Shares of Phillips 66 Partners LP (NYSE:PSXP) have received a consensus recommendation of “Buy” from the ten analysts that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and seven have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $59.86.

A number of research firms recently weighed in on PSXP. Citigroup Inc. increased their price objective on shares of Phillips 66 Partners from $60.00 to $64.00 and gave the stock a “buy” rating in a research report on Wednesday, October 18th. BidaskClub cut shares of Phillips 66 Partners from a “buy” rating to a “hold” rating in a research report on Wednesday, October 18th. Goldman Sachs Group, Inc. (The) raised shares of Phillips 66 Partners from a “sell” rating to a “neutral” rating and set a $59.00 price objective for the company in a research report on Tuesday, October 17th. Jefferies Group LLC reaffirmed a “hold” rating and set a $51.00 price objective on shares of Phillips 66 Partners in a research report on Monday, October 16th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $63.00 price objective on shares of Phillips 66 Partners in a research report on Tuesday, October 3rd.

A number of hedge funds have recently modified their holdings of PSXP. Bank of New York Mellon Corp boosted its position in Phillips 66 Partners by 408.3% in the 1st quarter. Bank of New York Mellon Corp now owns 23,798 shares of the oil and gas company’s stock valued at $1,221,000 after buying an additional 19,116 shares during the period. BNP Paribas Arbitrage SA purchased a new position in Phillips 66 Partners in the 1st quarter valued at approximately $159,000. Neuberger Berman Group LLC boosted its position in Phillips 66 Partners by 23.9% in the 1st quarter. Neuberger Berman Group LLC now owns 9,877 shares of the oil and gas company’s stock valued at $507,000 after buying an additional 1,903 shares during the period. Alliancebernstein L.P. boosted its position in Phillips 66 Partners by 40.6% in the 1st quarter. Alliancebernstein L.P. now owns 10,572 shares of the oil and gas company’s stock valued at $543,000 after buying an additional 3,052 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in Phillips 66 Partners by 9.8% in the 1st quarter. OppenheimerFunds Inc. now owns 22,360 shares of the oil and gas company’s stock valued at $1,148,000 after buying an additional 1,990 shares during the period. 43.02% of the stock is owned by institutional investors.

Shares of Phillips 66 Partners (NYSE PSXP) traded down 2.10% during mid-day trading on Wednesday, hitting $49.89. The company had a trading volume of 352,657 shares. The firm has a market capitalization of $5.51 billion, a price-to-earnings ratio of 20.57 and a beta of 1.54. The firm has a 50-day moving average price of $50.70 and a 200 day moving average price of $50.02. Phillips 66 Partners has a 52-week low of $42.47 and a 52-week high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $0.61 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.11). The company had revenue of $234.00 million for the quarter, compared to analysts’ expectations of $235.69 million. Phillips 66 Partners had a return on equity of 23.01% and a net margin of 45.35%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 EPS. Analysts expect that Phillips 66 Partners will post $2.66 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 13th. Shareholders of record on Tuesday, October 31st will be given a $0.646 dividend. This represents a $2.58 annualized dividend and a yield of 5.18%. The ex-dividend date is Monday, October 30th. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.62. Phillips 66 Partners’s dividend payout ratio (DPR) is currently 101.23%.

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About Phillips 66 Partners

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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