Phillips 66 Partners LP Coverage Initiated by Analysts at Deutsche Bank (PSXP)

Stock analysts at Deutsche Bank assumed coverage on shares of Phillips 66 Partners LP (NASDAQ:PSXP) in a report issued on Monday, reports. The firm set a “hold” rating on the stock.

The analysts wrote, “PSXP has risen over 40% from its $23 per unit IPO pricing including a first day move of about 30%. We note the overall fundamental strengths of PSXP in terms of quality of assets, fee based business, and visible initial drop-downs as supportive of the price performance. The initial expected drop-downs of Sand Hills and Southern Hills under Right of First Offer agreements add about $100 million in ebitda in the next year or so.”

Phillips 66 Partners LP (NASDAQ:PSXP) traded down 0.74% on Monday, hitting $32.08. The stock had a trading volume of 332,549 shares. Phillips 66 Partners LP has a one year low of $28.10 and a one year high of $35.92. The stock has a 50-day moving average of $32.25 and a 200-day moving average of $32.25. The company has a market cap of $2.260 billion and a P/E ratio of 55.34.

Separately, analysts at Credit Suisse initiated coverage on shares of Phillips 66 Partners LP in a research note to investors on Monday. They set an “outperform” rating on the stock.

Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $35.50.

Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum product and natural gas liquids (NASDAQ:PSXP) pipelines and terminals and other transportation and midstream assets.

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