Phillips 66 Partners (NYSE:PSXP) Stock Price Down 4.7%

Phillips 66 Partners LP (NYSE:PSXP) shares dropped 4.7% on Tuesday . The stock traded as low as $31.01 and last traded at $31.04. Approximately 13,326 shares changed hands during trading, a decline of 99% from the average daily volume of 1,120,793 shares. The stock had previously closed at $32.57.

A number of research analysts have recently commented on PSXP shares. The Goldman Sachs Group began coverage on Phillips 66 Partners in a report on Thursday, December 17th. They set a “neutral” rating and a $29.00 price objective on the stock. Mizuho reiterated a “neutral” rating and issued a $27.00 target price (down previously from $32.00) on shares of Phillips 66 Partners in a research note on Wednesday, March 3rd. Credit Suisse Group decreased their target price on shares of Phillips 66 Partners from $39.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, March 8th. Finally, Scotiabank initiated coverage on shares of Phillips 66 Partners in a report on Monday, February 1st. They issued a “sector perform” rating on the stock. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Phillips 66 Partners presently has an average rating of “Hold” and a consensus target price of $36.18.

The stock has a market capitalization of $6.86 billion, a P/E ratio of 7.72 and a beta of 1.13. The firm’s 50 day simple moving average is $29.62 and its two-hundred day simple moving average is $27.07. The company has a quick ratio of 0.18, a current ratio of 0.20 and a debt-to-equity ratio of 1.40.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Thursday, January 28th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.87 by ($0.47). The company had revenue of $390.00 million for the quarter, compared to the consensus estimate of $390.12 million. Phillips 66 Partners had a return on equity of 41.31% and a net margin of 56.75%. During the same quarter last year, the company posted $1.06 EPS. As a group, equities research analysts expect that Phillips 66 Partners LP will post 3.56 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, February 12th. Stockholders of record on Friday, January 29th were paid a $0.875 dividend. This represents a $3.50 dividend on an annualized basis and a dividend yield of 11.65%. The ex-dividend date was Thursday, January 28th. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.37. Phillips 66 Partners’s payout ratio is presently 81.59%.

In other Phillips 66 Partners news, Director Mark Haney purchased 1,445 shares of the firm’s stock in a transaction that occurred on Wednesday, January 20th. The stock was bought at an average cost of $30.05 per share, with a total value of $43,422.25. Following the completion of the transaction, the director now owns 32,474 shares of the company’s stock, valued at approximately $975,843.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in Phillips 66 Partners by 2.5% during the fourth quarter. JPMorgan Chase & Co. now owns 2,818,382 shares of the oil and gas company’s stock valued at $74,434,000 after buying an additional 69,952 shares during the period. Virtus ETF Advisers LLC grew its position in shares of Phillips 66 Partners by 85.5% during the 4th quarter. Virtus ETF Advisers LLC now owns 58,937 shares of the oil and gas company’s stock valued at $1,557,000 after acquiring an additional 27,167 shares during the period. International Assets Investment Management LLC bought a new stake in shares of Phillips 66 Partners in the 4th quarter worth approximately $53,000. GSA Capital Partners LLP purchased a new position in Phillips 66 Partners in the fourth quarter valued at approximately $492,000. Finally, Chickasaw Capital Management LLC lifted its stake in Phillips 66 Partners by 13.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 2,653,747 shares of the oil and gas company’s stock valued at $70,085,000 after purchasing an additional 320,509 shares during the last quarter. 22.19% of the stock is currently owned by institutional investors.

About Phillips 66 Partners (NYSE:PSXP)

Phillips 66 Partners LP owns, operates, develops, and acquires midstream assets. It offers transportation, terminaling, processing, stevedoring, storage, and fractionation of crude oil, refined petroleum products, and natural gas liquids. The company was founded in 2013 and is headquartered in Houston, Texas.

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