Envestnet Asset Management Inc. reduced its holdings in Phillips 66 Partners LP (NYSE:PSXP) by 26.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,589 shares of the oil and gas company’s stock after selling 4,582 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Phillips 66 Partners were worth $621,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC grew its position in Phillips 66 Partners by 3.5% in the first quarter. SG Americas Securities LLC now owns 20,468 shares of the oil and gas company’s stock worth $1,072,000 after acquiring an additional 698 shares in the last quarter. Stephens Inc. AR bought a new stake in Phillips 66 Partners in the first quarter worth approximately $238,000. CIBC Asset Management Inc bought a new stake in shares of Phillips 66 Partners during the 1st quarter worth $225,000. Beaumont Financial Partners LLC bought a new stake in shares of Phillips 66 Partners during the 1st quarter worth $222,000. Finally, Holistic Financial Partners bought a new stake in shares of Phillips 66 Partners during the 1st quarter worth $293,000. Institutional investors and hedge funds own 42.80% of the company’s stock.
Shares of Phillips 66 Partners stock traded up $0.35 during mid-day trading on Tuesday, reaching $58.65. 11,126 shares of the stock were exchanged, compared to its average volume of 434,126. Phillips 66 Partners LP has a fifty-two week low of $40.76 and a fifty-two week high of $59.75. The firm has a 50-day simple moving average of $53.70 and a 200 day simple moving average of $51.41. The company has a current ratio of 0.76, a quick ratio of 0.72 and a debt-to-equity ratio of 1.88. The company has a market cap of $7.28 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 3.49 and a beta of 0.92.
Phillips 66 Partners (NYSE:PSXP) last issued its earnings results on Friday, July 26th. The oil and gas company reported $1.15 earnings per share (EPS) for the quarter, beating the 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%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 EPS. On average, research analysts predict that Phillips 66 Partners LP will post 4.14 EPS for the current fiscal year.
In related news, Director Phillip David Bairrington bought 613 shares of the company’s stock in a transaction on Tuesday, August 13th. The shares were purchased at an average cost of $52.11 per share, for a total transaction of $31,943.43. Following the acquisition, the director now owns 10,626 shares of the company’s stock, valued at approximately $553,720.86. The purchase was disclosed in a filing with the SEC, which is available at this link.
Several analysts recently issued reports on the stock. 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 report on Tuesday, July 16th. Bank of America upped their price objective on shares of Phillips 66 Partners from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. ValuEngine downgraded shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Finally, Mizuho assumed coverage on shares of Phillips 66 Partners in a research note on Wednesday, June 5th. They set a “buy” rating and a $56.00 target price for the company. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Phillips 66 Partners currently has an average rating of “Hold” and an average price target of $57.00.
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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