Parkside Financial Bank & Trust Purchases 2,708 Shares of Phillips 66 Partners LP (NYSE:PSXP)

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Parkside Financial Bank & Trust raised its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) by 22.0% during the third quarter, Holdings Channel reports. The firm owned 15,043 shares of the oil and gas company’s stock after buying an additional 2,708 shares during the period. Parkside Financial Bank & Trust’s holdings in Phillips 66 Partners were worth $852,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atria Investments LLC acquired a new stake in Phillips 66 Partners during the second quarter valued at approximately $961,000. Lindbrook Capital LLC boosted its holdings in Phillips 66 Partners by 47.6% during the second quarter. Lindbrook Capital LLC now owns 1,240 shares of the oil and gas company’s stock valued at $61,000 after purchasing an additional 400 shares in the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new stake in Phillips 66 Partners during the second quarter valued at approximately $2,661,000. Dividend Assets Capital LLC boosted its holdings in Phillips 66 Partners by 6.0% during the second quarter. Dividend Assets Capital LLC now owns 184,321 shares of the oil and gas company’s stock valued at $9,096,000 after purchasing an additional 10,397 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Phillips 66 Partners by 8.7% during the second quarter. Russell Investments Group Ltd. now owns 306,162 shares of the oil and gas company’s stock valued at $15,106,000 after purchasing an additional 24,472 shares in the last quarter. 42.68% of the stock is currently owned by institutional investors.

A number of research firms have weighed in on PSXP. Mizuho lifted their price objective on Phillips 66 Partners from $58.00 to $61.00 and gave the company a “buy” rating in a report on Monday, October 28th. Bank of America lifted their price objective on Phillips 66 Partners from $58.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Raymond James lifted their price objective on Phillips 66 Partners from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. Barclays set a $58.00 price objective on Phillips 66 Partners and gave the company a “hold” rating in a report on Friday, October 25th. Finally, Citigroup lifted their price objective on Phillips 66 Partners from $56.50 to $63.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Phillips 66 Partners presently has an average rating of “Buy” and a consensus target price of $59.44.

Shares of PSXP traded up $0.21 on Friday, hitting $54.57. The company’s stock had a trading volume of 295,334 shares, compared to its average volume of 376,119. The company has a market capitalization of $12.41 billion, a PE ratio of 13.64, a PEG ratio of 3.05 and a beta of 0.89. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.51 and a quick ratio of 1.49. Phillips 66 Partners LP has a fifty-two week low of $40.76 and a fifty-two week high of $59.75. The company has a 50 day moving average price of $55.95 and a 200 day moving average price of $52.58.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Thursday, October 31st will be issued a $0.865 dividend. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.86. This represents a $3.46 annualized dividend and a dividend yield of 6.34%. The ex-dividend date of this dividend is Wednesday, October 30th. Phillips 66 Partners’s payout ratio is presently 86.50%.

In other Phillips 66 Partners news, Director Phillip David Bairrington bought 613 shares of Phillips 66 Partners stock in a transaction dated Tuesday, August 13th. The shares were acquired at an average cost of $52.11 per share, with a total value of $31,943.43. Following the acquisition, the director now directly owns 10,626 shares of the company’s stock, valued at $553,720.86. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

About Phillips 66 Partners

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids (NGL) 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, New Mexico, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles, Bayway, and Wood River; and NGL assets in Texas and Louisiana.

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

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