In a report released today, Justin Jenkins from Raymond James assigned a Buy rating to Phillips 66 Partners (PSXP), with a price target of $36.00. The company’s shares closed last Friday at $34.55.
According to TipRanks.com, Jenkins is a 4-star analyst with an average return of 8.4% and a 61.4% success rate. Jenkins covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Holly Energy Partners, and Crossamerica Partners.
Currently, the analyst consensus on Phillips 66 Partners is a Moderate Buy with an average price target of $32.86.
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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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