Credit Suisse Group began coverage on shares of Phillips 66 Partners (NYSE:PSXP) in a research note issued to investors on Thursday, The Fly reports. The firm set an “outperform” rating and a $66.00 price target on the oil and gas company’s stock. Credit Suisse Group’s price objective points to a potential upside of 26.92% from the company’s current price.

Several other analysts have also issued reports on PSXP. ValuEngine lowered Phillips 66 Partners from a “hold” rating to a “sell” rating in a report on Monday, July 2nd. Zacks Investment Research raised Phillips 66 Partners from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a report on Wednesday, July 4th. Bank of America cut their price target on Phillips 66 Partners from $65.00 to $59.00 and set a “buy” rating for the company in a report on Wednesday, August 1st. Morgan Stanley boosted their price target on Phillips 66 Partners from $54.00 to $55.00 and gave the company an “equal weight” rating in a report on Friday, August 17th. Finally, Scotiabank set a $60.00 price target on Phillips 66 Partners and gave the company a “buy” rating in a report on Monday, August 20th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $58.04.

Phillips 66 Partners stock opened at $52.00 on Thursday. The firm has a market cap of $6.29 billion, a P/E ratio of 20.08, a PEG ratio of 1.97 and a beta of 1.39. The company has a debt-to-equity ratio of 1.84, a current ratio of 1.25 and a quick ratio of 1.19. Phillips 66 Partners has a one year low of $44.40 and a one year high of $56.48.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Friday, July 27th. The oil and gas company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.05. Phillips 66 Partners had a return on equity of 39.53% and a net margin of 48.17%. The company had revenue of $354.00 million during the quarter, compared to analysts’ expectations of $344.16 million. During the same quarter in the prior year, the business earned $0.61 earnings per share. Phillips 66 Partners’s revenue for the quarter was up 51.3% compared to the same quarter last year. As a group, research analysts anticipate that Phillips 66 Partners will post 3.76 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clinton Group Inc. bought a new position in shares of Phillips 66 Partners in the third quarter worth about $411,000. Walnut Private Equity Partners LLC boosted its stake in shares of Phillips 66 Partners by 275.9% in the third quarter. Walnut Private Equity Partners LLC now owns 2,725 shares of the oil and gas company’s stock worth $139,000 after acquiring an additional 2,000 shares during the period. Northern Trust Corp boosted its stake in shares of Phillips 66 Partners by 18.3% in the second quarter. Northern Trust Corp now owns 38,805 shares of the oil and gas company’s stock worth $1,981,000 after acquiring an additional 6,000 shares during the period. Global X Management Co LLC boosted its stake in shares of Phillips 66 Partners by 17.8% in the second quarter. Global X Management Co LLC now owns 888,563 shares of the oil and gas company’s stock worth $45,370,000 after acquiring an additional 134,476 shares during the period. Finally, Jane Street Group LLC bought a new position in shares of Phillips 66 Partners in the second quarter worth about $214,000. 41.94% of the stock is owned by hedge funds and other institutional investors.

About Phillips 66 Partners

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids pipelines, terminals, and other transportation and midstream assets. The company operates pipeline assets in Lake Charles, Sweeny, Wood River, Borger/Ponca City, Billings, and Borger; terminal, rail rack, and storage assets in Louisiana, Texas, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles and Wood River; and natural gas liquids assets in Texas and Louisiana.

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Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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