Phillips 66 Partners LP (NYSE:PSXP) – Research analysts at Mitsubishi UFJ Financial Group cut their Q3 2019 earnings estimates for shares of Phillips 66 Partners in a note issued to investors on Wednesday, December 19th. Mitsubishi UFJ Financial Group analyst B. Blaschke now expects that the oil and gas company will earn $1.23 per share for the quarter, down from their prior estimate of $1.24. Mitsubishi UFJ Financial Group also issued estimates for Phillips 66 Partners’ Q4 2019 earnings at $1.25 EPS and FY2019 earnings at $5.06 EPS.
Other equities research analysts have also recently issued research reports about the company. Jefferies Financial Group upgraded Phillips 66 Partners from a “hold” rating to a “buy” rating in a report on Thursday, December 20th. ValuEngine upgraded Phillips 66 Partners from a “sell” rating to a “hold” rating in a report on Thursday, October 18th. Wells Fargo & Co reduced their price objective on Phillips 66 Partners from $57.00 to $55.00 and set a “market perform” rating for the company in a report on Wednesday, October 31st. Bank of America cut Phillips 66 Partners from a “buy” rating to a “neutral” rating in a report on Monday, December 10th. Finally, Credit Suisse Group initiated coverage on shares of Phillips 66 Partners in a research report on Thursday, October 11th. They issued an “outperform” rating and a $66.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. Phillips 66 Partners presently has a consensus rating of “Hold” and an average target price of $58.04.
Shares of NYSE:PSXP opened at $42.50 on Monday. Phillips 66 Partners has a 12-month low of $42.50 and a 12-month high of $56.48. The company has a market cap of $5.47 billion, a PE ratio of 16.41, a PEG ratio of 1.58 and a beta of 1.27. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.00 and a quick ratio of 0.95.
Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings data on Friday, October 26th. The oil and gas company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.18. Phillips 66 Partners had a return on equity of 47.66% and a net margin of 51.76%. The company had revenue of $384.00 million during the quarter, compared to analysts’ expectations of $362.44 million. During the same quarter in the previous year, the company posted $0.65 earnings per share. The business’s revenue was up 8.5% on a year-over-year basis.
In other Phillips 66 Partners news, Director Joseph O’toole purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, November 28th. The stock was bought at an average cost of $46.96 per share, for a total transaction of $469,600.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $469,600. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSXP. Bank of America Corp DE raised its position in Phillips 66 Partners by 94.1% during the second quarter. Bank of America Corp DE now owns 461,807 shares of the oil and gas company’s stock valued at $23,580,000 after purchasing an additional 223,853 shares in the last quarter. Gryphon Financial Partners LLC raised its position in Phillips 66 Partners by 157.2% during the third quarter. Gryphon Financial Partners LLC now owns 9,817 shares of the oil and gas company’s stock valued at $502,000 after purchasing an additional 6,000 shares in the last quarter. Keybank National Association OH raised its position in Phillips 66 Partners by 12.2% during the second quarter. Keybank National Association OH now owns 9,276 shares of the oil and gas company’s stock valued at $474,000 after purchasing an additional 1,006 shares in the last quarter. GAM Holding AG acquired a new position in Phillips 66 Partners during the second quarter valued at approximately $242,000. Finally, Alps Advisors Inc. raised its position in Phillips 66 Partners by 6.4% during the second quarter. Alps Advisors Inc. now owns 4,414,520 shares of the oil and gas company’s stock valued at $225,405,000 after purchasing an additional 263,903 shares in the last quarter. Institutional investors own 44.03% of the company’s stock.
Phillips 66 Partners Company Profile
Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids pipelines, terminals, and other transportation and midstream assets. The company operates pipeline assets in Lake Charles, Sweeny, Wood River, Borger/Ponca City, Billings, and Borger; terminal, rail rack, and storage assets in Louisiana, Texas, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles and Wood River; and natural gas liquids assets in Texas and Louisiana.