Wells Fargo analyst Michael Blum maintained a Hold rating on Phillips 66 Partners (PSXP) today and set a price target of $32.00. The company’s shares closed last Wednesday at $36.23.
According to TipRanks.com, Blum is a 4-star analyst with an average return of 12.5% and a 62.9% success rate. Blum covers the Industrial Goods sector, focusing on stocks such as Cheniere Energy Partners, NGL Energy Partners, and Cheniere Energy.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Phillips 66 Partners with a $32.75 average price target, representing a -8.4% downside. In a report released yesterday, J.P. Morgan also maintained a Hold rating on the stock with a $35.00 price target.
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Based on Phillips 66 Partners’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $265 million and net profit of $104 million. In comparison, last year the company earned revenue of $291 million and had a net profit of $255 million.
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Phillips 66 Partners LP engages in the ownership, operation, development, and acquisition of crude oil, refined petroleum product and natural gas liquids pipelines and terminals, and other transportation and midstream assets. It also provides terminals and storages for oil and petroleum products. The company was founded on February 20, 2013 and is headquartered in Houston, TX.
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