PSXP - Watch for Continued Gains in Shares of Phillips 66 Partners LP representing limited partner interest in the Partnership (PSXP)
Shares of Phillips 66 Partners LP representing limited partner interest in the Partnership (NYSE:PSXP) traded today at $43.66, eclipsing its 52-week high. So far today approximately 119,000 shares have been exchanged, as compared to an average 30-day volume of 843,000 shares.
In the past 52 weeks, Phillips 66 Partners LP representing limited partner interest in the Partnership share prices are bracketed by a low of $24.21 and a high of $43.66 and is now at $43.31, 79% above that low price.
Phillips 66 Partners is a master limited partnership that provides fee-based transportation, processing, storage, and fractionation services primarily to Phillips 66, which owns a 74% limited partner interest. Phillips 66 Partners' primary revenue sources are long-term, fee-based contracts to handle crude, natural gas liquids, and refined products. Phillips 66 manages and operates Phillips 66 Partners as its noneconomic general partner. Phillips 66's general partner economic interest and incentive distribution rights were eliminated in August 2019.
Phillips 66 Partners LP representing limited partner interest in the Partnership (NYSE:PSXP) has potential upside of 47.5% based on a current price of $43.31 and analysts' consensus price target of $63.90.
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