Credit Suisse Group Begins Coverage on Phillips 66 Partners (PSXP)

Credit Suisse Group began coverage on shares of Phillips 66 Partners (NYSE:PSXP) in a research report issued on Thursday, The Fly reports. The brokerage set a “neutral” rating on the oil and gas company’s stock.

PSXP has been the subject of a number of other research reports. Royal Bank of Canada reiterated a “buy” rating and issued a $63.00 target price on shares of Phillips 66 Partners in a research report on Tuesday, October 3rd. Mizuho set a $59.00 target price on shares of Phillips 66 Partners and gave the stock a “buy” rating in a research report on Sunday, October 29th. Scotiabank reiterated a “buy” rating and issued a $61.00 target price on shares of Phillips 66 Partners in a research report on Wednesday, October 25th. BidaskClub upgraded shares of Phillips 66 Partners from a “hold” rating to a “buy” rating in a research report on Thursday, September 28th. Finally, Morgan Stanley cut their target price on shares of Phillips 66 Partners from $56.00 to $55.00 and set an “overweight” rating for the company in a research report on Friday, November 17th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $59.00.

Phillips 66 Partners (NYSE:PSXP) traded up $0.18 during mid-day trading on Thursday, reaching $53.84. 477,040 shares of the company’s stock were exchanged, compared to its average volume of 427,433. Phillips 66 Partners has a 12 month low of $44.40 and a 12 month high of $58.00. The company has a current ratio of 0.64, a quick ratio of 0.56 and a debt-to-equity ratio of 1.28. The stock has a market cap of $6,520.00, a P/E ratio of 22.81, a price-to-earnings-growth ratio of 1.37 and a beta of 1.47.

Phillips 66 Partners (NYSE:PSXP) last released its earnings results on Friday, October 27th. The oil and gas company reported $0.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.08). Phillips 66 Partners had a return on equity of 23.56% and a net margin of 42.19%. The company had revenue of $245.00 million during the quarter, compared to analysts’ expectations of $236.18 million. During the same quarter in the previous year, the company earned $0.57 EPS. The firm’s quarterly revenue was up 69.8% compared to the same quarter last year. analysts expect that Phillips 66 Partners will post 2.58 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company increased its stake in shares of Phillips 66 Partners by 7.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock worth $165,000 after purchasing an additional 234 shares during the last quarter. Johnson Financial Group LLC acquired a new position in shares of Phillips 66 Partners during the 3rd quarter worth $217,000. Beaumont Financial Partners LLC acquired a new position in shares of Phillips 66 Partners during the 2nd quarter worth $217,000. Keybank National Association OH increased its stake in shares of Phillips 66 Partners by 5.9% during the 2nd quarter. Keybank National Association OH now owns 5,105 shares of the oil and gas company’s stock worth $252,000 after purchasing an additional 285 shares during the last quarter. Finally, Signature Financial Management Inc. increased its stake in shares of Phillips 66 Partners by 34.1% during the 3rd quarter. Signature Financial Management Inc. now owns 5,500 shares of the oil and gas company’s stock worth $289,000 after purchasing an additional 1,400 shares during the last quarter. Institutional investors own 37.17% of the company’s stock.

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