Phillips 66 Partners Issues 1Q Profit Guidance
Phillips 66 Partners announced profit guidance for the first quarter. The U.S. refiner is set to report first-quarter results on April 30.
Phillips 66 (PSXP) expects to report 1Q net income in the range of ($60) million to $10 million. The guidance includes an impairment cost of about $180 to $210 million related to the Liberty Pipeline project. The company reported earnings of $226 million in the year-ago quarter.
The 1Q guidance reflects “the Partnership’s decision to exit the Liberty Pipeline project and the effects of recent winter storms on asset utilization and utility costs,” the company said. (See Phillips 66 Partners stock analysis on TipRanks)
On March 1, Credit Suisse analyst Spiro M. Dounis lowered the stock’s price target to $33 (1.3% upside potential) from $39 citing the risk related to a possible shutdown. However, Dounis maintained a Buy rating on the stock.
Overall, consensus among analysts is a Moderate Buy based on 3 Buys and 4 Holds. The average analyst price target of $32.43 implies that the shares are fully priced at current levels. Shares have lost 3.9% in value over the past year.
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