Phillips 66 Partners (NYSE:PSXP)‘s stock had its “buy” rating reaffirmed by analysts at Scotiabank in a note issued to investors on Monday. They currently have a $60.00 target price on the oil and gas company’s stock. Scotiabank’s price target suggests a potential upside of 12.28% from the company’s current price.
A number of other analysts have also issued reports on PSXP. Bank of America began coverage on Phillips 66 Partners in a research report on Tuesday, January 9th. They set a “neutral” rating on the stock. Morgan Stanley lowered Phillips 66 Partners from an “overweight” rating to an “equal weight” rating in a research report on Thursday, January 11th. They noted that the move was a valuation call. Royal Bank of Canada reaffirmed a “buy” rating and set 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 Phillips 66 Partners and gave the stock a “buy” rating in a research report on Sunday, October 29th. Finally, Zacks Investment Research lowered Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $58.20.
Shares of Phillips 66 Partners (NYSE PSXP) traded down $1.12 on Monday, hitting $53.44. The company had a trading volume of 224,834 shares, compared to its average volume of 280,771. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 1.28. The stock has a market cap of $6,630.00, a price-to-earnings ratio of 22.78, a P/E/G ratio of 1.40 and a beta of 1.47. Phillips 66 Partners has a twelve month low of $44.40 and a twelve month high of $58.00.
A number of large investors have recently bought and sold shares of the stock. CNH Partners LLC boosted its stake in Phillips 66 Partners by 2.4% in the second quarter. CNH Partners LLC now owns 8,445 shares of the oil and gas company’s stock valued at $417,000 after acquiring an additional 200 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Phillips 66 Partners by 7.5% in the second quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after acquiring an additional 234 shares during the period. ELCO Management Co. LLC boosted its stake in Phillips 66 Partners by 5.1% in the second quarter. ELCO Management Co. LLC now owns 6,235 shares of the oil and gas company’s stock valued at $308,000 after acquiring an additional 305 shares during the period. Raymond James Financial Services Advisors Inc. boosted its stake in Phillips 66 Partners by 0.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 88,229 shares of the oil and gas company’s stock valued at $4,360,000 after acquiring an additional 587 shares during the period. Finally, Alliancebernstein L.P. boosted its stake in Phillips 66 Partners by 5.9% in the second quarter. Alliancebernstein L.P. now owns 11,199 shares of the oil and gas company’s stock valued at $553,000 after acquiring an additional 627 shares during the period. Institutional investors and hedge funds own 37.20% of the company’s stock.
ILLEGAL ACTIVITY NOTICE: “Scotiabank Reiterates “Buy” Rating for Phillips 66 Partners (PSXP)” was published by American Banking News and is the sole property of of American Banking News. If you are accessing this piece of content on another domain, it was illegally stolen and reposted in violation of U.S. and international copyright laws. The original version of this piece of content can be viewed at https://www.americanbankingnews.com/2018/01/29/scotiabank-reiterates-buy-rating-for-phillips-66-partners-psxp.html.
Phillips 66 Partners Company Profile
Phillips 66 Partners LP (Phillips 66) 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’s assets consist of systems, such as Clifton Ridge Crude System, Eagle Ford Gathering System, Ponca Crude System, Billings Crude System, Borger Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Cross-Channel Connector Products System, Ponca Products System, Billings Products System, Bayway Products System, Standish Pipeline, Borger Products System, River Parish NGL System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Sand Hills/Southern Hills Joint Ventures, Explorer Pipeline Joint Venture, Bakken Joint Ventures, Bayou Bridge Pipeline Joint Venture, STACK Pipeline Joint Venture, and Sweeny Fractionator and Clemens Caverns.
Receive News & Ratings for Phillips 66 Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 Partners and related companies with MarketBeat.com's FREE daily email newsletter.