Phillips 66 Partners LP (PSXP) Stock Rating Lowered by BidaskClub

Phillips 66 Partners LP (NYSE:PSXP) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday, August 9th.

Several other brokerages also recently commented on PSXP. Stifel Nicolaus reiterated a “buy” rating and issued a $63.00 target price on shares of Phillips 66 Partners in a report on Friday, July 28th. Scotiabank set a $61.00 price target on shares of Phillips 66 Partners and gave the company a “buy” rating in a research report on Friday, July 21st. Citigroup Inc. reduced their price target on shares of Phillips 66 Partners from $63.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, July 17th. Finally, Barclays PLC upgraded shares of Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 price target for the company in a research report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $56.44.

Shares of Phillips 66 Partners (NYSE PSXP) opened at 46.53 on Wednesday. Phillips 66 Partners has a one year low of $42.47 and a one year high of $58.00. The company has a 50-day moving average of $49.07 and a 200-day moving average of $51.27. The company has a market capitalization of $5.14 billion, a PE ratio of 19.19 and a beta of 1.51.

Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Tuesday, August 1st. The oil and gas company reported $0.61 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by $0.11. The firm had revenue of $234 million during the quarter, compared to analysts’ expectations of $235.69 million. Phillips 66 Partners had a net margin of 45.35% and a return on equity of 23.01%. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 EPS. On average, analysts anticipate that Phillips 66 Partners will post $2.66 earnings per share for the current year.

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Several institutional investors have recently added to or reduced their stakes in the stock. Creative Planning raised its position in Phillips 66 Partners by 233.1% in the first quarter. Creative Planning now owns 2,861 shares of the oil and gas company’s stock worth $147,000 after buying an additional 2,002 shares during the period. Country Club Trust Company n.a. purchased a new position in Phillips 66 Partners during the first quarter worth approximately $413,000. Spirit of America Management Corp NY raised its position in Phillips 66 Partners by 35.8% in the first quarter. Spirit of America Management Corp NY now owns 418,839 shares of the oil and gas company’s stock worth $21,507,000 after buying an additional 110,372 shares during the period. Duff & Phelps Investment Management Co. raised its position in Phillips 66 Partners by 0.3% in the first quarter. Duff & Phelps Investment Management Co. now owns 288,019 shares of the oil and gas company’s stock worth $14,790,000 after buying an additional 800 shares during the period. Finally, Hollencrest Securities LLC purchased a new position in Phillips 66 Partners during the first quarter worth approximately $375,000. Institutional investors own 42.22% of the company’s stock.

About Phillips 66 Partners

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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