Keybank National Association OH lessened its stake in Phillips 66 Partners LP (NYSE:PSXP) by 30.8% during the first quarter, HoldingsChannel reports. The firm owned 7,221 shares of the oil and gas company’s stock after selling 3,210 shares during the period. Keybank National Association OH’s holdings in Phillips 66 Partners were worth $378,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PSXP. Alps Advisors Inc. raised its stake in shares of Phillips 66 Partners by 14.4% in the 4th quarter. Alps Advisors Inc. now owns 5,458,162 shares of the oil and gas company’s stock valued at $229,843,000 after purchasing an additional 688,878 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Phillips 66 Partners by 275.6% in the 1st quarter. Bank of Montreal Can now owns 637,445 shares of the oil and gas company’s stock valued at $33,370,000 after purchasing an additional 467,709 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its stake in shares of Phillips 66 Partners by 11.5% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 2,816,746 shares of the oil and gas company’s stock valued at $147,448,000 after purchasing an additional 290,976 shares in the last quarter. Hartz Capital Inc. acquired a new stake in shares of Phillips 66 Partners in the 1st quarter valued at about $7,088,000. Finally, Municipal Employees Retirement System of Michigan acquired a new stake in shares of Phillips 66 Partners in the 4th quarter valued at about $5,408,000. Institutional investors and hedge funds own 43.33% of the company’s stock.

In other Phillips 66 Partners news, VP Kevin J. Mitchell acquired 2,651 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $49.14 per share, for a total transaction of $130,270.14. Following the completion of the purchase, the vice president now directly owns 2,651 shares in the company, valued at $130,270.14. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Several equities research analysts recently weighed in on PSXP shares. Mitsubishi UFJ Financial Group dropped their price objective on shares of Phillips 66 Partners to $58.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. Stifel Nicolaus lowered shares of Phillips 66 Partners from a “buy” rating to a “hold” rating and increased their price objective for the stock from $50.00 to $52.00 in a research note on Monday, February 11th. Credit Suisse Group dropped their price objective on shares of Phillips 66 Partners from $61.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, February 11th. ValuEngine upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Finally, Zacks Investment Research lowered shares of Phillips 66 Partners from a “buy” rating to a “hold” rating in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $57.40.

PSXP opened at $47.98 on Friday. The stock has a market cap of $6.01 billion, a P/E ratio of 11.90, a price-to-earnings-growth ratio of 2.73 and a beta of 1.19. Phillips 66 Partners LP has a fifty-two week low of $40.76 and a fifty-two week high of $55.02. The company has a current ratio of 0.62, a quick ratio of 0.55 and a debt-to-equity ratio of 1.94.

Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.06). The business had revenue of $423.00 million for the quarter, compared to analyst estimates of $366.55 million. Phillips 66 Partners had a return on equity of 47.98% and a net margin of 52.90%. Phillips 66 Partners’s revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 EPS. Sell-side analysts predict that Phillips 66 Partners LP will post 4.42 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th were paid a dividend of $0.845 per share. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.84. The ex-dividend date was Monday, April 29th. This represents a $3.38 annualized dividend and a yield of 7.04%. Phillips 66 Partners’s dividend payout ratio is 84.50%.

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About Phillips 66 Partners

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.

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Institutional Ownership by Quarter for Phillips 66 Partners (NYSE:PSXP)

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