Introduction
When news regarding the court ruling against the Dakota Access Pipeline came out last week, the unit price of Phillips 66 Partners (PSXP) fell around 17% in a single trading session. Despite staging a slight recovery in the following trading sessions, this has still pushed their already high distribution yield towards a very high 11%. Whilst this is undoubtedly an unfavorable development, they retain ample financial strength to navigate this latest drama and thus sustain their highly desirable distributions.
Executive Summary and Ratings
Since many readers are likely short on time, the