Morgan Stanley downgraded shares of Phillips 66 Partners (NYSE:PSXP) from an overweight rating to an equal weight rating in a research note issued to investors on Thursday, MarketBeat.com reports. The analysts noted that the move was a valuation call.

PSXP has been the subject of a number of other research reports. Bank of America initiated coverage on Phillips 66 Partners in a research report on Tuesday, January 9th. They issued a neutral rating for the company. Royal Bank of Canada reissued a buy rating and issued a $63.00 target price on shares of Phillips 66 Partners in a research report on Tuesday, October 3rd. Mizuho set a $59.00 target price on Phillips 66 Partners and gave the stock a buy rating in a research report on Sunday, October 29th. Scotiabank reissued a buy rating and issued a $61.00 target price on shares of Phillips 66 Partners in a research report on Wednesday, October 25th. Finally, BidaskClub raised Phillips 66 Partners from a hold rating to a buy rating in a research report on Thursday, September 28th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $58.30.

Shares of Phillips 66 Partners (NYSE:PSXP) traded up $0.69 during trading hours on Thursday, reaching $55.15. The company’s stock had a trading volume of 320,500 shares, compared to its average volume of 350,800. Phillips 66 Partners has a fifty-two week low of $44.40 and a fifty-two week high of $58.00. The company has a current ratio of 0.64, a quick ratio of 0.56 and a debt-to-equity ratio of 1.28. The stock has a market cap of $6,700.00, a price-to-earnings ratio of 23.37, a price-to-earnings-growth ratio of 1.41 and a beta of 1.47.

Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, October 27th. The oil and gas company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.08). Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. The business had revenue of $245.00 million during the quarter, compared to analysts’ expectations of $236.18 million. During the same period last year, the firm posted $0.57 EPS. Phillips 66 Partners’s quarterly revenue was up 69.8% compared to the same quarter last year. sell-side analysts anticipate that Phillips 66 Partners will post 2.59 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in the business. CNH Partners LLC grew its stake in shares of Phillips 66 Partners by 2.4% during the 2nd quarter. CNH Partners LLC now owns 8,445 shares of the oil and gas company’s stock valued at $417,000 after purchasing an additional 200 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Phillips 66 Partners by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after purchasing an additional 234 shares during the period. Keybank National Association OH grew its stake in shares of Phillips 66 Partners by 5.9% during the 2nd quarter. Keybank National Association OH now owns 5,105 shares of the oil and gas company’s stock valued at $252,000 after purchasing an additional 285 shares during the period. ELCO Management Co. LLC grew its stake in shares of Phillips 66 Partners by 5.1% during the 2nd quarter. ELCO Management Co. LLC now owns 6,235 shares of the oil and gas company’s stock valued at $308,000 after purchasing an additional 305 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Phillips 66 Partners by 0.7% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 88,229 shares of the oil and gas company’s stock valued at $4,360,000 after purchasing an additional 587 shares during the period. Institutional investors and hedge funds own 37.16% of the company’s stock.

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Phillips 66 Partners Company Profile

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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