Pointe Capital Management LLC increased its position in shares of Phillips 66 Partners LP (NYSE:PSXP) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,866 shares of the oil and gas company’s stock after buying an additional 1,423 shares during the period. Phillips 66 Partners comprises approximately 1.0% of Pointe Capital Management LLC’s portfolio, making the stock its 28th largest position. Pointe Capital Management LLC’s holdings in Phillips 66 Partners were worth $1,427,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSXP. Global X Management Co. LLC raised its position in Phillips 66 Partners by 3,884.2% in the first quarter. Global X Management Co. LLC now owns 323,679 shares of the oil and gas company’s stock worth $16,621,000 after buying an additional 315,555 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its position in Phillips 66 Partners by 12.7% in the first quarter. Kayne Anderson Capital Advisors LP now owns 2,448,247 shares of the oil and gas company’s stock worth $125,701,000 after buying an additional 275,500 shares in the last quarter. Brookfield Asset Management Inc. raised its position in Phillips 66 Partners by 93.3% in the first quarter. Brookfield Asset Management Inc. now owns 549,600 shares of the oil and gas company’s stock worth $28,222,000 after buying an additional 265,300 shares in the last quarter. Bank of America Corp DE raised its position in Phillips 66 Partners by 102.1% in the first quarter. Bank of America Corp DE now owns 470,956 shares of the oil and gas company’s stock worth $24,184,000 after buying an additional 237,972 shares in the last quarter. Finally, Tiedemann Wealth Management LLC bought a new position in Phillips 66 Partners during the first quarter worth about $10,027,000. Institutional investors and hedge funds own 42.14% of the company’s stock.

Phillips 66 Partners LP (PSXP) opened at 47.46 on Thursday. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 19.57 and a beta of 1.51. The firm’s 50-day moving average price is $49.46 and its 200-day moving average price is $51.67. Phillips 66 Partners LP has a 12 month low of $42.47 and a 12 month high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 EPS for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.11. The business had revenue of $234 million for the quarter, compared to the consensus estimate of $235.69 million. Phillips 66 Partners had a return on equity of 23.01% and a net margin of 45.35%. The firm’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the company earned $0.60 earnings per share. Equities research analysts predict that Phillips 66 Partners LP will post $2.66 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Monday, July 31st will be given a dividend of $0.615 per share. The ex-dividend date of this dividend is Thursday, July 27th. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.59. This represents a $2.46 dividend on an annualized basis and a yield of 5.18%. Phillips 66 Partners’s dividend payout ratio is 101.23%.

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PSXP has been the subject of a number of analyst reports. BidaskClub upgraded Phillips 66 Partners from a “strong sell” rating to a “sell” rating in a research report on Saturday, June 24th. Scotiabank set a $61.00 price objective on Phillips 66 Partners and gave the company a “buy” rating in a research report on Friday, July 21st. Barclays PLC upgraded Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 price target for the company in a research report on Tuesday, July 18th. Citigroup Inc. reduced their price target on Phillips 66 Partners from $63.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, July 17th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $63.00 price target on shares of Phillips 66 Partners in a research report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $56.44.

Phillips 66 Partners Company Profile

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

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