Phillips 66 Partners had a return on equity of 39.53% and a net margin of 48.17%. The business’s revenue for the quarter was up 51.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.61 EPS. On average, research analysts forecast that Phillips 66 Partners will post 3.76 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Keybank National Association OH boosted its stake in Phillips 66 Partners by 12.2% during the 2nd quarter. Keybank National Association OH now owns 9,276 shares of the oil and gas company’s stock valued at $474,000 after purchasing an additional 1,006 shares during the period. BlackRock Inc. boosted its stake in Phillips 66 Partners by 0.6% during the 1st quarter. BlackRock Inc. now owns 172,616 shares of the oil and gas company’s stock valued at $8,248,000 after purchasing an additional 1,025 shares during the period. Tortoise Index Solutions LLC boosted its stake in Phillips 66 Partners by 16.1% during the 2nd quarter. Tortoise Index Solutions LLC now owns 7,539 shares of the oil and gas company’s stock valued at $385,000 after purchasing an additional 1,045 shares during the period. California Public Employees Retirement System boosted its stake in Phillips 66 Partners by 1.6% during the 2nd quarter. California Public Employees Retirement System now owns 78,667 shares of the oil and gas company’s stock valued at $4,017,000 after purchasing an additional 1,267 shares during the period. Finally, US Bancorp DE boosted its stake in Phillips 66 Partners by 7.6% during the 2nd quarter. US Bancorp DE now owns 23,522 shares of the oil and gas company’s stock valued at $1,201,000 after purchasing an additional 1,668 shares during the period. 41.94% of the stock is currently owned by institutional investors and hedge funds.

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.

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