Infrastructure Capital Advisors LLC Raises Position in Phillips 66 Partners LP (NYSE:PSXP)

Infrastructure Capital Advisors LLC grew its position in Phillips 66 Partners LP (NYSE:PSXP) by 22.7% during the 2nd quarter, Holdings Channel reports. The fund owned 542,612 shares of the oil and gas company’s stock after buying an additional 100,424 shares during the quarter. Phillips 66 Partners comprises about 3.9% of Infrastructure Capital Advisors LLC’s holdings, making the stock its 11th biggest position. Infrastructure Capital Advisors LLC’s holdings in Phillips 66 Partners were worth $21,411,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Credit Suisse AG boosted its holdings in shares of Phillips 66 Partners by 3.1% in the first quarter. Credit Suisse AG now owns 11,475 shares of the oil and gas company’s stock valued at $363,000 after acquiring an additional 340 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in Phillips 66 Partners during the second quarter worth about $28,000. Creative Planning boosted its holdings in Phillips 66 Partners by 6.5% during the second quarter. Creative Planning now owns 13,614 shares of the oil and gas company’s stock worth $537,000 after buying an additional 836 shares in the last quarter. BlackRock Inc. raised its position in Phillips 66 Partners by 3.3% during the first quarter. BlackRock Inc. now owns 28,354 shares of the oil and gas company’s stock worth $898,000 after acquiring an additional 897 shares during the last quarter. Finally, Stifel Financial Corp raised its position in Phillips 66 Partners by 13.1% during the second quarter. Stifel Financial Corp now owns 8,701 shares of the oil and gas company’s stock worth $343,000 after acquiring an additional 1,011 shares during the last quarter. 17.44% of the stock is currently owned by institutional investors and hedge funds.

Several brokerages recently commented on PSXP. TheStreet raised shares of Phillips 66 Partners from a “c+” rating to a “b” rating in a research report on Friday, September 3rd. Barclays upped their price target on shares of Phillips 66 Partners from $38.00 to $39.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 6th. Zacks Investment Research raised shares of Phillips 66 Partners from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a research report on Monday, October 4th. Raymond James upped their price target on shares of Phillips 66 Partners from $36.00 to $41.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 21st. Finally, Wells Fargo & Company boosted their price objective on shares of Phillips 66 Partners from $37.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 24th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Phillips 66 Partners currently has a consensus rating of “Hold” and an average price target of $36.63.

Shares of PSXP stock traded up $0.28 on Thursday, hitting $39.34. The stock had a trading volume of 2,295 shares, compared to its average volume of 764,327. The firm has a market capitalization of $8.98 billion, a price-to-earnings ratio of 19.24 and a beta of 1.20. The stock’s 50 day moving average is $36.14 and its 200-day moving average is $36.74. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.18 and a current ratio of 0.24. Phillips 66 Partners LP has a 52-week low of $22.25 and a 52-week high of $42.17.

Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Monday, August 2nd. The oil and gas company reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.03. The business had revenue of $423.00 million during the quarter, compared to the consensus estimate of $394.73 million. Phillips 66 Partners had a net margin of 32.66% and a return on equity of 35.09%. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.05 earnings per share. Equities analysts expect that Phillips 66 Partners LP will post 3.64 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Friday, July 30th were paid a $0.875 dividend. The ex-dividend date was Thursday, July 29th. This represents a $3.50 annualized dividend and a dividend yield of 8.90%. Phillips 66 Partners’s dividend payout ratio (DPR) is presently 97.77%.

About Phillips 66 Partners

Phillips 66 Partners LP engages in the ownership, operation, development, and acquisition of crude oil, refined petroleum product and natural gas liquids pipelines and terminals, and other transportation and midstream assets. It also provides terminals and storages for oil and petroleum products. The company was founded on February 20, 2013 and is headquartered in Houston, TX.

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Institutional Ownership by Quarter for Phillips 66 Partners (NYSE:PSXP)

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