Icon Wealth Partners LLC decreased its holdings in Phillips 66 Partners LP (NYSE:PSXP) by 9.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,849 shares of the oil and gas company’s stock after selling 711 shares during the quarter. Icon Wealth Partners LLC’s holdings in Phillips 66 Partners were worth $388,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the business. FTB Advisors Inc. raised its stake in Phillips 66 Partners by 30.2% in the 3rd quarter. FTB Advisors Inc. now owns 954 shares of the oil and gas company’s stock worth $54,000 after purchasing an additional 221 shares in the last quarter. Stephens Inc. AR raised its stake in Phillips 66 Partners by 14.8% in the 3rd quarter. Stephens Inc. AR now owns 7,168 shares of the oil and gas company’s stock worth $406,000 after purchasing an additional 922 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Phillips 66 Partners by 28.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 16,145 shares of the oil and gas company’s stock worth $914,000 after purchasing an additional 3,556 shares in the last quarter. Miller Howard Investments Inc. NY raised its stake in Phillips 66 Partners by 26.9% in the 3rd quarter. Miller Howard Investments Inc. NY now owns 586,201 shares of the oil and gas company’s stock worth $33,191,000 after purchasing an additional 124,366 shares in the last quarter. Finally, MHI Funds LLC acquired a new stake in Phillips 66 Partners in the 3rd quarter worth about $126,000. Institutional investors and hedge funds own 42.68% of the company’s stock.
Several brokerages have recently commented on PSXP. Barclays set a $56.00 target price on shares of Phillips 66 Partners and gave the company a “hold” rating in a research report on Tuesday, October 15th. Zacks Investment Research upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating and set a $54.00 target price for the company in a research report on Tuesday, July 16th. Raymond James boosted their target price on shares of Phillips 66 Partners from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday. Bank of America boosted their target price on shares of Phillips 66 Partners from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, ValuEngine cut shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Phillips 66 Partners presently has a consensus rating of “Hold” and an average price target of $56.89.
Shares of NYSE:PSXP traded up $0.66 during midday trading on Thursday, hitting $54.72. The stock had a trading volume of 7,225 shares, compared to its average volume of 312,822. The company’s 50-day moving average price is $56.08 and its 200-day moving average price is $52.20. The company has a market capitalization of $6.79 billion, a P/E ratio of 13.66, a price-to-earnings-growth ratio of 3.02 and a beta of 0.90. The company has a quick ratio of 0.72, a current ratio of 0.76 and a debt-to-equity ratio of 1.88. Phillips 66 Partners LP has a fifty-two week low of $40.76 and a fifty-two week high of $59.75.
Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, July 26th. The oil and gas company reported $1.15 EPS for the quarter, beating the consensus estimate of $1.13 by $0.02. The company had revenue of $401.00 million during the quarter, compared to analysts’ expectations of $393.61 million. Phillips 66 Partners had a net margin of 54.28% and a return on equity of 48.70%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.87 EPS. Research analysts expect that Phillips 66 Partners LP will post 4.5 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Investors of record on Thursday, October 31st will be given a dividend of $0.865 per share. This represents a $3.46 dividend on an annualized basis and a yield of 6.32%. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.86. The ex-dividend date is Wednesday, October 30th. Phillips 66 Partners’s dividend payout ratio is currently 85.50%.
Phillips 66 Partners 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: What is the NASDAQ?
Want to see what other hedge funds are holding PSXP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 Partners LP (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.