Tortoise Capital Advisors L.L.C. lifted its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) by 4,689.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,195,809 shares of the oil and gas company’s stock after buying an additional 2,149,963 shares during the quarter. Phillips 66 Partners accounts for approximately 1.3% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 21st largest holding. Tortoise Capital Advisors L.L.C. owned about 0.96% of Phillips 66 Partners worth $76,798,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the stock. Credit Suisse AG raised its holdings in shares of Phillips 66 Partners by 3.1% during the 1st quarter. Credit Suisse AG now owns 11,475 shares of the oil and gas company’s stock valued at $363,000 after buying an additional 340 shares during the period. Pinnacle Holdings LLC increased its holdings in Phillips 66 Partners by 1.3% during the 1st quarter. Pinnacle Holdings LLC now owns 28,379 shares of the oil and gas company’s stock worth $899,000 after purchasing an additional 355 shares during the last quarter. Dividend Assets Capital LLC increased its holdings in Phillips 66 Partners by 0.9% during the 1st quarter. Dividend Assets Capital LLC now owns 45,094 shares of the oil and gas company’s stock worth $1,428,000 after purchasing an additional 400 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Phillips 66 Partners by 16.0% during the 1st quarter. Pacer Advisors Inc. now owns 3,248 shares of the oil and gas company’s stock worth $103,000 after purchasing an additional 448 shares during the last quarter. Finally, AdvisorNet Financial Inc increased its holdings in Phillips 66 Partners by 71.1% during the 1st quarter. AdvisorNet Financial Inc now owns 1,891 shares of the oil and gas company’s stock worth $60,000 after purchasing an additional 786 shares during the last quarter. Institutional investors and hedge funds own 17.25% of the company’s stock.
Several research firms have issued reports on PSXP. Mizuho lifted their price objective on Phillips 66 Partners from $34.00 to $41.00 and gave the stock a “neutral” rating in a report on Wednesday, June 9th. Wells Fargo & Company boosted their price target on Phillips 66 Partners from $37.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday, June 24th. Raymond James boosted their price objective on Phillips 66 Partners from $36.00 to $41.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Zacks Investment Research upgraded Phillips 66 Partners from a “sell” rating to a “hold” rating and set a $41.00 price objective for the company in a research report on Monday, June 21st. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $35.38.
Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Thursday, April 29th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.04). The company had revenue of $376.00 million for the quarter, compared to analyst estimates of $394.24 million. Phillips 66 Partners had a return on equity of 35.03% and a net margin of 34.40%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the firm earned $0.93 earnings per share. Sell-side analysts expect that Phillips 66 Partners LP will post 3.58 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 13th. Stockholders of record on Friday, July 30th will be given a dividend of $0.875 per share. The ex-dividend date is Thursday, July 29th. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.37. This represents a $3.50 dividend on an annualized basis and a dividend yield of 9.25%. Phillips 66 Partners’s payout ratio is 97.77%.
Phillips 66 Partners Profile
Phillips 66 Partners LP owns, operates, develops, and acquires midstream assets. It offers transportation, terminaling, processing, stevedoring, storage, and fractionation of crude oil, refined petroleum products, and natural gas liquids. The company was founded in 2013 and is headquartered in Houston, Texas.
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