Credit Suisse Group Cuts Phillips 66 Partners (PSXP) Price Target to $59.00

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Phillips 66 Partners (NYSE:PSXP) had its target price dropped by equities research analysts at Credit Suisse Group from $61.00 to $59.00 in a research report issued to clients and investors on Monday. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. Credit Suisse Group’s price objective would indicate a potential upside of 19.46% from the stock’s previous close.

Several other analysts also recently issued reports on PSXP. ValuEngine upgraded Phillips 66 Partners from a “sell” rating to a “hold” rating in a report on Thursday, October 18th. Raymond James upped their target price on Phillips 66 Partners from $60.00 to $62.00 and gave the company an “outperform” rating in a report on Monday, October 29th. Wells Fargo & Co dropped their target price on Phillips 66 Partners from $57.00 to $55.00 and set a “market perform” rating on the stock in a report on Wednesday, October 31st. Bank of America downgraded Phillips 66 Partners from a “buy” rating to a “neutral” rating in a report on Monday, December 10th. Finally, Jefferies Financial Group upgraded Phillips 66 Partners from a “hold” rating to a “buy” rating in a report on Thursday, December 20th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $56.54.

NYSE PSXP traded up $0.24 on Monday, hitting $49.39. 5,854 shares of the company were exchanged, compared to its average volume of 315,679. The company has a current ratio of 1.00, a quick ratio of 0.95 and a debt-to-equity ratio of 1.72. The company has a market cap of $6.09 billion, a PE ratio of 12.35, a PEG ratio of 1.70 and a beta of 1.34. Phillips 66 Partners has a twelve month low of $40.76 and a twelve month high of $55.00.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Friday, February 8th. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.10 by ($0.01). The company had revenue of $393.00 million for the quarter, compared to analyst estimates of $375.17 million. Phillips 66 Partners had a return on equity of 50.05% and a net margin of 53.57%. Phillips 66 Partners’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS. Research analysts forecast that Phillips 66 Partners will post 4.12 EPS for the current fiscal year.

In other news, Director Joseph O’toole acquired 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 28th. The shares were purchased at an average price of $46.96 per share, for a total transaction of $469,600.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at approximately $469,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark Haney acquired 1,392 shares of the company’s stock in a transaction that occurred on Wednesday, January 16th. The stock was purchased at an average price of $49.31 per share, for a total transaction of $68,639.52. Following the acquisition, the director now directly owns 28,000 shares of the company’s stock, valued at approximately $1,380,680. The disclosure for this purchase can be found here.

Large investors have recently added to or reduced their stakes in the stock. Ffcm LLC increased its holdings in Phillips 66 Partners by 50.0% in the fourth quarter. Ffcm LLC now owns 675 shares of the oil and gas company’s stock worth $28,000 after buying an additional 225 shares during the last quarter. Lindbrook Capital LLC bought a new stake in Phillips 66 Partners during the fourth quarter worth approximately $34,000. Arlington Partners LLC bought a new stake in Phillips 66 Partners during the fourth quarter worth approximately $113,000. Ballentine Partners LLC bought a new stake in Phillips 66 Partners during the third quarter worth approximately $205,000. Finally, Jane Street Group LLC bought a new stake in Phillips 66 Partners during the second quarter worth approximately $214,000. Hedge funds and other institutional investors own 44.32% of the company’s stock.

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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Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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