Phillips 66 Partners (NYSE:PSXP) posted its quarterly earnings data on Tuesday, April 30th. The oil and gas company reported $0.92 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.98 by ($0.06), MarketWatch Earnings reports. The company had revenue of $423.00 million for the quarter, compared to analysts’ expectations of $366.55 million. Phillips 66 Partners had a net margin of 52.90% and a return on equity of 47.98%. The business’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 EPS.
Shares of PSXP stock traded down $0.10 on Wednesday, hitting $49.99. 197,600 shares of the company’s stock traded hands, compared to its average volume of 341,462. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.55 and a current ratio of 0.62. Phillips 66 Partners has a one year low of $40.76 and a one year high of $55.02. The firm has a market cap of $6.24 billion, a P/E ratio of 12.50, a P/E/G ratio of 2.83 and a beta of 1.19.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 14th. Investors of record on Tuesday, April 30th were issued a dividend of $0.845 per share. The ex-dividend date was Monday, April 29th. This represents a $3.38 annualized dividend and a dividend yield of 6.76%. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.84. Phillips 66 Partners’s dividend payout ratio (DPR) is currently 84.50%.
Several analysts have recently weighed in on the stock. Mitsubishi UFJ Financial Group lowered their price objective on shares of Phillips 66 Partners to $58.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Zacks Investment Research upgraded shares of Phillips 66 Partners from a “hold” rating to a “strong-buy” rating and set a $59.00 price objective on the stock in a research report on Tuesday, April 16th. ValuEngine cut shares of Phillips 66 Partners from a “hold” rating to a “sell” rating in a research report on Monday, April 15th. Credit Suisse Group reduced their target price on shares of Phillips 66 Partners from $61.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, February 11th. Finally, Stifel Nicolaus lowered shares of Phillips 66 Partners from a “buy” rating to a “hold” rating and increased their target price for the company from $50.00 to $52.00 in a report on Monday, February 11th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $57.40.
Several hedge funds have recently added to or reduced their stakes in PSXP. Ffcm LLC grew its holdings in Phillips 66 Partners by 50.0% in the 4th quarter. Ffcm LLC now owns 675 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 225 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its holdings in Phillips 66 Partners by 100.0% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 600 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 300 shares during the last quarter. Institutional & Family Asset Management LLC grew its holdings in Phillips 66 Partners by 2.7% in the 1st quarter. Institutional & Family Asset Management LLC now owns 13,188 shares of the oil and gas company’s stock worth $690,000 after acquiring an additional 350 shares during the last quarter. Icon Wealth Partners LLC grew its holdings in Phillips 66 Partners by 6.0% in the 1st quarter. Icon Wealth Partners LLC now owns 6,977 shares of the oil and gas company’s stock worth $365,000 after acquiring an additional 397 shares during the last quarter. Finally, Conning Inc. grew its holdings in Phillips 66 Partners by 1.3% in the 1st quarter. Conning Inc. now owns 35,155 shares of the oil and gas company’s stock worth $1,840,000 after acquiring an additional 439 shares during the last quarter. 43.22% of the stock is currently owned by institutional investors.
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Phillips 66 Partners Company 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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