Phillips 66 Partners (PSXP) Downgraded by Zacks Investment Research

Phillips 66 Partners (NYSE:PSXP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.

According to Zacks, “Phillips 66 Partners L.P is a downstream energy company. It operates in three segments: Refining and Marketing, Midstream and Chemicals. Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products primarily in the United States, Europe and Asia. This segment also includes power generation operations. Midstream segment gathers, processes, transports and markets natural gas and transports, fractionates and markets natural gas liquids primarily in the United States. Chemicals segment manufactures and markets petrochemicals and plastics. Phillips 66 Partners L.P is headquartered in Houston, Texas. “

A number of other brokerages have also commented on PSXP. Barclays lowered shares of Phillips 66 Partners from an “overweight” rating to an “equal weight” rating and set a $59.00 price objective on the stock. in a research report on Wednesday, January 17th. Morgan Stanley downgraded shares of Phillips 66 Partners from an “overweight” rating to an “equal weight” rating in a report on Thursday, January 11th. They noted that the move was a valuation call. Bank of America started coverage on shares of Phillips 66 Partners in a report on Tuesday, January 9th. They set a “neutral” rating on the stock. Credit Suisse Group started coverage on shares of Phillips 66 Partners in a report on Thursday, January 4th. They set a “neutral” rating and a $52.00 target price on the stock. Finally, Scotiabank restated a “buy” rating and set a $60.00 target price on shares of Phillips 66 Partners in a report on Monday, January 29th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Phillips 66 Partners presently has a consensus rating of “Buy” and an average price target of $57.38.



Shares of PSXP stock opened at $49.04 on Thursday. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.64 and a current ratio of 1.71. The firm has a market capitalization of $5,947.30, a PE ratio of 18.93, a price-to-earnings-growth ratio of 1.69 and a beta of 1.40. Phillips 66 Partners has a 12 month low of $44.40 and a 12 month high of $56.48.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings data on Friday, February 2nd. The oil and gas company reported $0.83 EPS for the quarter, missing the Zacks’ consensus estimate of $0.87 by ($0.04). The business had revenue of $331.00 million during the quarter, compared to the consensus estimate of $316.00 million. Phillips 66 Partners had a return on equity of 27.99% and a net margin of 44.16%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.65 EPS. analysts anticipate that Phillips 66 Partners will post 3.21 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its holdings in shares of 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 purchasing an additional 234 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in shares of Phillips 66 Partners in the third quarter valued at $1,398,000. California Public Employees Retirement System increased its holdings in shares of Phillips 66 Partners by 2.9% in the third quarter. California Public Employees Retirement System now owns 86,116 shares of the oil and gas company’s stock valued at $4,526,000 after purchasing an additional 2,416 shares during the last quarter. Institutional & Family Asset Management LLC acquired a new position in shares of Phillips 66 Partners in the third quarter valued at $2,399,000. Finally, Atlantic Trust Group LLC increased its holdings in shares of Phillips 66 Partners by 71.0% in the third quarter. Atlantic Trust Group LLC now owns 149,940 shares of the oil and gas company’s stock valued at $7,882,000 after purchasing an additional 62,279 shares during the last quarter. Institutional investors and hedge funds own 41.14% of the company’s stock.

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Phillips 66 Partners Company Profile

Phillips 66 Partners LP (Phillips 66) 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’s assets consist of systems, such as Clifton Ridge Crude System, Eagle Ford Gathering System, Ponca Crude System, Billings Crude System, Borger Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Cross-Channel Connector Products System, Ponca Products System, Billings Products System, Bayway Products System, Standish Pipeline, Borger Products System, River Parish NGL System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Sand Hills/Southern Hills Joint Ventures, Explorer Pipeline Joint Venture, Bakken Joint Ventures, Bayou Bridge Pipeline Joint Venture, STACK Pipeline Joint Venture, and Sweeny Fractionator and Clemens Caverns.

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