Phillips 66 Partners LP (PSXP) shares are trading at higher $26.53 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $32.77.
To add more color to this target, the company’s high over the last year is $65.22 and the low is $19.00. Over the last 52 weeks, PSXP is down -51.33% while the S&P 500 is up 15.13%. The catalyst for this interesting swing was the company’s recent earnings report.
A Notable Earnings Report
In the last quarter, PSXP reported a profit of $217.0 million. Phillips 66 Partners LP also saw revenues increase to $394.0 million. In addition, PSXP has free cash flow of -$11.0 million as of 09-2020. The company’s EBITDA came in at $252.0 million which compares well with its peers.
PSXP booked profit margins of 84.70%, its Return on Equity (ROE) is 42.50%, and its Return on Assets is 12.70%. All told, it is clear that, PSXP needs to be on your watchlist.
Find out when PSXP reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.
Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. PSXP has a short ratio of 2.13 and outstanding shares of 228.34M.
PSXP has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 0.87 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at 4.18. Phillips 66 Partners LP PSXP also noted assets of $7.29 billion at the end of the last quarter. Investors should also keep an eye on sector updates as PSXP has historically followed its peers on positive news.
All told, Phillips 66 Partners LP PSXP has strung together solid data and demonstrated underlying fundamentals. At its current valuation, PSXP represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.
Phillips 66 Partners LP PSXP is now commanding a market cap of 6.02B and a float of 55.23M. PSXP is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of PSXP stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in PSXP, either long or short, and we have not been compensated for this article.