Phillips 66 Partners LP (NYSE:PSXP) Expected to Post Earnings of $1.13 Per Share

Analysts expect that Phillips 66 Partners LP (NYSE:PSXP) will report earnings of $1.13 per share for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Phillips 66 Partners’ earnings, with the highest EPS estimate coming in at $1.36 and the lowest estimate coming in at $1.06. Phillips 66 Partners posted earnings of $0.94 per share in the same quarter last year, which indicates a positive year over year growth rate of 20.2%. The firm is expected to announce its next earnings report before the market opens on Friday, July 26th.

On average, analysts expect that Phillips 66 Partners will report full year earnings of $4.32 per share for the current financial year, with EPS estimates ranging from $3.44 to $4.88. For the next year, analysts expect that the company will post earnings of $4.75 per share, with EPS estimates ranging from $3.96 to $5.86. Zacks Investment Research’s earnings per share averages are an average based on a survey of research firms that follow Phillips 66 Partners.

Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.06). Phillips 66 Partners had a net margin of 52.90% and a return on equity of 47.98%. The company had revenue of $423.00 million during the quarter, compared to analysts’ expectations of $366.55 million. During the same quarter in the prior year, the business posted $0.87 earnings per share. The company’s revenue was up 7.6% compared to the same quarter last year.

PSXP has been the subject of a number of recent analyst reports. Mizuho initiated coverage on Phillips 66 Partners in a research report on Wednesday, June 5th. They issued a “buy” rating and a $56.00 price objective for the company. Zacks Investment Research cut Phillips 66 Partners from a “buy” rating to a “hold” rating in a research report on Monday, April 15th. ValuEngine raised Phillips 66 Partners from a “sell” rating to a “hold” rating in a research report on Saturday, March 9th. Finally, Mitsubishi UFJ Financial Group lowered their price objective on Phillips 66 Partners to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $57.27.

Phillips 66 Partners stock opened at $49.32 on Friday. The company has a debt-to-equity ratio of 1.94, a current ratio of 0.62 and a quick ratio of 0.55. The firm has a market cap of $6.32 billion, a PE ratio of 12.51, a price-to-earnings-growth ratio of 2.93 and a beta of 1.12. Phillips 66 Partners has a 1-year low of $40.76 and a 1-year high of $55.02. The stock has a fifty day simple moving average of $49.47.

In other news, VP Kevin J. Mitchell purchased 7,349 shares of the stock in a transaction on Thursday, May 30th. The stock was bought at an average price of $48.50 per share, with a total value of $356,426.50. Following the transaction, the vice president now owns 10,000 shares in the company, valued at approximately $485,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Kevin J. Mitchell purchased 2,651 shares of the stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $49.14 per share, with a total value of $130,270.14. Following the transaction, the vice president now owns 2,651 shares in the company, valued at approximately $130,270.14. The disclosure for this purchase can be found here.

A number of institutional investors and hedge funds have recently modified their holdings of PSXP. Bank of Montreal Can lifted its position in Phillips 66 Partners by 275.6% during the 1st quarter. Bank of Montreal Can now owns 637,445 shares of the oil and gas company’s stock worth $33,370,000 after acquiring an additional 467,709 shares during the period. HITE Hedge Asset Management LLC acquired a new position in shares of Phillips 66 Partners in the 1st quarter valued at about $16,238,000. Kayne Anderson Capital Advisors LP lifted its holdings in shares of Phillips 66 Partners by 11.5% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 2,816,746 shares of the oil and gas company’s stock valued at $147,448,000 after buying an additional 290,976 shares during the period. Hartz Capital Inc. acquired a new position in shares of Phillips 66 Partners in the 1st quarter valued at about $7,088,000. Finally, Municipal Employees Retirement System of Michigan acquired a new position in shares of Phillips 66 Partners in the 4th quarter valued at about $5,408,000. 43.32% of the stock is owned by institutional investors.

About Phillips 66 Partners

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids (NGL) 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, New Mexico, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles, Bayway, and Wood River; and NGL assets in Texas and Louisiana.

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Earnings History and Estimates for Phillips 66 Partners (NYSE:PSXP)

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