Cushing Asset Management LP decreased its position in Phillips 66 Partners LP (NYSE:PSXP) by 4.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,856,115 shares of the oil and gas company’s stock after selling 82,838 shares during the quarter. Phillips 66 Partners accounts for approximately 2.9% of Cushing Asset Management LP’s holdings, making the stock its 9th largest holding. Cushing Asset Management LP owned 1.53% of Phillips 66 Partners worth $97,167,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its stake in shares of Phillips 66 Partners by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 3,342 shares of the oil and gas company’s stock valued at $165,000 after purchasing an additional 234 shares during the period. SG Americas Securities LLC raised its stake in shares of Phillips 66 Partners by 2.1% in the 3rd quarter. SG Americas Securities LLC now owns 56,721 shares of the oil and gas company’s stock valued at $2,981,000 after purchasing an additional 1,148 shares during the period. Wells Fargo & Company MN raised its stake in shares of Phillips 66 Partners by 0.5% in the 4th quarter. Wells Fargo & Company MN now owns 261,542 shares of the oil and gas company’s stock valued at $13,692,000 after purchasing an additional 1,267 shares during the period. Signature Financial Management Inc. raised its stake in shares of Phillips 66 Partners by 34.1% in the 3rd quarter. Signature Financial Management Inc. now owns 5,500 shares of the oil and gas company’s stock valued at $289,000 after purchasing an additional 1,400 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of Phillips 66 Partners by 2.1% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 90,245 shares of the oil and gas company’s stock valued at $4,724,000 after purchasing an additional 1,815 shares during the period. 41.14% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Phillips 66 Partners LP (PSXP) opened at $51.90 on Tuesday. The company has a quick ratio of 1.64, a current ratio of 1.71 and a debt-to-equity ratio of 2.06. The stock has a market capitalization of $6,175.86, a PE ratio of 20.35, a P/E/G ratio of 1.79 and a beta of 1.41. Phillips 66 Partners LP has a 12-month low of $44.40 and a 12-month high of $56.48.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 13th. Investors of record on Wednesday, January 31st were issued a dividend of $0.678 per share. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $2.71 dividend on an annualized basis and a yield of 5.23%. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.65. Phillips 66 Partners’s dividend payout ratio (DPR) is presently 106.27%.
Several research firms have issued reports on PSXP. Barclays dropped their price target on Phillips 66 Partners from $59.00 to $56.00 and set an “equal weight” rating on the stock in a research note on Monday, February 5th. Goldman Sachs Group raised Phillips 66 Partners from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, December 18th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $62.00 target price (up previously from $59.00) on shares of Phillips 66 Partners in a research report on Sunday, February 4th. Credit Suisse Group started coverage on Phillips 66 Partners in a research report on Thursday, January 4th. They issued a “neutral” rating and a $52.00 target price on the stock. Finally, Zacks Investment Research downgraded Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Tuesday, February 13th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $58.20.
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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.
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