Phillips 66 Partners (NYSE:PSXP) announced its quarterly earnings results on Friday. The oil and gas company reported $1.09 earnings per share for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01), MarketWatch Earnings reports. Phillips 66 Partners had a return on equity of 47.66% and a net margin of 51.76%. The business had revenue of $393.00 million for the quarter, compared to analysts’ expectations of $375.17 million. During the same period last year, the company posted $0.83 earnings per share. The firm’s revenue for the quarter was up 18.7% on a year-over-year basis.
Shares of PSXP stock opened at $49.15 on Friday. Phillips 66 Partners has a 12 month low of $40.76 and a 12 month high of $55.00. The company has a current ratio of 1.00, a quick ratio of 0.95 and a debt-to-equity ratio of 1.72. The firm has a market capitalization of $6.02 billion, a price-to-earnings ratio of 13.00, a PEG ratio of 1.69 and a beta of 1.34.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 13th. Shareholders of record on Friday, February 1st will be issued a $0.835 dividend. The ex-dividend date of this dividend is Thursday, January 31st. This represents a $3.34 dividend on an annualized basis and a yield of 6.80%. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.79. Phillips 66 Partners’s payout ratio is currently 128.96%.
Several institutional investors have recently modified their holdings of the company. Ffcm LLC raised its stake in shares of Phillips 66 Partners by 50.0% in the 4th quarter. Ffcm LLC now owns 675 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 225 shares in the last quarter. BlackRock Inc. raised its stake in shares of Phillips 66 Partners by 1.3% in the 4th quarter. BlackRock Inc. now owns 214,177 shares of the oil and gas company’s stock valued at $9,019,000 after purchasing an additional 2,764 shares in the last quarter. California Public Employees Retirement System raised its stake in shares of Phillips 66 Partners by 10.0% in the 4th quarter. California Public Employees Retirement System now owns 97,716 shares of the oil and gas company’s stock valued at $4,115,000 after purchasing an additional 8,920 shares in the last quarter. RR Advisors LLC raised its stake in shares of Phillips 66 Partners by 3.5% in the 4th quarter. RR Advisors LLC now owns 1,087,000 shares of the oil and gas company’s stock valued at $45,795,000 after purchasing an additional 37,000 shares in the last quarter. Finally, LPL Financial LLC acquired a new stake in shares of Phillips 66 Partners in the 4th quarter valued at about $316,000. Institutional investors and hedge funds own 43.76% of the company’s stock.
A number of brokerages recently weighed in on PSXP. Bank of America reaffirmed a “neutral” rating and set a $53.00 price target (up from $46.00) on shares of Phillips 66 Partners in a research report on Thursday. ValuEngine raised shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Jefferies Financial Group raised shares of Phillips 66 Partners from a “hold” rating to a “buy” rating in a research report on Thursday, December 20th. Raymond James upped their price target on shares of Phillips 66 Partners from $60.00 to $62.00 and gave the stock an “outperform” rating in a research report on Monday, October 29th. Finally, Wells Fargo & Co decreased their price target on shares of Phillips 66 Partners from $57.00 to $55.00 and set a “market perform” rating for the company in a research report on Wednesday, October 31st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $57.54.
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Phillips 66 Partners Company Profile
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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