Bank of Montreal Can Decreases Position in Phillips 66 Partners LP (PSXP)
Bank of Montreal Can decreased its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) by 37.2% during the second quarter, Holdings Channel reports. The institutional investor owned 37,700 shares of the oil and gas company’s stock after selling 22,300 shares during the period. Bank of Montreal Can’s holdings in Phillips 66 Partners were worth $1,863,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the stock. Creative Planning raised its position in shares of Phillips 66 Partners by 233.1% in the first quarter. Creative Planning now owns 2,861 shares of the oil and gas company’s stock valued at $147,000 after buying an additional 2,002 shares in the last quarter. BNP Paribas Arbitrage SA purchased a new position in shares of Phillips 66 Partners during the first quarter valued at about $159,000. Investment House LLC purchased a new position in shares of Phillips 66 Partners during the first quarter valued at about $200,000. Homrich & Berg purchased a new position in shares of Phillips 66 Partners during the first quarter valued at about $232,000. Finally, Keybank National Association OH raised its position in shares of Phillips 66 Partners by 9.0% in the first quarter. Keybank National Association OH now owns 4,820 shares of the oil and gas company’s stock valued at $248,000 after buying an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 42.22% of the company’s stock.
Phillips 66 Partners LP (NYSE PSXP) traded up 0.90% during midday trading on Monday, hitting $47.04. The stock had a trading volume of 31,719 shares. The company has a market cap of $5.20 billion, a price-to-earnings ratio of 19.40 and a beta of 1.51. Phillips 66 Partners LP has a 1-year low of $42.47 and a 1-year high of $58.00. The company’s 50 day moving average is $49.47 and its 200 day moving average is $51.59.
Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by $0.11. Phillips 66 Partners had a net margin of 45.35% and a return on equity of 23.01%. The business had revenue of $234 million during the quarter, compared to analyst estimates of $235.69 million. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis. On average, equities analysts anticipate that Phillips 66 Partners LP will post $2.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Stockholders of record on Monday, July 31st were given a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.28%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.59. The ex-dividend date was Thursday, July 27th. Phillips 66 Partners’s payout ratio is presently 101.23%.
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Several equities research analysts have recently weighed in on PSXP shares. Stifel Nicolaus reiterated a “buy” rating and issued a $63.00 price objective on shares of Phillips 66 Partners in a research note on Friday, July 28th. Scotiabank set a $61.00 price objective on Phillips 66 Partners and gave the company a “buy” rating in a research note on Friday, July 21st. Citigroup Inc. lowered their price objective on Phillips 66 Partners from $63.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, July 17th. BidaskClub upgraded Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Barclays PLC upgraded Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 price objective on the stock in a research note on Tuesday, July 18th. Two analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $56.44.
About Phillips 66 Partners
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