Mariner Investment Group LLC boosted its position in shares of Phillips 66 Partners LP (NYSE:PSXP) by 675.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 122,600 shares of the oil and gas company’s stock after buying an additional 106,800 shares during the period. Phillips 66 Partners accounts for approximately 3.3% of Mariner Investment Group LLC’s investment portfolio, making the stock its 12th largest position. Mariner Investment Group LLC owned approximately 0.11% of Phillips 66 Partners worth $6,059,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in PSXP. Global X Management Co. LLC boosted its stake in Phillips 66 Partners by 3,884.2% in the first quarter. Global X Management Co. LLC now owns 323,679 shares of the oil and gas company’s stock worth $16,621,000 after buying an additional 315,555 shares during the period. Kayne Anderson Capital Advisors LP boosted its stake in Phillips 66 Partners by 12.7% in the first quarter. Kayne Anderson Capital Advisors LP now owns 2,448,247 shares of the oil and gas company’s stock worth $125,701,000 after buying an additional 275,500 shares during the period. Brookfield Asset Management Inc. boosted its stake in Phillips 66 Partners by 93.3% in the first quarter. Brookfield Asset Management Inc. now owns 549,600 shares of the oil and gas company’s stock worth $28,222,000 after buying an additional 265,300 shares during the period. Bank of America Corp DE boosted its stake in Phillips 66 Partners by 102.1% in the first quarter. Bank of America Corp DE now owns 470,956 shares of the oil and gas company’s stock worth $24,184,000 after buying an additional 237,972 shares during the period. Finally, Tiedemann Wealth Management LLC bought a new stake in Phillips 66 Partners during the first quarter worth approximately $10,027,000. Institutional investors and hedge funds own 42.60% of the company’s stock.
Shares of Phillips 66 Partners LP (NYSE PSXP) opened at 50.26 on Tuesday. Phillips 66 Partners LP has a 52 week low of $42.47 and a 52 week high of $58.00. The firm has a market capitalization of $5.42 billion, a PE ratio of 21.51 and a beta of 1.51. The firm’s 50-day moving average is $49.08 and its 200 day moving average is $51.84.
Phillips 66 Partners (NYSE:PSXP) last announced its quarterly earnings results on Friday, April 28th. The oil and gas company reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by $0.05. The company had revenue of $234 million during the quarter, compared to analysts’ expectations of $217.56 million. Phillips 66 Partners had a net margin of 46.38% and a return on equity of 22.31%. During the same quarter in the prior year, the company earned $0.44 earnings per share. On average, equities analysts forecast that Phillips 66 Partners LP will post $2.90 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 11th. Stockholders of record on Monday, July 31st will be issued a $0.615 dividend. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.59. This represents a $2.46 annualized dividend and a dividend yield of 4.89%. The ex-dividend date is Thursday, July 27th. Phillips 66 Partners’s dividend payout ratio is presently 105.58%.
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A number of analysts recently commented on PSXP shares. BidaskClub upgraded shares of Phillips 66 Partners from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Stifel Nicolaus reiterated a “buy” rating and issued a $63.00 target price on shares of Phillips 66 Partners in a research note on Friday. Scotiabank set a $61.00 target price on shares of Phillips 66 Partners and gave the stock a “buy” rating in a research note on Friday, July 21st. Citigroup Inc. lowered their target price on shares of Phillips 66 Partners from $63.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, July 17th. Finally, Barclays PLC upgraded shares of Phillips 66 Partners from an “equal weight” rating to an “overweight” rating and set a $61.00 target price for the company in a research note on Tuesday, July 18th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $58.40.
About Phillips 66 Partners
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