Phillips 66 Partners LP (PSXP) Raised to “Buy” at Zacks Investment Research
Phillips 66 Partners LP (NYSE:PSXP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday. The brokerage presently has a $53.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.79% from the stock’s current price.
According to Zacks, “Phillips 66 Partners L.P is a downstream energy company. It operates in three segments: Refining and Marketing, Midstream and Chemicals. Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products primarily in the United States, Europe and Asia. This segment also includes power generation operations. Midstream segment gathers, processes, transports and markets natural gas and transports, fractionates and markets natural gas liquids primarily in the United States. Chemicals segment manufactures and markets petrochemicals and plastics. Phillips 66 Partners L.P is headquartered in Houston, Texas. “
Several other research firms have also recently commented on PSXP. Credit Suisse Group AG set a $76.00 target price on shares of Phillips 66 Partners and gave the company a “buy” rating in a research note on Monday, August 1st. Barclays PLC cut their target price on shares of Phillips 66 Partners from $66.00 to $62.00 and set an “equal weight” rating for the company in a research note on Thursday, July 28th. Stifel Nicolaus began coverage on shares of Phillips 66 Partners in a research note on Thursday, August 18th. They set a “buy” rating and a $59.00 target price for the company. Jefferies Group began coverage on shares of Phillips 66 Partners in a research note on Tuesday, August 23rd. They set a “hold” rating and a $54.00 target price for the company. Finally, Goldman Sachs Group Inc. began coverage on shares of Phillips 66 Partners in a research note on Thursday, August 25th. They set a “neutral” rating and a $52.00 target price for the company. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $63.93.
Phillips 66 Partners (NYSE:PSXP) opened at 46.99 on Friday. Phillips 66 Partners has a 1-year low of $46.20 and a 1-year high of $66.81. The firm’s 50-day moving average is $48.02 and its 200-day moving average is $53.19. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of 22.78 and a beta of 1.57.
Phillips 66 Partners (NYSE:PSXP) last released its earnings results on Friday, July 29th. The company reported $0.51 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.50 by $0.01. The company had revenue of $140.40 million for the quarter, compared to analyst estimates of $122.82 million. Phillips 66 Partners’s revenue for the quarter was up 67.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.50 earnings per share. On average, equities analysts anticipate that Phillips 66 Partners will post $2.28 EPS for the current year.
Large investors have recently modified their holdings of the company. Balentine LLC bought a new stake in shares of Phillips 66 Partners during the second quarter worth approximately $173,000. Alliancebernstein L.P. raised its stake in shares of Phillips 66 Partners by 2.6% in the second quarter. Alliancebernstein L.P. now owns 3,897 shares of the company’s stock worth $218,000 after buying an additional 97 shares in the last quarter. Signaturefd LLC raised its stake in shares of Phillips 66 Partners by 4.0% in the second quarter. Signaturefd LLC now owns 3,925 shares of the company’s stock worth $219,000 after buying an additional 150 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Phillips 66 Partners during the second quarter worth approximately $226,000. Finally, Cambridge Investment Research Advisors Inc. raised its stake in shares of Phillips 66 Partners by 8.8% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 4,481 shares of the company’s stock worth $250,000 after buying an additional 362 shares in the last quarter.
About Phillips 66 Partners
Phillips 66 Partners LP owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Company charges tariffs and fees for transporting crude oil and refined petroleum product pipeline, terminal, rail rack and storage systems in the Central, Gulf Coast, Atlantic Basin and Western regions of the United States.
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