Global X Management Co LLC raised its stake in shares of Phillips 66 Partners LP (NYSE:PSXP) by 17.8% during the second quarter, HoldingsChannel.com reports. The firm owned 888,563 shares of the oil and gas company’s stock after buying an additional 134,476 shares during the quarter. Phillips 66 Partners makes up approximately 0.8% of Global X Management Co LLC’s portfolio, making the stock its 19th biggest position. Global X Management Co LLC’s holdings in Phillips 66 Partners were worth $45,370,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PSXP. Winslow Evans & Crocker Inc. purchased a new position in Phillips 66 Partners during the 2nd quarter valued at $104,000. Baldwin Brothers Inc. MA purchased a new position in Phillips 66 Partners during the 2nd quarter valued at $140,000. Ostrum Asset Management purchased a new position in Phillips 66 Partners during the 1st quarter valued at $195,000. Ladenburg Thalmann Financial Services Inc. increased its position in Phillips 66 Partners by 709.7% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,170 shares of the oil and gas company’s stock valued at $200,000 after purchasing an additional 3,655 shares during the period. Finally, Jane Street Group LLC purchased a new position in Phillips 66 Partners during the 2nd quarter valued at $214,000. 41.94% of the stock is currently owned by institutional investors and hedge funds.

PSXP has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Phillips 66 Partners from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Wednesday, July 4th. Bank of America reduced their price objective on shares of Phillips 66 Partners from $65.00 to $59.00 and set a “buy” rating on the stock in a research report on Wednesday, August 1st. Scotiabank set a $60.00 price objective on shares of Phillips 66 Partners and gave the company a “buy” rating in a research report on Monday, August 20th. Morgan Stanley boosted their price objective on shares of Phillips 66 Partners from $54.00 to $55.00 and gave the company an “equal weight” rating in a research report on Friday, August 17th. Finally, ValuEngine raised shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, July 25th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $57.04.

Shares of PSXP stock opened at $51.80 on Tuesday. Phillips 66 Partners LP has a 12 month low of $44.40 and a 12 month high of $56.48. The firm has a market cap of $6.38 billion, a PE ratio of 20.00, a price-to-earnings-growth ratio of 2.08 and a beta of 1.37. The company has a current ratio of 1.25, a quick ratio of 1.19 and a debt-to-equity ratio of 1.84.

Phillips 66 Partners (NYSE:PSXP) last announced its earnings results on Friday, July 27th. The oil and gas company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.05. Phillips 66 Partners had a net margin of 48.17% and a return on equity of 39.53%. The firm had revenue of $354.00 million for the quarter, compared to analysts’ expectations of $344.16 million. During the same quarter in the previous year, the business posted $0.61 EPS. The company’s quarterly revenue was up 51.3% on a year-over-year basis. analysts expect that Phillips 66 Partners LP will post 3.61 earnings per share for the current year.

Phillips 66 Partners Company Profile

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

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