ValuEngine Lowers Phillips 66 Partners (NYSE:PSXP) to Strong Sell

ValuEngine downgraded shares of Phillips 66 Partners (NYSE:PSXP) from a sell rating to a strong sell rating in a research report report published on Friday, November 8th, ValuEngine reports.

Other research analysts also recently issued research reports about the company. Raymond James increased their target price on Phillips 66 Partners from $58.00 to $60.00 and gave the company an outperform rating in a report on Wednesday, October 23rd. Bank of America increased their target price on Phillips 66 Partners from $58.00 to $62.00 and gave the company a buy rating in a report on Tuesday, September 10th. Barclays set a $58.00 target price on Phillips 66 Partners and gave the company a hold rating in a report on Friday, October 25th. Mizuho upped their price target on Phillips 66 Partners from $58.00 to $61.00 and gave the stock a buy rating in a research report on Monday, October 28th. Finally, Zacks Investment Research upgraded Phillips 66 Partners from a strong sell rating to a buy rating and set a $61.00 price target for the company in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Phillips 66 Partners currently has a consensus rating of Buy and an average price target of $58.88.

PSXP stock traded up $0.69 during midday trading on Friday, hitting $55.67. The stock had a trading volume of 336,320 shares, compared to its average volume of 375,868. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.51 and a quick ratio of 1.49. The business has a 50-day moving average of $55.51 and a two-hundred day moving average of $53.25. Phillips 66 Partners has a 52-week low of $40.76 and a 52-week high of $59.75. The firm has a market cap of $12.68 billion, a price-to-earnings ratio of 13.92, a price-to-earnings-growth ratio of 3.07 and a beta of 0.91.

Phillips 66 Partners (NYSE:PSXP) last released its earnings results on Friday, October 25th. The oil and gas company reported $0.92 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.08). Phillips 66 Partners had a return on equity of 45.65% and a net margin of 51.83%. The company had revenue of $423.00 million during the quarter, compared to the consensus estimate of $410.93 million. Research analysts predict that Phillips 66 Partners will post 4.54 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 13th. Investors of record on Thursday, October 31st were given a dividend of $0.865 per share. The ex-dividend date was Wednesday, October 30th. This represents a $3.46 annualized dividend and a dividend yield of 6.22%. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.86. Phillips 66 Partners’s dividend payout ratio (DPR) is currently 86.50%.

Several large investors have recently added to or reduced their stakes in the stock. Lenox Wealth Advisors LLC bought a new position in Phillips 66 Partners during the third quarter valued at approximately $25,000. FTB Advisors Inc. boosted its stake in Phillips 66 Partners by 30.2% during the third quarter. FTB Advisors Inc. now owns 954 shares of the oil and gas company’s stock valued at $54,000 after buying an additional 221 shares during the last quarter. Lindbrook Capital LLC boosted its stake 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 buying an additional 400 shares during the last quarter. Lee Financial Co bought a new position in Phillips 66 Partners during the second quarter valued at approximately $69,000. Finally, Redhawk Wealth Advisors Inc. bought a new position in Phillips 66 Partners during the second quarter valued at approximately $87,000. Hedge funds and other institutional investors own 24.30% 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 (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.

See Also: How Does the Quiet Period Work?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

Receive News & Ratings for Phillips 66 Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 Partners and related companies with MarketBeat.com's FREE daily email newsletter.