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PSXP - Phillips 66 Partners: A Bright Future Ahead - Even Without DAPL
Phillips 66 Partners LP representing limited partner interest in the Partnership
Our valuation model shows that the impact from the potential shut down of DAPL has already been priced into PSXP's recent share price.
Strong earnings are expected in FY 2021 as Gray Oak Pipeline and C2G Pipeline reach full commercial operation, complemented by increasing global demand for oil and gas.
With an annual dividend yield of almost 10%, robust cash flows, and a low leverage structure based on the current business model, we believe PSXP is reasonably priced with upside potential.