Virtus ETF Advisers LLC bought a new position in Phillips 66 Partners LP (NYSE:PSXP) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 47,272 shares of the oil and gas company’s stock, valued at approximately $2,333,000.
A number of other institutional investors have also recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its stake in Phillips 66 Partners by 3.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,729,228 shares of the oil and gas company’s stock worth $90,525,000 after purchasing an additional 54,307 shares in the last quarter. RR Advisors LLC lifted its stake in Phillips 66 Partners by 0.3% in the 2nd quarter. RR Advisors LLC now owns 1,211,000 shares of the oil and gas company’s stock worth $59,639,000 after purchasing an additional 4,000 shares in the last quarter. Bank of Montreal Can lifted its stake in Phillips 66 Partners by 38.2% in the 2nd quarter. Bank of Montreal Can now owns 881,216 shares of the oil and gas company’s stock worth $43,488,000 after purchasing an additional 243,771 shares in the last quarter. Wells Fargo & Company MN lifted its stake in Phillips 66 Partners by 50.6% in the 2nd quarter. Wells Fargo & Company MN now owns 545,681 shares of the oil and gas company’s stock worth $26,929,000 after purchasing an additional 183,324 shares in the last quarter. Finally, Miller Howard Investments Inc. NY lifted its stake in Phillips 66 Partners by 43.7% in the 2nd quarter. Miller Howard Investments Inc. NY now owns 461,835 shares of the oil and gas company’s stock worth $22,792,000 after purchasing an additional 140,499 shares in the last quarter. 42.87% of the stock is owned by institutional investors.
Shares of NYSE PSXP traded up $1.31 during mid-day trading on Friday, hitting $57.42. 61,001 shares of the company’s stock traded hands, compared to its average volume of 435,708. The company’s 50-day moving average is $53.33 and its two-hundred day moving average is $51.26. The company has a debt-to-equity ratio of 1.88, a current ratio of 0.76 and a quick ratio of 0.72. The company has a market capitalization of $7.00 billion, a P/E ratio of 14.34, a PEG ratio of 3.39 and a beta of 0.92. Phillips 66 Partners LP has a 1 year low of $40.76 and a 1 year high of $56.69.
Phillips 66 Partners (NYSE:PSXP) last announced 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 firm had revenue of $401.00 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the company earned $0.87 EPS. Equities analysts anticipate that Phillips 66 Partners LP will post 4.14 EPS for the current fiscal year.
In other news, Director Phillip David Bairrington acquired 613 shares of Phillips 66 Partners stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average cost of $52.11 per share, with a total value of $31,943.43. Following the transaction, the director now directly owns 10,626 shares of the company’s stock, valued at approximately $553,720.86. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Several brokerages have commented on PSXP. Zacks Investment Research upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating and set a $54.00 price target on the stock in a research note on Tuesday, July 16th. Bank of America boosted their price target on shares of Phillips 66 Partners from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday. ValuEngine cut shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Friday, June 28th. Finally, Mizuho started 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. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $57.00.
Phillips 66 Partners Profile
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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