Bank of America Raises Phillips 66 Partners (NYSE:PSXP) Price Target to $62.00

Phillips 66 Partners (NYSE:PSXP) had its price objective increased by Bank of America from $58.00 to $62.00 in a report published on Tuesday, BenzingaRatingsTable reports. The firm currently has a buy rating on the oil and gas company’s stock.

Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded Phillips 66 Partners from a sell rating to a hold rating and set a $54.00 price objective for the company in a research report on Tuesday, July 16th. Mizuho assumed coverage on Phillips 66 Partners in a research report on Wednesday, June 5th. They set a buy rating and a $56.00 price objective for the company. Finally, ValuEngine lowered Phillips 66 Partners from a hold rating to a sell rating in a research report on Friday, June 28th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $57.00.

PSXP stock traded up $1.45 during trading on Tuesday, reaching $57.56. The company’s stock had a trading volume of 5,349 shares, compared to its average volume of 435,708. Phillips 66 Partners has a 1 year low of $40.76 and a 1 year high of $56.69. The company has a quick ratio of 0.72, a current ratio of 0.76 and a debt-to-equity ratio of 1.88. The company has a market capitalization of $7.00 billion, a P/E ratio of 14.26, a price-to-earnings-growth ratio of 3.39 and a beta of 0.92. The company’s fifty day moving average is $53.33 and its 200-day moving average is $51.26.

Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings results on Friday, July 26th. The oil and gas company reported $1.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.13 by $0.02. Phillips 66 Partners had a return on equity of 48.70% and a net margin of 54.28%. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $393.61 million. During the same quarter in the prior year, the business posted $0.87 EPS. Phillips 66 Partners’s revenue for the quarter was up 13.3% compared to the same quarter last year. Analysts anticipate that Phillips 66 Partners will post 4.14 earnings per share for the current year.

In other news, Director Phillip David Bairrington acquired 613 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average price of $52.11 per share, for a total transaction of $31,943.43. Following the completion of the transaction, the director now directly owns 10,626 shares in the company, valued at approximately $553,720.86. The acquisition was disclosed in a filing with the SEC, which is available through this link.

Large investors have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new stake in Phillips 66 Partners in the first quarter worth about $47,000. Lindbrook Capital LLC lifted its stake in Phillips 66 Partners by 47.6% in the second quarter. Lindbrook Capital LLC now owns 1,240 shares of the oil and gas company’s stock worth $61,000 after purchasing an additional 400 shares during the last quarter. Lee Financial Co bought a new stake in Phillips 66 Partners in the second quarter worth about $69,000. Redhawk Wealth Advisors Inc. bought a new stake in Phillips 66 Partners in the second quarter worth about $87,000. Finally, FDx Advisors Inc. bought a new stake in Phillips 66 Partners in the second quarter worth about $208,000. 42.87% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Partners Company Profile

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids (NGL) 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, New Mexico, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles, Bayway, and Wood River; and NGL assets in Texas and Louisiana.

Read More: Understanding the Price to Earnings Ratio (PE)

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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