Phillips 66 Partners LP (PSXP) Releases Earnings Results, Beats Expectations By $0.01 EPS

Phillips 66 Partners LP (PSXP) reported quarterly earnings results on Friday, Jul-29-2016. The company said it had a profit of $0.51 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $0.50. The company posted revenue of $140.40 million in the period, compared to analysts expectations of $126.73 million. The company’s revenue was up 67.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.

Many Wall Street Analysts have commented on Phillips 66 Partners LP. Phillips 66 Partners LP was Downgraded by Wells Fargo to ” Market Perform” on May 3, 2016.

Phillips 66 Partners LP opened for trading at $53.35 and hit $53.91 on the upside on Thursday, eventually ending the session at $53.5, with a gain of 0.53% or 0.28 points. The heightened volatility saw the trading volume jump to 2,92,910 shares. Company has a market cap of $4,526 M.

Investors should note that on Jul 20, 2016, Phillips 66 Partners LP announced a cash dividend of $0.5050. The company’s management has announced Aug 1, 2016 as the ex-dividend date and fixed the record date on Aug 3, 2016. The payable date has been fixed on Aug 12, 2016.

In a different news, on May 24, 2016, Mark Haney (director) purchased 8,000 shares at $52.94 per share price.

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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