Insider Buying: Phillips 66 Partners COO Purchases 357 Shares of Stock (PSXP)
Phillips 66 Partners (NASDAQ:PSXP) COO J. T. Liberti acquired 357 shares of the stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost of $62.35 per share, with a total value of $22,258.95. Following the completion of the acquisition, the chief operating officer now directly owns 34,496 shares in the company, valued at approximately $2,150,826. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Phillips 66 Partners in a research note on Thursday, July 31st. They now have a $69.00 price target on the stock, down previously from $74.00. Separately, analysts at RBC Capital raised their price target on shares of Phillips 66 Partners from $58.00 to $69.00 in a research note on Thursday, July 31st. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $51.29.
Phillips 66 Partners (NASDAQ:PSXP) traded up 2.63% on Friday, hitting $65.06. 90,696 shares of the company’s stock traded hands. Phillips 66 Partners has a 52 week low of $29.03 and a 52 week high of $79.92. The stock has a 50-day moving average of $71.20 and a 200-day moving average of $56.3. The company has a market cap of $4.812 billion and a price-to-earnings ratio of 40.04.
Phillips 66 Partners (NASDAQ:PSXP) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.41 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.43 by $0.02. The company had revenue of $56.90 million for the quarter, compared to the consensus estimate of $52.85 million. The company’s quarterly revenue was up 9.6% on a year-over-year basis. On average, analysts predict that Phillips 66 Partners will post $1.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, August 13th. Stockholders of record on Monday, August 4th will be paid a dividend of $0.3017 per share. This represents a $1.21 annualized dividend and a dividend yield of 1.85%. The ex-dividend date is Thursday, July 31st. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.27.
Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum product and natural gas liquids (NASDAQ:PSXP) pipelines and terminals and other transportation and midstream assets.
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