Phillips 66 Partners LP (PSXP) Given New $55.00 Price Target at Morgan Stanley
Phillips 66 Partners LP (NYSE:PSXP) had its price target decreased by Morgan Stanley from $56.00 to $55.00 in a research report report published on Friday. Morgan Stanley currently has an overweight rating on the oil and gas company’s stock.
A number of other equities research analysts have also recently issued reports on PSXP. Scotiabank set a $61.00 target price on Phillips 66 Partners and gave the company a buy rating in a research note on Friday, July 21st. Stifel Nicolaus reiterated a buy rating and issued a $63.00 target price on shares of Phillips 66 Partners in a research note on Friday, July 28th. BidaskClub cut Phillips 66 Partners from a hold rating to a sell rating in a research note on Wednesday, August 9th. Royal Bank Of Canada reiterated a buy rating and issued a $63.00 target price on shares of Phillips 66 Partners in a research note on Tuesday, October 3rd. Finally, Jefferies Group LLC reiterated a hold rating and issued a $51.00 target price on shares of Phillips 66 Partners in a research note on Monday, October 16th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $58.89.
Phillips 66 Partners (NYSE PSXP) traded up $0.32 during mid-day trading on Friday, reaching $47.32. The company’s stock had a trading volume of 215,244 shares, compared to its average volume of 232,509. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.64 and a quick ratio of 0.56. The company has a market capitalization of $5,370.00, a PE ratio of 19.63, a price-to-earnings-growth ratio of 1.48 and a beta of 1.52. Phillips 66 Partners has a 12 month low of $43.23 and a 12 month high of $58.00.
Phillips 66 Partners (NYSE:PSXP) last posted its earnings results on Friday, October 27th. The oil and gas company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.08). The company had revenue of $245.00 million during the quarter, compared to the consensus estimate of $236.18 million. Phillips 66 Partners had a net margin of 42.19% and a return on equity of 23.56%. The business’s quarterly revenue was up 69.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.57 earnings per share. analysts predict that Phillips 66 Partners will post 2.63 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Monday, November 13th. Stockholders of record on Tuesday, October 31st were issued a dividend of $0.646 per share. This represents a $2.58 dividend on an annualized basis and a dividend yield of 5.46%. 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 109.32%.
Several institutional investors and hedge funds have recently modified their holdings of the company. California Public Employees Retirement System increased its holdings in shares of Phillips 66 Partners by 2.9% during the third quarter. California Public Employees Retirement System now owns 86,116 shares of the oil and gas company’s stock valued at $4,526,000 after purchasing an additional 2,416 shares during the period. Caxton Associates LP acquired a new position in shares of Phillips 66 Partners during the third quarter valued at $2,093,000. Cohen & Steers Inc. increased its holdings in shares of Phillips 66 Partners by 123,437.5% during the third quarter. Cohen & Steers Inc. now owns 98,830 shares of the oil and gas company’s stock valued at $5,195,000 after purchasing an additional 98,750 shares during the period. Allianz Asset Management GmbH acquired a new position in shares of Phillips 66 Partners during the third quarter valued at $1,398,000. Finally, Signature Financial Management Inc. increased its holdings in shares of Phillips 66 Partners by 34.1% during the third quarter. Signature Financial Management Inc. now owns 5,500 shares of the oil and gas company’s stock valued at $289,000 after purchasing an additional 1,400 shares during the period. 36.89% of the stock is currently owned by institutional investors.
About Phillips 66 Partners
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