Phillips 66 Partners (NYSE:PSXP) Sees Large Volume Increase

Phillips 66 Partners LP (NYSE:PSXP) shares saw unusually-strong trading volume on Friday . Approximately 839,200 shares traded hands during mid-day trading, an increase of 136% from the previous session’s volume of 354,969 shares.The stock last traded at $57.74 and had previously closed at $56.11.

Several equities research analysts have recently issued reports on PSXP shares. Bank of America increased their price objective on shares of Phillips 66 Partners from $58.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday. Mizuho started coverage on shares of Phillips 66 Partners in a research report on Wednesday, June 5th. They issued a “buy” rating and a $56.00 price objective for the company. ValuEngine lowered shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Friday, June 28th. Finally, Zacks Investment Research raised shares of Phillips 66 Partners from a “sell” rating to a “hold” rating and set a $54.00 price objective for the company in a research report on Tuesday, July 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $57.00.

The firm’s 50-day moving average price is $53.40 and its 200-day moving average price is $51.29. The company has a market cap of $7.00 billion, a price-to-earnings ratio of 14.44, a price-to-earnings-growth ratio of 3.39 and a beta of 0.92. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.76 and a quick ratio of 0.72.

Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Friday, July 26th. The oil and gas company reported $1.15 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.02. The business had revenue of $401.00 million during the quarter, compared to analyst estimates of $393.61 million. Phillips 66 Partners had a net margin of 54.28% and a return on equity of 48.70%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the business earned $0.87 EPS. On average, sell-side analysts anticipate that Phillips 66 Partners LP will post 4.14 earnings per share for the current year.

In other news, Director Phillip David Bairrington purchased 613 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was acquired at an average cost of $52.11 per share, with a total value of $31,943.43. Following the acquisition, the director now owns 10,626 shares in the company, valued at $553,720.86. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Institutional & Family Asset Management LLC grew its holdings in Phillips 66 Partners by 2.7% during the 1st quarter. Institutional & Family Asset Management LLC now owns 13,188 shares of the oil and gas company’s stock valued at $690,000 after purchasing an additional 350 shares in the last quarter. Icon Wealth Partners LLC boosted its stake in Phillips 66 Partners by 6.0% during the 1st quarter. Icon Wealth Partners LLC now owns 6,977 shares of the oil and gas company’s stock valued at $365,000 after acquiring an additional 397 shares during the last quarter. Lindbrook Capital LLC boosted its stake in Phillips 66 Partners by 47.6% during the 2nd quarter. Lindbrook Capital LLC now owns 1,240 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 400 shares during the last quarter. Keybank National Association OH boosted its stake in Phillips 66 Partners by 6.5% during the 2nd quarter. Keybank National Association OH now owns 7,691 shares of the oil and gas company’s stock valued at $380,000 after acquiring an additional 470 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Phillips 66 Partners by 3.3% during the 2nd quarter. Van ECK Associates Corp now owns 15,008 shares of the oil and gas company’s stock valued at $741,000 after acquiring an additional 473 shares during the last quarter. 42.87% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Partners Company Profile (NYSE:PSXP)

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids (NGL) 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, New Mexico, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles, Bayway, and Wood River; and NGL assets in Texas and Louisiana.

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