The stock of Phillips 66 Partners LP (NYSE:PSXP) hit a new 52-week low and has $40.12 target or 9.00% below today’s $44.09 share price. The 9 months bearish chart indicates high risk for the $4.39 billion company. The 1-year low was reported on Oct, 31 by Barchart.com. If the $40.12 price target is reached, the company will be worth $395.10 million less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock. About 155,863 shares traded hands. Phillips 66 Partners LP (NYSE:PSXP) has declined 26.41% since March 29, 2016 and is downtrending. It has underperformed by 29.89% the S&P500.
Analysts await Phillips 66 Partners LP (NYSE:PSXP) to report earnings on November, 4. They expect $0.58 earnings per share, up 16.00% or $0.08 from last year’s $0.5 per share. PSXP’s profit will be $57.75 million for 19.00 P/E if the $0.58 EPS becomes a reality. After $0.51 actual earnings per share reported by Phillips 66 Partners LP for the previous quarter, Wall Street now forecasts 13.73% EPS growth.
Phillips 66 Partners LP (NYSE:PSXP) Ratings Coverage
Out of 13 analysts covering Phillips 66 Partners (NYSE:PSXP), 9 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 69% are positive. Phillips 66 Partners has been the topic of 16 analyst reports since August 4, 2015 according to StockzIntelligence Inc. On Monday, October 26 the stock rating was upgraded by Credit Suisse to “Outperform”. The stock of Phillips 66 Partners LP (NYSE:PSXP) earned “Buy” rating by Mizuho on Friday, September 30. The firm earned “Market Perform” rating on Tuesday, May 3 by Wells Fargo. The firm earned “Hold” rating on Tuesday, August 23 by Jefferies. JP Morgan maintained the shares of PSXP in a report on Tuesday, March 15 with “Overweight” rating. The stock of Phillips 66 Partners LP (NYSE:PSXP) has “Buy” rating given on Monday, October 10 by . The company was maintained on Thursday, September 3 by Evercore. The firm has “Buy” rating by Stifel Nicolaus given on Thursday, August 18. The rating was initiated by Goldman Sachs on Thursday, August 25 with “Neutral”. On Monday, November 2 the stock rating was maintained by RBC Capital Markets with “Outperform”.
According to Zacks Investment Research, “Phillips 66 Partners L.P is a downstream energy company. It operates in three segments: Refining and Marketing, Midstream and Chemicals. Refining and Marketing segment purchases, refines, markets and transports crude oil and petroleum products primarily in the United States, Europe and Asia. This segment also includes power generation operations. Midstream segment gathers, processes, transports and markets natural gas and transports, fractionates and markets natural gas liquids primarily in the United States. Chemicals segment manufactures and markets petrochemicals and plastics. Phillips 66 Partners L.P is headquartered in Houston, Texas.”
Insitutional Activity: The institutional sentiment increased to 1.57 in 2016 Q2. Its up 0.36, from 1.21 in 2016Q1. The ratio is positive, as 18 funds sold all Phillips 66 Partners LP shares owned while 28 reduced positions. 26 funds bought stakes while 46 increased positions. They now own 33.71 million shares or 51.45% more from 22.26 million shares in 2016Q1.
Salient Advsr Ltd Liability Corporation has invested 1.24% of its portfolio in Phillips 66 Partners LP (NYSE:PSXP). Fifth Third State Bank has invested 0% of its portfolio in Phillips 66 Partners LP (NYSE:PSXP). Agf Invests owns 115 shares or 0% of their US portfolio. Duff & Phelps Invest Management accumulated 251,319 shares or 0.21% of the stock. Nuveen Asset Limited Liability Co holds 0.06% of its portfolio in Phillips 66 Partners LP (NYSE:PSXP) for 178,811 shares. Hollencrest Securities Ltd Liability Corporation has invested 0.05% of its portfolio in Phillips 66 Partners LP (NYSE:PSXP). Neuberger Berman Grp Limited Liability Co owns 7,681 shares or 0% of their US portfolio. Diversified Communications accumulated 0.12% or 18,875 shares. Services Corp last reported 629 shares in the company. Cambridge Invest Research has 0.01% invested in the company for 4,481 shares. Sei accumulated 92,683 shares or 0.03% of the stock. Jpmorgan Chase Com has 595,704 shares for 0.01% of their US portfolio. Spirit Of America Mgmt Ny, a New York-based fund reported 159,967 shares. Castleark Management Lc has 0.06% invested in the company for 33,190 shares. Credit Suisse Ag holds 216,572 shares or 0.01% of its portfolio.
Insider Transactions: Since May 20, 2016, the stock had 1 insider buy, and 0 selling transactions for $423,549 net activity. Haney Mark also bought $423,549 worth of Phillips 66 Partners LP (NYSE:PSXP) on Friday, May 20.
More notable recent Phillips 66 Partners LP (NYSE:PSXP) news were published by: Seekingalpha.com which released: “Phillips 66 Partners: Another 5% Distribution Increase” on October 28, 2016, also Finance.Yahoo.com with their article: “Should You Buy Phillips 66 Partners (PSXP) Ahead of Earnings?” published on October 27, 2016, Nasdaq.com published: “Ex-Div Reminder for Phillips 66 Partners (PSXP)” on October 27, 2016. More interesting news about Phillips 66 Partners LP (NYSE:PSXP) were released by: Marketwatch.com and their article: “Phillips 66 Partners to buy crude and natgas logistics assets for $1.3 billion” published on October 11, 2016 as well as Businessinsider.com‘s news article titled: “Phillips 66 Partners to buy midstream assets from Phillips 66” with publication date: October 11, 2016.
PSXP Company Profile
Phillips 66 Partners LP, incorporated on February 20, 2013, owns, operates, develops and acquires fee crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Firm charges tariffs and fees for transporting crude oil and refined petroleum product pipeline, terminal, rail rack and storage systems in the Central, Gulf Coast, Atlantic Basin and Western regions of the United States. The Company’s assets also consists of systems, which include Clifton Ridge Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Cross-Channel Connector Project, Eagle Ford Gathering System Project, Sand Hills/Southern Hills/Explorer Pipeline joint ventures, Bakken Joint Ventures and Bayou Bridge joint venture.
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