Phillips 66 Partners (PSXP) Cut to Sell at ValuEngine

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ValuEngine downgraded shares of Phillips 66 Partners (NYSE:PSXP) from a hold rating to a sell rating in a research report report published on Thursday.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research raised shares of Phillips 66 Partners from a hold rating to a buy rating and set a $57.00 price target on the stock in a research report on Wednesday, July 4th. Bank of America reduced their target price on shares of Phillips 66 Partners from $65.00 to $59.00 and set a buy rating on the stock in a report on Wednesday, August 1st. Scotiabank set a $60.00 target price on shares of Phillips 66 Partners and gave the company a buy rating in a report on Monday, August 20th. Morgan Stanley raised their target price on shares of Phillips 66 Partners from $54.00 to $55.00 and gave the company an equal weight rating in a report on Friday, August 17th. Finally, Wells Fargo & Co dropped their price target on shares of Phillips 66 Partners from $57.00 to $55.00 and set a market perform rating on the stock in a research note on Wednesday, October 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $58.54.

PSXP stock traded up $1.10 during mid-day trading on Thursday, hitting $49.53. 3,937 shares of the company were exchanged, compared to its average volume of 273,992. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.00 and a quick ratio of 0.95. The firm has a market cap of $6.00 billion, a PE ratio of 19.14, a price-to-earnings-growth ratio of 1.74 and a beta of 1.26. Phillips 66 Partners has a 12-month low of $44.40 and a 12-month high of $56.48.

Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Friday, October 26th. The oil and gas company reported $1.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.18. The company had revenue of $384.00 million during the quarter, compared to analyst estimates of $362.44 million. Phillips 66 Partners had a net margin of 51.76% and a return on equity of 47.66%. Phillips 66 Partners’s revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.65 earnings per share. Sell-side analysts anticipate that Phillips 66 Partners will post 4.05 EPS for the current fiscal 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 given a $0.792 dividend. This represents a $3.17 dividend on an annualized basis and a yield of 6.40%. 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. Phillips 66 Partners’s dividend payout ratio (DPR) is 122.39%.

A number of large investors have recently bought and sold shares of PSXP. Tortoise Capital Advisors L.L.C. lifted its holdings in Phillips 66 Partners by 9.5% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 10,655,570 shares of the oil and gas company’s stock valued at $544,074,000 after acquiring an additional 920,338 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in shares of Phillips 66 Partners during the 2nd quarter worth $25,095,000. Alps Advisors Inc. raised its stake in shares of Phillips 66 Partners by 8.0% during the 3rd quarter. Alps Advisors Inc. now owns 4,769,284 shares of the oil and gas company’s stock worth $243,901,000 after buying an additional 354,764 shares during the last quarter. Chickasaw Capital Management LLC raised its stake in shares of Phillips 66 Partners by 9.4% during the 2nd quarter. Chickasaw Capital Management LLC now owns 3,205,286 shares of the oil and gas company’s stock worth $163,662,000 after buying an additional 274,108 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Phillips 66 Partners by 94.1% during the 2nd quarter. Bank of America Corp DE now owns 461,807 shares of the oil and gas company’s stock worth $23,580,000 after buying an additional 223,853 shares during the last quarter. Hedge funds and other institutional investors own 41.75% of the company’s stock.

About Phillips 66 Partners

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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Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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