Phillips 66 Partners LP (PSXP) is Downgraded by Wells Fargo to Market Perform

Phillips 66 Partners LP (PSXP) was Downgraded by Wells Fargo to ” Market Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Wells Fargo advised their investors in a research report released on May 3, 2016.

Many Wall Street Analysts have commented on Phillips 66 Partners LP. Phillips 66 Partners LP was Initiated by Raymond James to “Outperform” on Apr 21, 2016. Phillips 66 Partners LP was Initiated by Morgan Stanley to “Overweight” on Feb 25, 2016.

On the company’s financial health, Phillips 66 Partners LP reported $0.44 EPS for the quarter, missing the analyst consensus estimate by $ -0.11 based on the information available during the earnings call on Apr 29, 2016. Analyst had a consensus of $0.55. The company had revenue of $103.30 million for the quarter, compared to analysts expectations of $103.51 million. During the same quarter in the previous year, the company posted $0.39 EPS.

Phillips 66 Partners LP closed down -0.82 points or -1.43% at $56.42 with 6,73,078 shares getting traded on Monday. Post opening the session at $57.74, the shares hit an intraday low of $55.1 and an intraday high of $58.457 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

Phillips 66 Partners LP owns operates develops and acquires fee-based crude oil refined petroleum product and natural gas liquids (NGL) pipelines terminals and other transportation and midstream assets. The Company’s assets consist of crude oil and refined petroleum product pipeline terminal rail rack and storage systems in the Central Gulf Coast Atlantic Basin and Western regions of the United States. Its assets also consists of systems which include Clifton Ridge Crude System Sweeny to Pasadena Products System Hartford Connector Products System Gold Line Products System Medford Spheres Bayway Rail Rack Ferndale Rail Rack Cross-Channel Connector Project Palermo Rail Terminal Project and Eagle Ford Gathering System Project. Phillips 66 through Phillips 66 Company owns 20938498 common units and 35217112 subordinated units representing an aggregate 73.3% limited partner interest and a 100% interest in Phillips 66 Partners GP LLC (the Company’s General Partner).

Phillips 66 Partners LP

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