ARS Investment Partners LLC increased its position in shares of Phillips 66 Partners LP (NYSE:PSXP) by 103.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,675 shares of the oil and gas company’s stock after purchasing an additional 35,000 shares during the period. ARS Investment Partners LLC owned approximately 0.05% of Phillips 66 Partners worth $3,389,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSXP. Fort Washington Investment Advisors Inc. OH acquired a new stake in Phillips 66 Partners during the second quarter worth approximately $2,661,000. Redhawk Wealth Advisors Inc. acquired a new stake in Phillips 66 Partners during the second quarter worth approximately $87,000. LPL Financial LLC boosted its position in Phillips 66 Partners by 22.9% during the second quarter. LPL Financial LLC now owns 10,040 shares of the oil and gas company’s stock worth $495,000 after acquiring an additional 1,869 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in Phillips 66 Partners by 6.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 10,046 shares of the oil and gas company’s stock worth $496,000 after acquiring an additional 628 shares during the last quarter. Finally, Northeast Financial Consultants Inc boosted its position in Phillips 66 Partners by 15.5% during the second quarter. Northeast Financial Consultants Inc now owns 74,700 shares of the oil and gas company’s stock worth $3,686,000 after acquiring an additional 10,000 shares during the last quarter. 42.87% of the stock is owned by hedge funds and other institutional investors.
A number of analysts recently issued reports on the stock. Mizuho assumed coverage on shares of Phillips 66 Partners in a research report on Wednesday, June 5th. They set a “buy” rating and a $56.00 target price on the stock. Zacks Investment Research upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating and set a $54.00 target price on the stock in a research report on Tuesday, July 16th. ValuEngine lowered shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Friday, June 28th. Finally, Bank of America upgraded shares of Phillips 66 Partners from a “neutral” rating to a “buy” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $56.00.
In related news, Director Phillip David Bairrington purchased 613 shares of the firm’s stock in a transaction on Tuesday, August 13th. The shares were bought at an average price of $52.11 per share, for a total transaction of $31,943.43. Following the acquisition, the director now directly owns 10,626 shares in the company, valued at $553,720.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Shares of PSXP opened at $54.47 on Wednesday. The firm has a market cap of $6.81 billion, a PE ratio of 13.62, a price-to-earnings-growth ratio of 3.32 and a beta of 0.92. The company’s fifty day moving average is $52.83 and its two-hundred day moving average is $51.07. Phillips 66 Partners LP has a fifty-two week low of $40.76 and a fifty-two week high of $55.43. The company has a quick ratio of 0.72, a current ratio of 0.76 and a debt-to-equity ratio of 1.88.
Phillips 66 Partners (NYSE:PSXP) last announced 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 company had revenue of $401.00 million for 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%. Phillips 66 Partners’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the business earned $0.87 EPS. As a group, equities research analysts anticipate that Phillips 66 Partners LP will post 4.14 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 13th. Shareholders of record on Wednesday, July 31st were issued a $0.855 dividend. This represents a $3.42 dividend on an annualized basis and a dividend yield of 6.28%. The ex-dividend date of this dividend was Tuesday, July 30th. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.85. Phillips 66 Partners’s dividend payout ratio (DPR) is 85.50%.
About Phillips 66 Partners
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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