Shares of Phillips 66 Partners LP (NYSE:PSXP) have received an average rating of “Buy” from the fourteen research firms that are presently covering the stock. Five analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $61.30.

Several research analysts have commented on PSXP shares. Barclays PLC dropped their price objective 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. Credit Suisse Group AG set a $76.00 price objective on shares of Phillips 66 Partners and gave the stock a “buy” rating in a research note on Monday, August 1st. Goldman Sachs Group Inc. started coverage on shares of Phillips 66 Partners in a research note on Thursday, August 25th. They set a “neutral” rating and a $52.00 price objective for the company. Deutsche Bank AG set a $57.00 price objective on shares of Phillips 66 Partners and gave the stock a “buy” rating in a research note on Monday, October 10th. Finally, Zacks Investment Research raised shares of Phillips 66 Partners from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a research note on Saturday, October 15th.

In other news, President Timothy Garth Taylor bought 5,000 shares of Phillips 66 Partners stock in a transaction on Thursday, November 17th. The stock was acquired at an average cost of $43.53 per share, for a total transaction of $217,650.00. Following the completion of the acquisition, the president now owns 55,000 shares of the company’s stock, valued at approximately $2,394,150. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

A number of institutional investors have recently made changes to their positions in the company. Tortoise Capital Advisors L.L.C. increased its position in shares of Phillips 66 Partners by 18.1% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 6,402,095 shares of the company’s stock worth $357,685,000 after buying an additional 982,297 shares in the last quarter. Morgan Stanley increased its position in Phillips 66 Partners by 58.2% in the third quarter. Morgan Stanley now owns 4,035,292 shares of the company’s stock valued at $196,117,000 after buying an additional 1,484,078 shares during the period. Center Coast Capital Advisors LP increased its position in Phillips 66 Partners by 21.2% in the third quarter. Center Coast Capital Advisors LP now owns 3,086,365 shares of the company’s stock valued at $149,997,000 after buying an additional 539,319 shares during the period. Alps Advisors Inc. increased its position in Phillips 66 Partners by 20.5% in the third quarter. Alps Advisors Inc. now owns 2,749,981 shares of the company’s stock valued at $133,649,000 after buying an additional 468,715 shares during the period. Finally, Chickasaw Capital Management LLC increased its position in Phillips 66 Partners by 26.6% in the third quarter. Chickasaw Capital Management LLC now owns 2,660,213 shares of the company’s stock valued at $129,286,000 after buying an additional 558,190 shares during the period.

Phillips 66 Partners (NYSE:PSXP) opened at 45.72 on Tuesday. Phillips 66 Partners has a 52 week low of $42.47 and a 52 week high of $66.81. The company has a 50 day moving average of $45.70 and a 200 day moving average of $50.21. The company has a market capitalization of $4.72 billion, a price-to-earnings ratio of 21.39 and a beta of 1.57.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Friday, October 28th. The company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.60 by $0.03. The business had revenue of $144.30 million for the quarter, compared to the consensus estimate of $151.70 million. The firm’s revenue for the quarter was up 52.9% compared to the same quarter last year. During the same period last year, the firm earned $0.50 earnings per share. On average, equities analysts forecast that Phillips 66 Partners will post $2.30 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 14th. Shareholders of record on Wednesday, November 2nd were issued a $0.531 dividend. The ex-dividend date was Monday, October 31st. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.51. This represents a $2.12 dividend on an annualized basis and a yield of 4.65%.

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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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