Phillips 66 Partners LP (PSXP) Receives Consensus Recommendation of “Buy” from Analysts
Phillips 66 Partners LP (NYSE:PSXP) has received an average recommendation of “Buy” from the fifteen ratings firms that are presently covering the firm. Four investment analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $61.75.
A number of research analysts recently issued reports on the company. Jefferies Group set a $54.00 price target on Phillips 66 Partners and gave the company a “hold” rating in a report on Saturday. Goldman Sachs Group Inc. began coverage on Phillips 66 Partners in a report on Thursday, August 25th. They set a “neutral” rating and a $52.00 target price on the stock. Barclays PLC reduced their target price on Phillips 66 Partners from $66.00 to $62.00 and set an “equal weight” rating on the stock in a report on Thursday, July 28th. Deutsche Bank AG set a $57.00 target price on Phillips 66 Partners and gave the stock a “buy” rating in a report on Monday, October 10th. Finally, Zacks Investment Research upgraded Phillips 66 Partners from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a report on Saturday.
Shares of Phillips 66 Partners (NYSE:PSXP) traded down 0.06% during mid-day trading on Monday, hitting $46.96. The company had a trading volume of 87,333 shares. The firm has a 50-day moving average price of $48.02 and a 200-day moving average price of $53.19. The firm has a market capitalization of $4.57 billion, a PE ratio of 22.76 and a beta of 1.57. Phillips 66 Partners has a 52 week low of $46.20 and a 52 week high of $66.81.
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Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Friday, July 29th. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.01. The business had revenue of $140.40 million for the quarter, compared to analysts’ expectations of $122.82 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm’s revenue for the quarter was up 67.5% on a year-over-year basis. Equities analysts forecast that Phillips 66 Partners will post $2.28 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Diversified Trust Co boosted its position in Phillips 66 Partners by 20.6% in the second quarter. Diversified Trust Co now owns 18,875 shares of the company’s stock valued at $1,055,000 after buying an additional 3,230 shares during the period. Conning Inc. boosted its position in Phillips 66 Partners by 1.4% in the second quarter. Conning Inc. now owns 46,047 shares of the company’s stock valued at $2,573,000 after buying an additional 654 shares during the period. Center Coast Capital Advisors LP boosted its position in Phillips 66 Partners by 137.2% in the second quarter. Center Coast Capital Advisors LP now owns 2,547,046 shares of the company’s stock valued at $142,303,000 after buying an additional 1,473,303 shares during the period. MAI Capital Management boosted its position in Phillips 66 Partners by 7.2% in the second quarter. MAI Capital Management now owns 64,162 shares of the company’s stock valued at $3,585,000 after buying an additional 4,302 shares during the period. Finally, Hollencrest Securities LLC acquired a new position in Phillips 66 Partners during the second quarter valued at about $307,000.
Phillips 66 Partners Company Profile
Phillips 66 Partners LP owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Company charges tariffs and fees for transporting crude oil and refined petroleum product pipeline, terminal, rail rack and storage systems in the Central, Gulf Coast, Atlantic Basin and Western regions of the United States.
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