Wells Fargo & Co Lowers Phillips 66 Partners (PSXP) Price Target to $55.00

Phillips 66 Partners (NYSE:PSXP) had its price target cut by analysts at Wells Fargo & Co from $57.00 to $55.00 in a report issued on Wednesday. The firm presently has a “market perform” rating on the oil and gas company’s stock. Wells Fargo & Co’s target price would indicate a potential upside of 7.44% from the stock’s previous close.

PSXP has been the subject of several other reports. Bank of America cut their price objective on shares of Phillips 66 Partners from $65.00 to $59.00 and set a “buy” rating for the company in a research report on Wednesday, August 1st. Scotiabank set a $60.00 price objective on shares of Phillips 66 Partners and gave the stock a “buy” rating in a research report on Monday, August 20th. Zacks Investment Research upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, August 1st. ValuEngine upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research report on Thursday, October 18th. Finally, Morgan Stanley downgraded shares of Phillips 66 Partners from an “equal weight” rating to an “underweight” rating and set a $55.00 price objective for the company. in a research report on Thursday, September 27th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $58.54.

NYSE:PSXP traded up $1.34 during mid-day trading on Wednesday, hitting $51.19. The stock had a trading volume of 19,353 shares, compared to its average volume of 231,692. Phillips 66 Partners has a twelve month low of $44.40 and a twelve month high of $56.48. The company has a market capitalization of $6.32 billion, a P/E ratio of 19.76, a price-to-earnings-growth ratio of 1.96 and a beta of 1.39. The company has a debt-to-equity ratio of 1.84, a quick ratio of 1.19 and a current ratio of 1.25.

Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings data on Friday, October 26th. The oil and gas company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.18. The firm had revenue of $384.00 million during the quarter, compared to the consensus estimate of $362.44 million. Phillips 66 Partners had a net margin of 51.76% and a return on equity of 49.25%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the business posted $0.65 earnings per share. As a group, equities analysts forecast that Phillips 66 Partners will post 3.92 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the company. Winslow Evans & Crocker Inc. bought a new position in shares of Phillips 66 Partners during the second quarter worth approximately $104,000. Walnut Private Equity Partners LLC increased its holdings in shares of Phillips 66 Partners by 275.9% during the third quarter. Walnut Private Equity Partners LLC now owns 2,725 shares of the oil and gas company’s stock worth $139,000 after purchasing an additional 2,000 shares during the period. Baldwin Brothers Inc. MA bought a new position in shares of Phillips 66 Partners during the second quarter worth approximately $140,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Phillips 66 Partners by 709.7% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,170 shares of the oil and gas company’s stock worth $200,000 after purchasing an additional 3,655 shares during the period. Finally, Ballentine Partners LLC bought a new position in shares of Phillips 66 Partners during the third quarter worth approximately $205,000. 41.72% of the stock is currently owned by institutional investors.

About Phillips 66 Partners

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids 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, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles and Wood River; and natural gas liquids assets in Texas and Louisiana.

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