Stifel Nicolaus Initiates Coverage on Phillips 66 Partners LP to Buy

Stifel Nicolaus Initiates Coverage on Phillips 66 Partners LP(NYSE:PSXP). The shares have been rated Buy. The rating by Stifel Nicolaus was issued on Aug 18, 2016.

In a different note, On Jul 28, 2016, Barclays said it Maintains its rating on Phillips 66 Partners LP. In the research note, the firm Lowers the price-target to $66.00 per share. The shares have been rated ‘Equalweight’ by the firm.

Phillips 66 Partners LP (PSXP) shares turned negative on Mondays trading session with the shares closing down -0.03 points or -0.06% at a volume of 2,83,778. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $49.53. The peak price level was also seen at $49.53 while the days lowest was $48.96. Finally the shares closed at $49.2. The 52-week high of the shares is $66.81 while the 52-week low is $42.83. According to the latest information available, the market cap of the company is $4,783 M.

Phillips 66 Partners LP(PSXP) last announced its earnings results on Jul 29, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $138.80M. Analysts had an estimated revenue of $122.76M. Earnings per share were $0.51. Analysts had estimated an EPS of $0.50.

Several Insider Transactions has been reported to the SEC. On May 24, 2016, Mark Haney (director) purchased 8,000 shares at $52.94 per share price.

Phillips 66 Partners LP owns operates develops and acquires fee-based crude oil refined petroleum product and natural gas liquids (NGL) pipelines terminals and other transportation and midstream assets. The Company’s assets consist of 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. Its 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 Palermo Rail Terminal Project and Eagle Ford Gathering System Project. Phillips 66 through Phillips 66 Company owns 20938498 common units and 35217112 subordinated units representing an aggregate 73.3% limited partner interest and a 100% interest in Phillips 66 Partners GP LLC (the Company’s General Partner).

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