Raymond James Thinks Phillips 66 Partners’ Stock is Going to Recover

In a report released today, Justin Jenkins from Raymond James maintained a Buy rating on Phillips 66 Partners (PSXP), with a price target of $35.00. The company’s shares closed last Monday at $24.08, close to its 52-week low of $19.00.

According to TipRanks.com, Jenkins is a 1-star analyst with an average return of -1.0% and a 53.0% success rate. Jenkins covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Holly Energy Partners, and Plains All American.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Phillips 66 Partners with a $35.14 average price target, which is a 41.8% upside from current levels. In a report issued on October 9, Mizuho Securities also maintained a Buy rating on the stock with a $32.00 price target.

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Based on Phillips 66 Partners’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $241 million and net profit of $255 million. In comparison, last year the company earned revenue of $263 million and had a net profit of $233 million.

Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PSXP in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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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