FFT Wealth Management LLC Continues to Hold Position in Phillips 66 Partners LP (PSXP)
FFT Wealth Management LLC maintained its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,456 shares of the oil and gas company’s stock at the end of the second quarter. FFT Wealth Management LLC’s holdings in Phillips 66 Partners were worth $418,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Creative Planning increased its stake in shares of Phillips 66 Partners by 233.1% in the first quarter. Creative Planning now owns 2,861 shares of the oil and gas company’s stock worth $147,000 after buying an additional 2,002 shares in the last quarter. BNP Paribas Arbitrage SA purchased a new stake in shares of Phillips 66 Partners during the first quarter worth approximately $159,000. Investment House LLC purchased a new stake in shares of Phillips 66 Partners during the first quarter worth approximately $200,000. Signature Financial Management Inc. purchased a new stake in shares of Phillips 66 Partners during the second quarter worth approximately $202,000. Finally, Homrich & Berg purchased a new stake in shares of Phillips 66 Partners during the first quarter worth approximately $232,000. 43.00% of the stock is currently owned by institutional investors.
Shares of Phillips 66 Partners LP (NYSE PSXP) traded up 0.15% on Wednesday, hitting $46.40. 20,083 shares of the stock traded hands. Phillips 66 Partners LP has a 12-month low of $42.47 and a 12-month high of $58.00. The firm’s 50-day moving average is $48.62 and its 200 day moving average is $50.92. The firm has a market cap of $5.13 billion, a P/E ratio of 19.13 and a beta of 1.51.
Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 EPS for the quarter, missing analysts’ consensus estimates of $0.72 by $0.11. The firm had revenue of $234 million during the quarter, compared to analyst estimates of $235.69 million. Phillips 66 Partners had a net margin of 45.35% and a return on equity of 23.01%. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 earnings per share. Equities research analysts forecast that Phillips 66 Partners LP will post $2.65 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Monday, July 31st were paid a $0.615 dividend. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.31%. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.59. The ex-dividend date was Thursday, July 27th. Phillips 66 Partners’s dividend payout ratio is presently 101.23%.
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A number of equities research analysts have commented on the stock. Stifel Nicolaus set a $63.00 price objective on shares of Phillips 66 Partners and gave the company a “buy” rating in a research report on Saturday, June 24th. BidaskClub downgraded shares of Phillips 66 Partners from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Barclays PLC upgraded shares of Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 target price for the company in a report on Tuesday, July 18th. Citigroup Inc. lowered their target price on shares of Phillips 66 Partners from $63.00 to $60.00 and set a “buy” rating for the company in a report on Monday, July 17th. Finally, Scotiabank set a $61.00 target price on shares of Phillips 66 Partners and gave the company a “buy” rating in a report on Friday, July 21st. Two analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $56.44.
About Phillips 66 Partners
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