Phillips 66 Partners LP (NYSE:PSXP) Short Interest Update
Phillips 66 Partners LP (NYSE:PSXP) was the recipient of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 2,366,200 shares, a growth of 8.5% from the June 15th total of 2,181,600 shares. Based on an average trading volume of 280,500 shares, the days-to-cover ratio is currently 8.4 days. Currently, 4.6% of the shares of the company are short sold.
In related news, VP Kevin J. Mitchell purchased 2,651 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average cost of $49.14 per share, for a total transaction of $130,270.14. Following the completion of the acquisition, the vice president now owns 2,651 shares in the company, valued at approximately $130,270.14. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Kevin J. Mitchell purchased 7,349 shares of the business’s stock in a transaction dated Thursday, May 30th. The stock was bought at an average price of $48.50 per share, for a total transaction of $356,426.50. Following the completion of the acquisition, the vice president now owns 10,000 shares of the company’s stock, valued at approximately $485,000. The disclosure for this purchase can be found here.
Institutional investors and hedge funds have recently modified their holdings of the stock. Patriot Financial Group Insurance Agency LLC raised its holdings in Phillips 66 Partners by 100.0% in the 1st quarter. Patriot Financial Group Insurance Agency LLC now owns 600 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 300 shares during the period. Global Retirement Partners LLC acquired a new position in Phillips 66 Partners in the 1st quarter valued at about $47,000. Lindbrook Capital LLC grew its position in Phillips 66 Partners by 47.6% in the 2nd quarter. Lindbrook Capital LLC now owns 1,240 shares of the oil and gas company’s stock valued at $61,000 after acquiring an additional 400 shares in the last quarter. CWM LLC acquired a new position in Phillips 66 Partners in the 1st quarter valued at about $105,000. Finally, Kendall Capital Management acquired a new position in Phillips 66 Partners in the 1st quarter valued at about $209,000. Hedge funds and other institutional investors own 43.40% of the company’s stock.
Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Friday, July 26th. The oil and gas company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.02. The firm had revenue of $401.00 million for the quarter, compared to analysts’ expectations of $393.61 million. Phillips 66 Partners had a net margin of 54.28% and a return on equity of 49.50%. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.87 EPS. As a group, sell-side analysts anticipate that Phillips 66 Partners will post 4.47 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 13th. Investors of record on Wednesday, July 31st will be issued a $0.855 dividend. This is a positive change from Phillips 66 Partners’s previous quarterly dividend of $0.85. This represents a $3.42 annualized dividend and a yield of 6.74%. The ex-dividend date is Tuesday, July 30th. Phillips 66 Partners’s payout ratio is 84.50%.
A number of research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Golub Capital BDC from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Tuesday, July 16th. Mizuho set a $71.00 price target on shares of CVS Health and gave the stock a “buy” rating in a report on Wednesday, June 5th. ValuEngine cut shares of WideOpenWest from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Finally, Mitsubishi UFJ Financial Group increased their target price on shares of Twilio to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $56.82.
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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