Credit Suisse Group Raises Phillips 66 Partners (NYSE:PSXP) Price Target to $60.00

Phillips 66 Partners (NYSE:PSXP) had its price target hoisted by Credit Suisse Group from $56.00 to $60.00 in a research report report published on Thursday, Stock Target Advisor reports. They currently have an outperform rating on the oil and gas company’s stock.

PSXP has been the topic of several other reports. Citigroup boosted their target price on shares of Phillips 66 Partners from $56.50 to $63.00 and gave the company a buy rating in a report on Tuesday, October 29th. ValuEngine lowered shares of Phillips 66 Partners from a sell rating to a strong sell rating in a report on Friday. Bank of America boosted their target price on shares of Phillips 66 Partners from $58.00 to $62.00 and gave the company a buy rating in a report on Tuesday, September 10th. Zacks Investment Research upgraded shares of Phillips 66 Partners from a strong sell rating to a buy rating and set a $61.00 target price on the stock in a report on Wednesday, October 30th. Finally, Mizuho upped their price objective on shares of Phillips 66 Partners from $58.00 to $61.00 and gave the stock a buy rating in a report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $59.44.

NYSE:PSXP traded up $0.21 on Thursday, hitting $54.57. The stock had a trading volume of 295,334 shares, compared to its average volume of 376,119. The company has a quick ratio of 1.49, a current ratio of 1.51 and a debt-to-equity ratio of 1.91. The stock has a market cap of $12.41 billion, a price-to-earnings ratio of 13.64, a PEG ratio of 3.05 and a beta of 0.89. The company has a fifty day moving average price of $55.95 and a two-hundred day moving average price of $52.58. Phillips 66 Partners has a 1-year low of $40.76 and a 1-year high of $59.75.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 13th. Stockholders of record on Thursday, October 31st will be issued a $0.865 dividend. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.86. This represents a $3.46 annualized dividend and a dividend yield of 6.34%. The ex-dividend date is Wednesday, October 30th. Phillips 66 Partners’s dividend payout ratio is currently 86.50%.

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In related news, Director Phillip David Bairrington acquired 613 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $553,720.86. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Lenox Wealth Advisors LLC purchased a new stake in Phillips 66 Partners during the 3rd quarter worth approximately $25,000. FTB Advisors Inc. increased its stake in Phillips 66 Partners by 30.2% during the 3rd quarter. FTB Advisors Inc. now owns 954 shares of the oil and gas company’s stock worth $54,000 after buying an additional 221 shares during the period. Lindbrook Capital LLC increased 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 worth $61,000 after buying an additional 400 shares during the period. Lee Financial Co purchased a new stake in Phillips 66 Partners during the 2nd quarter worth approximately $69,000. Finally, Redhawk Wealth Advisors Inc. purchased a new stake in Phillips 66 Partners during the 2nd quarter worth approximately $87,000. 42.68% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Phillips 66 Partners (NYSE:PSXP)

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