BidaskClub upgraded shares of Phillips 66 Partners LP (NYSE:PSXP) from a strong sell rating to a sell rating in a report published on Friday morning.

Other equities analysts have also recently issued research reports about the stock. Stifel Nicolaus set a $63.00 price target on shares of Phillips 66 Partners and gave the stock a buy rating in a research note on Saturday, June 24th. Citigroup Inc. dropped their price target on shares of Phillips 66 Partners from $63.00 to $60.00 and set a buy rating on the stock in a research note on Monday, July 17th. Scotiabank set a $61.00 price target on shares of Phillips 66 Partners and gave the stock a buy rating in a research note on Friday, July 21st. Finally, Barclays PLC upgraded shares of Phillips 66 Partners from an equal weight rating to an overweight rating and set a $61.00 price target on the stock in a research note on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $56.44.

Shares of Phillips 66 Partners (PSXP) opened at 46.98 on Friday. Phillips 66 Partners has a 52 week low of $42.47 and a 52 week high of $58.00. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of 19.37 and a beta of 1.51. The firm has a 50-day moving average of $48.62 and a 200 day moving average of $50.92.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by $0.11. The firm had revenue of $234 million during 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 business’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.60 EPS. On average, equities analysts predict that Phillips 66 Partners will post $2.65 earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Phillips 66 Partners LP (PSXP) Upgraded at BidaskClub” was published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this report on another domain, it was copied illegally and republished in violation of U.S. and international copyright law. The correct version of this report can be accessed at https://www.thecerbatgem.com/2017/08/28/phillips-66-partners-lp-psxp-upgraded-at-bidaskclub.html.

The business also recently announced a quarterly dividend, which was paid on Friday, August 11th. Shareholders of record on Monday, July 31st were paid a dividend of $0.615 per share. The ex-dividend date of this dividend was Thursday, July 27th. This represents a $2.46 annualized dividend and a yield of 5.24%. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.59. Phillips 66 Partners’s dividend payout ratio is currently 101.23%.

A number of institutional investors have recently bought and sold shares of PSXP. Cambridge Investment Research Advisors Inc. boosted its position in Phillips 66 Partners by 1.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 5,222 shares of the oil and gas company’s stock valued at $268,000 after buying an additional 62 shares in the last quarter. CNH Partners LLC boosted its position in Phillips 66 Partners by 2.4% in the second quarter. CNH Partners LLC now owns 8,445 shares of the oil and gas company’s stock valued at $417,000 after buying an additional 200 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in Phillips 66 Partners by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after buying an additional 234 shares in the last quarter. Keybank National Association OH boosted its position in Phillips 66 Partners by 5.9% in the second quarter. Keybank National Association OH now owns 5,105 shares of the oil and gas company’s stock valued at $252,000 after buying an additional 285 shares in the last quarter. Finally, ELCO Management Co. LLC boosted its position in Phillips 66 Partners by 5.1% in the second quarter. ELCO Management Co. LLC now owns 6,235 shares of the oil and gas company’s stock valued at $308,000 after buying an additional 305 shares in the last quarter. Institutional investors and hedge funds own 43.00% of the company’s stock.

Phillips 66 Partners Company Profile

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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