Credit Suisse Group Cuts Phillips 66 Partners (PSXP) Price Target to $59.00

Phillips 66 Partners (NYSE:PSXP) had its price target lowered by investment analysts at Credit Suisse Group from $61.00 to $59.00 in a research report issued to clients and investors on Monday. The firm presently has an “outperform” rating on the oil and gas company’s stock. Credit Suisse Group’s target price suggests a potential upside of 19.46% from the company’s previous close.

Several other analysts have also weighed in on PSXP. ValuEngine upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Thursday, October 18th. Raymond James boosted their target price on shares of Phillips 66 Partners from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Monday, October 29th. Wells Fargo & Co lowered their target price on shares of Phillips 66 Partners from $57.00 to $55.00 and set a “market perform” rating for the company in a research note on Wednesday, October 31st. Bank of America lowered shares of Phillips 66 Partners from a “buy” rating to a “neutral” rating in a research note on Monday, December 10th. Finally, Jefferies Financial Group upgraded shares of Phillips 66 Partners from a “hold” rating to a “buy” rating in a research note on Thursday, December 20th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $56.54.

Shares of NYSE:PSXP traded up $0.24 during midday trading on Monday, reaching $49.39. The company had a trading volume of 5,854 shares, compared to its average volume of 315,679. 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 cap of $6.09 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 1.70 and a beta of 1.34. Phillips 66 Partners has a one year low of $40.76 and a one year high of $55.00.



Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings results on Friday, February 8th. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.01). The company had revenue of $393.00 million during the quarter, compared to the consensus estimate of $375.17 million. Phillips 66 Partners had a return on equity of 50.05% and a net margin of 53.57%. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. As a group, equities research analysts forecast that Phillips 66 Partners will post 4.12 EPS for the current fiscal year.

In other news, Director Joseph O’toole purchased 10,000 shares of Phillips 66 Partners stock in a transaction dated Wednesday, November 28th. The stock was bought at an average price of $46.96 per share, with a total value of $469,600.00. Following the completion of the acquisition, the director now owns 10,000 shares in the company, valued at approximately $469,600. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark Haney acquired 1,392 shares of Phillips 66 Partners stock in a transaction that occurred on Wednesday, January 16th. The stock was bought at an average cost of $49.31 per share, with a total value of $68,639.52. Following the acquisition, the director now directly owns 28,000 shares of the company’s stock, valued at $1,380,680. The disclosure for this purchase can be found here.

A number of hedge funds have recently bought and sold shares of the stock. Tortoise Capital Advisors L.L.C. lifted its holdings in Phillips 66 Partners by 9.7% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 11,693,897 shares of the oil and gas company’s stock worth $598,428,000 after purchasing an additional 1,038,327 shares during the period. Alps Advisors Inc. lifted its holdings in Phillips 66 Partners by 14.4% in the fourth quarter. Alps Advisors Inc. now owns 5,458,162 shares of the oil and gas company’s stock worth $229,843,000 after purchasing an additional 688,878 shares during the period. Kayne Anderson Capital Advisors LP lifted its holdings in Phillips 66 Partners by 5.4% in the third quarter. Kayne Anderson Capital Advisors LP now owns 2,416,891 shares of the oil and gas company’s stock worth $123,584,000 after purchasing an additional 124,310 shares during the period. JPMorgan Chase & Co. lifted its holdings in Phillips 66 Partners by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 1,735,870 shares of the oil and gas company’s stock worth $88,772,000 after purchasing an additional 381,955 shares during the period. Finally, Brookfield Asset Management Inc. lifted its holdings in Phillips 66 Partners by 5.0% in the third quarter. Brookfield Asset Management Inc. now owns 1,335,191 shares of the oil and gas company’s stock worth $68,281,000 after purchasing an additional 63,053 shares during the period. 44.32% of the stock is owned by institutional investors and hedge funds.

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.

Recommended Story: Is the QQQ ETF safe?

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

Receive News & Ratings for Phillips 66 Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply