Shares of Phillips 66 Partners LP (NYSE:PSXP) have earned an average rating of “Buy” from the eleven brokerages that are covering the stock, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $58.89.

Several research firms recently issued reports on PSXP. Morgan Stanley lowered their price objective on Phillips 66 Partners from $56.00 to $55.00 and set an “overweight” rating on the stock in a report on Friday, November 17th. BidaskClub lowered shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 25th. Jefferies Group reissued a “hold” rating and issued a $51.00 target price on shares of Phillips 66 Partners in a research note on Monday, October 16th. Scotiabank reissued a “buy” rating and issued a $61.00 target price on shares of Phillips 66 Partners in a research note on Wednesday, October 25th. Finally, Royal Bank Of Canada reissued a “buy” rating and issued a $63.00 target price on shares of Phillips 66 Partners in a research note on Tuesday, November 7th.

Phillips 66 Partners (NYSE:PSXP) traded up $0.46 during mid-day trading on Thursday, reaching $47.20. The company had a trading volume of 235,761 shares, compared to its average volume of 286,825. The company has a current ratio of 0.64, a quick ratio of 0.56 and a debt-to-equity ratio of 1.28. Phillips 66 Partners has a 12 month low of $44.18 and a 12 month high of $58.00. The firm has a market cap of $5,738.20, a PE ratio of 19.92, a price-to-earnings-growth ratio of 1.50 and a beta of 1.46.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.08). Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. The firm had revenue of $245.00 million during the quarter, compared to analyst estimates of $236.18 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 69.8% on a year-over-year basis. equities research analysts anticipate that Phillips 66 Partners will post 2.62 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st were paid a $0.646 dividend. This represents a $2.58 dividend on an annualized basis and a yield of 5.47%. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.62. The ex-dividend date was Monday, October 30th. Phillips 66 Partners’s dividend payout ratio (DPR) is 108.86%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. CNH Partners LLC lifted its stake in Phillips 66 Partners by 2.4% in the 2nd quarter. CNH Partners LLC now owns 8,445 shares of the oil and gas company’s stock worth $417,000 after purchasing an additional 200 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Phillips 66 Partners by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after buying an additional 234 shares during the period. Keybank National Association OH raised its position in shares of Phillips 66 Partners by 5.9% during the 2nd quarter. Keybank National Association OH now owns 5,105 shares of the oil and gas company’s stock valued at $252,000 after buying an additional 285 shares during the period. ELCO Management Co. LLC raised its position in shares of Phillips 66 Partners by 5.1% during the 2nd quarter. ELCO Management Co. LLC now owns 6,235 shares of the oil and gas company’s stock valued at $308,000 after buying an additional 305 shares during the period. Finally, Proficio Capital Partners LLC raised its position in shares of Phillips 66 Partners by 8.2% during the 2nd quarter. Proficio Capital Partners LLC now owns 4,676 shares of the oil and gas company’s stock valued at $231,000 after buying an additional 354 shares during the period. 37.22% of the stock is currently owned by institutional investors and hedge funds.

TRADEMARK VIOLATION NOTICE: “Analysts Set Phillips 66 Partners LP (PSXP) Target Price at $58.89” was originally posted by Watch List News and is the property of of Watch List News. If you are viewing this article on another site, it was illegally copied and republished in violation of United States & international copyright laws. The correct version of this article can be read at https://www.watchlistnews.com/analysts-set-phillips-66-partners-lp-psxp-target-price-at-58-89/1756234.html.

About Phillips 66 Partners

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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