Phillips 66 Partners (PSXP) Hits New 12-Month Low at $44.94

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Phillips 66 Partners LP (NYSE:PSXP) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $44.94 and last traded at $45.29, with a volume of 18742 shares traded. The stock had previously closed at $46.75.

Several brokerages recently issued reports on PSXP. ValuEngine lowered Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. Scotiabank set a $60.00 target price on Phillips 66 Partners and gave the stock a “buy” rating in a research report on Monday, August 20th. Wells Fargo & Co lowered their target price on Phillips 66 Partners from $57.00 to $55.00 and set a “market perform” rating for the company in a research report on Wednesday, October 31st. Morgan Stanley lowered Phillips 66 Partners from an “equal weight” rating to an “underweight” rating and set a $55.00 target price for the company. in a research report on Thursday, September 27th. They noted that the move was a valuation call. Finally, Credit Suisse Group began coverage on Phillips 66 Partners in a research report on Thursday, October 11th. They set an “outperform” rating and a $66.00 target price for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $58.19.

The company has a quick ratio of 0.95, a current ratio of 1.00 and a debt-to-equity ratio of 1.72. The stock has a market capitalization of $5.67 billion, a price-to-earnings ratio of 17.71, a PEG ratio of 1.64 and a beta of 1.27.

Phillips 66 Partners (NYSE:PSXP) last posted its quarterly earnings data on Friday, October 26th. The oil and gas company reported $1.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate 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 firm had revenue of $384.00 million during the quarter, compared to analyst estimates of $362.44 million. During the same period last year, the company posted $0.65 EPS. The business’s quarterly revenue was up 8.5% on a year-over-year basis. As a group, equities analysts anticipate that Phillips 66 Partners LP will post 4.05 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 13th. Stockholders of record on Wednesday, October 31st were given a $0.792 dividend. The ex-dividend date was Tuesday, October 30th. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.75. This represents a $3.17 annualized dividend and a dividend yield of 6.91%. Phillips 66 Partners’s dividend payout ratio (DPR) is 122.39%.

In other Phillips 66 Partners news, Director Joseph O’toole acquired 10,000 shares of the stock in a transaction dated Wednesday, November 28th. The stock was purchased at an average cost of $46.96 per share, with a total value of $469,600.00. Following the transaction, the director now owns 10,000 shares in the company, valued at approximately $469,600. The acquisition was disclosed in a filing with the SEC, which is available at this link.

Several hedge funds have recently bought and sold shares of the company. Tortoise Capital Advisors L.L.C. raised its position in shares of Phillips 66 Partners by 9.7% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 11,693,897 shares of the oil and gas company’s stock worth $598,428,000 after acquiring an additional 1,038,327 shares in the last quarter. Alps Advisors Inc. raised its position in shares of Phillips 66 Partners by 8.0% in the 3rd quarter. Alps Advisors Inc. now owns 4,769,284 shares of the oil and gas company’s stock worth $243,901,000 after acquiring an additional 354,764 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its position in shares of Phillips 66 Partners by 5.4% in the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 2,416,891 shares of the oil and gas company’s stock worth $123,584,000 after acquiring an additional 124,310 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Phillips 66 Partners by 28.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,735,870 shares of the oil and gas company’s stock worth $88,772,000 after acquiring an additional 381,955 shares in the last quarter. Finally, Brookfield Asset Management Inc. raised its position in shares of Phillips 66 Partners by 5.0% in the 3rd quarter. Brookfield Asset Management Inc. now owns 1,335,191 shares of the oil and gas company’s stock worth $68,281,000 after acquiring an additional 63,053 shares in the last quarter. 44.13% of the stock is owned by hedge funds and other institutional investors.

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About Phillips 66 Partners (NYSE:PSXP)

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.

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