Phillips 66 Partners (PSXP) Price Target Lowered to $56.00 at Barclays

Phillips 66 Partners (NYSE:PSXP) had its target price decreased by research analysts at Barclays from $59.00 to $56.00 in a note issued to investors on Monday. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Barclays’ target price suggests a potential upside of 8.51% from the stock’s current price.

Several other brokerages have also recently commented on PSXP. Zacks Investment Research cut shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Thursday, January 25th. Morgan Stanley cut shares of 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. Bank of America assumed coverage on shares of Phillips 66 Partners in a research report on Tuesday, January 9th. They issued a “neutral” rating for the company. Credit Suisse Group assumed coverage on shares of Phillips 66 Partners in a research report on Thursday, January 4th. They issued a “neutral” rating and a $52.00 target price for the company. Finally, Scotiabank restated a “buy” rating and issued a $60.00 target price on shares of Phillips 66 Partners in a research report on Monday, January 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Phillips 66 Partners presently has a consensus rating of “Hold” and a consensus target price of $58.20.

Phillips 66 Partners (NYSE:PSXP) opened at $51.61 on Monday. The company has a market cap of $6,274.33, a P/E ratio of 20.24, a PEG ratio of 1.32 and a beta of 1.39. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 1.28. Phillips 66 Partners has a 12-month low of $44.40 and a 12-month high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, February 2nd. The oil and gas company reported $0.83 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.04). The firm had revenue of $331.00 million during the quarter, compared to analyst estimates of $316.00 million. Phillips 66 Partners had a net margin of 44.16% and a return on equity of 26.73%. Phillips 66 Partners’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.65 earnings per share. sell-side analysts predict that Phillips 66 Partners will post 3.27 earnings per share for the current fiscal year.

A number of hedge funds have recently added to or reduced their stakes in PSXP. Bank of New York Mellon Corp increased its position in Phillips 66 Partners by 16.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 27,815 shares of the oil and gas company’s stock worth $1,375,000 after purchasing an additional 4,017 shares in the last quarter. Alliancebernstein L.P. increased its position in Phillips 66 Partners by 5.9% during the 2nd quarter. Alliancebernstein L.P. now owns 11,199 shares of the oil and gas company’s stock worth $553,000 after purchasing an additional 627 shares in the last quarter. California Public Employees Retirement System increased its position in Phillips 66 Partners by 2.1% during the 2nd quarter. California Public Employees Retirement System now owns 83,700 shares of the oil and gas company’s stock worth $4,136,000 after purchasing an additional 1,700 shares in the last quarter. CNH Partners LLC increased its position in Phillips 66 Partners by 2.4% during the 2nd quarter. CNH Partners LLC now owns 8,445 shares of the oil and gas company’s stock worth $417,000 after purchasing an additional 200 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in 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 in the last quarter. Institutional investors and hedge funds own 37.22% of the company’s stock.

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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.

Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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