Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Phillips 66 Partners LP (NYSE:PSXP) by 6.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,608,216 shares of the oil and gas company’s stock after buying an additional 104,381 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.70% of Phillips 66 Partners worth $50,932,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Alps Advisors Inc. raised its holdings in shares of Phillips 66 Partners by 6.2% in the 1st quarter. Alps Advisors Inc. now owns 9,664,138 shares of the oil and gas company’s stock valued at $306,063,000 after purchasing an additional 566,476 shares during the period. Brookfield Asset Management Inc. raised its holdings in shares of Phillips 66 Partners by 38.2% in the 4th quarter. Brookfield Asset Management Inc. now owns 1,855,769 shares of the oil and gas company’s stock valued at $49,011,000 after purchasing an additional 513,414 shares during the period. Morgan Stanley raised its holdings in shares of Phillips 66 Partners by 20.5% in the 4th quarter. Morgan Stanley now owns 1,614,655 shares of the oil and gas company’s stock valued at $42,644,000 after purchasing an additional 274,824 shares during the period. CIBC Private Wealth Group LLC raised its holdings in shares of Phillips 66 Partners by 15.1% in the 1st quarter. CIBC Private Wealth Group LLC now owns 1,656,269 shares of the oil and gas company’s stock valued at $52,455,000 after purchasing an additional 217,279 shares during the period. Finally, Infrastructure Capital Advisors LLC raised its holdings in shares of Phillips 66 Partners by 83.7% in the 4th quarter. Infrastructure Capital Advisors LLC now owns 361,377 shares of the oil and gas company’s stock valued at $9,544,000 after purchasing an additional 164,676 shares during the period. 17.25% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on PSXP shares. Credit Suisse Group dropped their target price on shares of Phillips 66 Partners from $39.00 to $33.00 and set an “outperform” rating on the stock in a report on Monday, March 1st. Mizuho increased their price target on shares of Phillips 66 Partners from $34.00 to $41.00 and gave the company a “neutral” rating in a report on Wednesday, June 9th. Finally, Wells Fargo & Company increased their price target on shares of Phillips 66 Partners from $28.00 to $32.00 and gave the company an “equal weight” rating in a report on Wednesday, April 28th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $33.25.
Shares of NYSE:PSXP opened at $40.00 on Friday. The stock’s 50 day simple moving average is $37.03. Phillips 66 Partners LP has a 12-month low of $21.28 and a 12-month high of $42.17. The firm has a market cap of $9.13 billion, a price-to-earnings ratio of 18.43 and a beta of 1.20. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.19 and a current ratio of 0.21.
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 the Zacks’ consensus estimate of $0.78 by ($0.04). Phillips 66 Partners had a return on equity of 35.03% and a net margin of 34.40%. The business had revenue of $376.00 million for the quarter, compared to analyst estimates of $394.24 million. During the same quarter in the previous year, the company earned $0.93 EPS. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. Analysts forecast that Phillips 66 Partners LP will post 3.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 14th. Shareholders of record on Friday, April 30th were given a dividend of $0.875 per share. This represents a $3.50 dividend on an annualized basis and a dividend yield of 8.75%. The ex-dividend date was Thursday, April 29th. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.37. Phillips 66 Partners’s dividend payout ratio is presently 97.77%.
About Phillips 66 Partners
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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