Phillips 66 Partners LP (PSXP) Earns “Buy” Rating from Scotiabank
Phillips 66 Partners LP (NYSE:PSXP)‘s stock had its “buy” rating reiterated by research analysts at Scotiabank in a note issued to investors on Friday. They currently have a $61.00 target price on the oil and gas company’s stock. Scotiabank’s target price indicates a potential upside of 20.98% from the stock’s previous close.
A number of other research analysts have also recently commented on PSXP. BidaskClub cut Phillips 66 Partners from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 15th. Stifel Nicolaus set a $63.00 target price on Phillips 66 Partners and gave the company a “buy” rating in a research note on Saturday, June 24th. Citigroup Inc. reduced their target price on Phillips 66 Partners from $63.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, July 17th. Finally, Barclays PLC raised Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 target price on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $58.40.
Phillips 66 Partners (PSXP) opened at 50.42 on Friday. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 21.57 and a beta of 1.51. Phillips 66 Partners has a 52 week low of $42.47 and a 52 week high of $58.00. The stock has a 50 day moving average price of $48.71 and a 200 day moving average price of $51.81.
Phillips 66 Partners (NYSE:PSXP) last released its earnings results on Friday, April 28th. The oil and gas company reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.65 by $0.05. The firm had revenue of $234 million during the quarter, compared to the consensus estimate of $217.56 million. Phillips 66 Partners had a net margin of 46.38% and a return on equity of 22.31%. During the same period in the prior year, the company earned $0.44 EPS. On average, equities analysts forecast that Phillips 66 Partners will post $2.94 earnings per share for the current year.
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Several hedge funds have recently bought and sold shares of PSXP. Brookfield Asset Management Inc. purchased a new stake in Phillips 66 Partners during the fourth quarter worth $13,828,000. Infrastructure Capital Advisors LLC raised its stake in Phillips 66 Partners by 99.5% in the first quarter. Infrastructure Capital Advisors LLC now owns 156,847 shares of the oil and gas company’s stock worth $8,054,000 after buying an additional 78,232 shares in the last quarter. MAI Capital Management raised its stake in Phillips 66 Partners by 1.6% in the first quarter. MAI Capital Management now owns 55,957 shares of the oil and gas company’s stock worth $2,873,000 after buying an additional 870 shares in the last quarter. First Trust Advisors LP raised its stake in Phillips 66 Partners by 8.3% in the first quarter. First Trust Advisors LP now owns 117,353 shares of the oil and gas company’s stock worth $6,026,000 after buying an additional 8,965 shares in the last quarter. Finally, Keybank National Association OH raised its stake in Phillips 66 Partners by 9.0% in the first quarter. Keybank National Association OH now owns 4,820 shares of the oil and gas company’s stock worth $248,000 after buying an additional 400 shares in the last quarter. Institutional investors own 42.37% of the company’s stock.
About Phillips 66 Partners
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