Morgan Stanley lowered shares of Phillips 66 Partners (NYSE:PSXP) from an overweight rating to an equal weight rating in a report issued on Thursday, Marketbeat.com reports. The analysts noted that the move was a valuation call.

A number of other equities research analysts have also recently commented on the stock. Bank of America assumed coverage on shares of Phillips 66 Partners in a research note on Tuesday, January 9th. They set a neutral rating on the stock. Credit Suisse Group assumed coverage on shares of Phillips 66 Partners in a research note on Thursday, January 4th. They set a neutral rating and a $52.00 price objective on the stock. Goldman Sachs Group raised shares of Phillips 66 Partners from a neutral rating to a buy rating and set a $60.00 price objective on the stock in a research note on Monday, December 18th. Royal Bank of Canada reaffirmed a buy rating and set a $63.00 price objective on shares of Phillips 66 Partners in a research note on Tuesday, November 7th. Finally, BidaskClub raised shares of Phillips 66 Partners from a sell rating to a hold rating in a research note on Tuesday, October 31st. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $58.30.

Phillips 66 Partners (NYSE PSXP) traded up $0.69 on Thursday, reaching $55.15. 320,500 shares of the company’s stock were exchanged, compared to its average volume of 350,800. Phillips 66 Partners has a 12 month low of $44.40 and a 12 month high of $58.00. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 1.28. The stock has a market cap of $6,700.00, a price-to-earnings ratio of 23.37, a PEG ratio of 1.41 and a beta of 1.47.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly 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). Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. The business had revenue of $245.00 million for the quarter, compared to analysts’ expectations of $236.18 million. During the same period in the prior year, the business posted $0.57 earnings per share. The business’s quarterly revenue was up 69.8% compared to the same quarter last year. equities research analysts anticipate that Phillips 66 Partners will post 2.59 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company grew its stake 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 worth $165,000 after purchasing an additional 234 shares during the period. Beaumont Financial Partners LLC acquired a new stake in Phillips 66 Partners in the 2nd quarter valued at $217,000. Johnson Financial Group LLC acquired a new stake in Phillips 66 Partners in the 3rd quarter valued at $217,000. Keybank National Association OH grew its stake in Phillips 66 Partners by 5.9% in 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 acquiring an additional 285 shares during the period. Finally, Signature Financial Management Inc. grew its stake in Phillips 66 Partners by 34.1% in the 3rd quarter. Signature Financial Management Inc. now owns 5,500 shares of the oil and gas company’s stock valued at $289,000 after acquiring an additional 1,400 shares during the period. 37.16% of the stock is currently owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY NOTICE: This piece was first published by Watch List News and is the property of of Watch List News. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of United States & international copyright law. The correct version of this piece can be read at https://www.watchlistnews.com/phillips-66-partners-psxp-stock-rating-lowered-by-morgan-stanley/1808377.html.

About Phillips 66 Partners

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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