Chickasaw Capital Management LLC lessened its holdings in shares of Phillips 66 Partners LP (NYSE:PSXP) by 2.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 2,395,241 shares of the oil and gas company’s stock after selling 48,997 shares during the period. Phillips 66 Partners makes up approximately 3.0% of Chickasaw Capital Management LLC’s holdings, making the stock its 15th largest position. Chickasaw Capital Management LLC owned 1.93% of Phillips 66 Partners worth $125,391,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of PSXP. Barclays PLC increased its holdings in Phillips 66 Partners by 1.6% during the 4th quarter. Barclays PLC now owns 212,007 shares of the oil and gas company’s stock worth $8,927,000 after purchasing an additional 3,303 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Phillips 66 Partners by 2.6% in the 4th quarter. State of New Jersey Common Pension Fund D now owns 148,080 shares of the oil and gas company’s stock valued at $6,236,000 after purchasing an additional 3,800 shares during the last quarter. BlackRock Inc. lifted its stake in Phillips 66 Partners by 22.5% in the 3rd quarter. BlackRock Inc. now owns 211,413 shares of the oil and gas company’s stock valued at $10,812,000 after purchasing an additional 38,797 shares during the last quarter. Arlington Partners LLC acquired a new stake in Phillips 66 Partners in the 4th quarter valued at about $113,000. Finally, GSA Capital Partners LLP acquired a new stake in Phillips 66 Partners in the 4th quarter valued at about $390,000. Hedge funds and other institutional investors own 42.83% of the company’s stock.
In other news, Director Mark Haney bought 1,392 shares of the company’s stock in a transaction that occurred on Wednesday, January 16th. The shares were acquired at an average price of $49.31 per share, for a total transaction of $68,639.52. Following the completion of the acquisition, the director now directly owns 28,000 shares in the company, valued at $1,380,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Phillips 66 Partners (NYSE:PSXP) last released its earnings results on Friday, February 8th. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.10 by ($0.01). The firm had revenue of $393.00 million during the quarter, compared to analyst estimates of $375.17 million. Phillips 66 Partners had a net margin of 53.57% and a return on equity of 48.73%. Phillips 66 Partners’s quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.83 EPS. Sell-side analysts forecast that Phillips 66 Partners LP will post 4.41 EPS for the current year.
Several equities research analysts have issued reports on PSXP shares. Jefferies Financial Group upgraded shares of Phillips 66 Partners from a “hold” rating to a “buy” rating in a research report on Thursday, December 20th. ValuEngine raised shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Bank of America reissued a “neutral” rating and issued a $53.00 price objective (up from $46.00) on shares of Phillips 66 Partners in a research note on Thursday, February 7th. Stifel Nicolaus cut shares of Phillips 66 Partners from a “buy” rating to a “hold” rating and boosted their target price for the stock from $50.00 to $52.00 in a research note on Monday, February 11th. Finally, Credit Suisse Group decreased their target price on shares of Phillips 66 Partners from $61.00 to $59.00 and set an “outperform” rating on the stock in a research note on Monday, February 11th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $56.55.
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Phillips 66 Partners 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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