PSXP - Phillips 66 Partners LP

NYSE - NYSE Delayed Price. Currency in USD
46.12
+2.59 (+5.95%)
At close: 4:00PM EDT
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close43.53
Open44.07
Bid0.00 x 1200
Ask0.00 x 900
Day's Range43.89 - 46.25
52 Week Range19.00 - 65.22
Volume499,073
Avg. Volume851,742
Market Cap2.702B
Beta (5Y Monthly)1.30
PE Ratio (TTM)10.91
EPS (TTM)4.23
Earnings DateJul 24, 2020 - Jul 28, 2020
Forward Dividend & Yield3.50 (8.04%)
Ex-Dividend DateApr 30, 2020
1y Target Est48.27
  • Phillips 66 Partners LP (PSXP) Up 5% Since Last Earnings Report: Can It Continue?
    Zacks

    Phillips 66 Partners LP (PSXP) Up 5% Since Last Earnings Report: Can It Continue?

    Phillips 66 Partners LP (PSXP) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Phillips 66 (PSX) Up 7% Since Last Earnings Report: Can It Continue?
    Zacks

    Phillips 66 (PSX) Up 7% Since Last Earnings Report: Can It Continue?

    Phillips 66 (PSX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • Here's Why You Should Hold on to Phillips 66 (PSX) Stock Now
    Zacks

    Here's Why You Should Hold on to Phillips 66 (PSX) Stock Now

    Phillips 66's (PSX) oil and gas pipeline network is likely to reach 24,000 miles by 2020. This in turn is likely to aid the company to deliver strong growth.

  • Motley Fool

    Why You Must Not Dismiss Phillips 66

    To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. It's Thursday, May 21st, and I'm your host Nick Sciple, joining me once again is Motley Fool contributor, Jason Hall. Jason Hall: Running it live right now, buddy; I'm looking at Bloomberg Energy right now.

  • Is Phillips 66 Stock a Buy?
    Motley Fool

    Is Phillips 66 Stock a Buy?

    Shares of Phillips 66 (NYSE: PSX) have been quite volatile this year. The refining company's stock tumbled more than 60% at one point because of the impact the COVID-19 outbreak had on demand for refined products like gasoline and jet fuel. Phillips 66 has a long history of creating value for investors.

  • Warren Buffett Sold Phillips 66 -- Here's Why I'm Holding (and May Buy More)
    Motley Fool

    Warren Buffett Sold Phillips 66 -- Here's Why I'm Holding (and May Buy More)

    Berkshire Hathaway sold its remaining stake in Phillips 66. I don't plan to follow Buffett's move.

  • Why These High-Yielding Oil Stocks Are on Fire Today
    Motley Fool

    Why These High-Yielding Oil Stocks Are on Fire Today

    Crude oil was on fire today. WTI, the leading U.S. oil price benchmark, rose as much at 12.5% by 2:45 p.m. EDT on Monday and closed above $32 a barrel. Several soared more than 10%, including many midstream companies, known more for paying high-yielding dividends.

  • Thomson Reuters StreetEvents

    Edited Transcript of PSXP earnings conference call or presentation 1-May-20 6:00pm GMT

    Q1 2020 Phillips 66 Partners LP Earnings Call

  • 3 Big Revelations from Warren Buffett's Latest Investing Moves
    Motley Fool

    3 Big Revelations from Warren Buffett's Latest Investing Moves

    Berkshire Hathaway's quarterly portfolio holdings provide some interesting color, even though we already knew about some of its CEO's subsequent decisions.

  • TheStreet.com

    Buffett Exits Phillips 66 and Travelers, Trims Goldman Sachs

    Warren Buffett's Berkshire Hathaway exited its positions in Travelers Companies Inc. and Phillips 66 , and sold a majority of its Goldman Sachs Group holdings during the first quarter, according to an SEC filing Friday. Buffett announced at the company's annual meeting earlier this month that Berkshire had sold all of its positions in four airline companies after the first quarter had ended. Buffett had held stakes in Southwest Airlines Co. , United Continental Holdings , Delta Airlines Inc. and American Airlines .

  • ‘Stealth Bailout’ Shovels Millions of Dollars to Oil Companies
    Bloomberg

    ‘Stealth Bailout’ Shovels Millions of Dollars to Oil Companies

    (Bloomberg) -- As it headed toward bankruptcy, Diamond Offshore Drilling Inc. took advantage of a little-noticed provision in the stimulus bill Congress passed in March to get a $9.7 million tax refund. Then, it asked a bankruptcy judge to authorize the same amount as bonuses to nine executives.The rig operator is one of dozens of oil companies and contractors now claiming hundreds of millions of dollars in tax rebates. They are employing a provision of the $2.2 trillion stimulus law, called the CARES act, that gives them more latitude to deduct recent losses.“This is a stealth bailout for the oil and gas industry,” said Jesse Coleman, a senior researcher with Documented, a watchdog group tracking the tax claims. It’s geared to companies “that have been losing money over the last few years -- and now they get that money back as a check from the taxpayers. That’s exactly what the oil industry has been doing.”The change wasn’t aimed only at the oil industry. However, its structure uniquely benefits energy companies that were raking in record profits in 2018 as crude prices reached $76.41 per barrel, only to see their fortunes flip a year later.More than $1.9 billion in CARES Act tax benefits are being claimed by at least 37 oil companies, service firms and contractors, according to a Bloomberg News review of recent filings with the Securities and Exchange Commission. Besides Diamond Offshore, which declined to comment, recipients include oil producer Occidental Petroleum Corp. and refiner Marathon Petroleum Corp.Other oil companies say they didn’t lobby Congress for the change, which is widely available across all industries. “We did not request any benefit, but we are obligated to follow the tax laws as passed by Congress, which apply to all corporate manufacturers nationwide,” said Jamal Kheiry, a spokesman for Marathon, which got a $411 million benefit.Congress embedded the tax change governing losses in the stimulus measure early on, as lawmakers moved rapidly in March to steer trillions of dollars in aid to coronavirus-ravaged workers and companies. Alongside expanded unemployment payments and payroll loan programs, lawmakers saw an opportunity to harness the tax code to help get cash flowing to companies struggling to pay rent, workers and insurance.It “was sold as help for the little guy -- help for small business,” said Steve Rosenthal, a senior fellow with the Urban-Brookings Tax Policy Center. “In the name of ‘small business,’ we’re shoveling out billions of dollars to big corporations and rich guys.”The provision loosened rules governing how businesses deduct net operating losses -- incurred when deductible expenses exceed gross income. For years, companies were able to apply those net operating loss deductions to previous tax returns as well as going forward -- but Congress ruled out retroactive relief as part of the 2017 tax cut law.That new forward-focused approach works well when the economy is expanding, but the promise of using today’s losses as tomorrow’s deductions isn’t much help to coronavirus-battered companies with no guarantee they will survive long enough to claim them. So in the stimulus package, Congress gave businesses the chance to carry back all their losses -- and claim immediate tax refunds -- or five years from 2018, 2019 and 2020.“The thought was temporarily we should bring them back so that firms that are seeing significant losses in the next year or over the past year or two can carry those back and get some short-term liquidity,” said Garrett Watson, a senior policy analyst at the Tax Foundation, a non-profit that supports pro-growth tax policies.Traditionally, the ability to deduct net operating losses is meant to ensure companies get fair tax treatment even amid volatility, Watson said -- a plus for the notoriously boom-and-bust oil industry. “You are going to see the biggest benefits for firms like oil and gas that are seeing volatile profits -- and now, of course, extreme losses,” he said.The combination of big losses now and the congressional tax changes mean it may be years before some oil companies have to pay corporate income taxes at all.“We’re going to have some large losses this year,” ConocoPhillips Executive Vice President Don Wallette said in an April 30 earnings call. The company is in “a zero-tax-paying position in the U.S. and expect to remain there for quite some time,” Wallette said.There’s no limit on how the new refunds can be used -- and even bankrupt firms can get them.Consider Diamond Offshore. Once one of the world’s largest drilling rig contractors, it filed for Chapter 11 bankruptcy protection on April 26 after crude prices plunged along with demand for its high-tech drillships.In a first quarter filing, Diamond, which is majority owned by Loews Corp., said it had recognized a tax benefit of $9.7 million as a result of the carryback change. In an emergency motion filed with a federal bankruptcy court May 1, the company asked for the freedom to dole out $16.7 million in cash incentives to 85 of its 2,300 full-time employees, including as much as $9.7 million for nine senior executives.The company said at the time that deteriorating market conditions and the collapse of Diamond’s stock had made its existing equity-based bonus program “largely worthless.” The tax filing did not specify how the $9.7 million would be used.Dozens of other oil businesses have reported reaping the benefits, including $55 million for Denver-based Antero Midstream Corp., $41.2 million for supplier Oil States International Inc. and $96 million for Oklahoma-based producer Devon Energy Corp.Occidental Petroleum, which enlisted its employees to ask Congress to “provide liquidity to the energy industry,” said it now anticipates a cash refund of about $195 million as a result of the carryback provision and a separate change in the stimulus bill that allows the immediate refund of unused alternative minimum tax credits. An Occidental spokesperson declined to comment.Millions in RefundsNational Oilwell Varco Inc., a manufacturer of oil and gas equipment, expects a $123 million refund by carrying back its 2019 losses and applying them to its 2014 tax filing.San Antonio-based refiner Valero Energy Corp. recognized an extra $110 million by carrying back losses to 2015 -- when the corporate tax rate was 35% instead of the current 21%.Valero spokeswoman Lillian Riojas said that is tied to tax losses generated in the first quarter, since the company did not generate a net operating loss for federal income tax purposes in 2018 or 2019. And she said the actual refund will be dependent “not only on the company’s performance for the remainder of the year, but also on the impact” of other tax provisions.The benefits are “turbo-charged,” said Rosenthal, with the Urban-Brookings Tax Policy Center. That’s because businesses can carry back losses to offset income at a higher corporate tax rate of 35%, before the 2017 tax cut law lowered it 14 points. “Getting those losses at 35% is very, very favorable -- especially in 2020 when the losses are going to be devastatingly large.”The filings themselves reveal only part of the picture. Private companies are able to generate tax refunds too -- without disclosing it to the SEC. And while some public companies said they benefited from the tax break, they didn’t reveal by how much.For instance, refiner Phillips 66 boasted an effective income tax rate of just 2% for the first quarter -- well below the federal statutory income tax rate of 21% -- partly because of the carryback. But the company did not specify the amount of its expected refund.Dennis Nuss, a spokesman for Phillips 66, declined to comment when reached by phone Thursday. Representatives for Oil States, National Oilwell Varco, Antero and Devon didn’t respond to messages seeking comment.The importance of the provision hasn’t been lost on President Donald Trump’s administration. Energy Secretary Dan Brouillette recommended oil companies consider taking advantage of the expanded deduction in an April 21 interview with Bloomberg TV, calling it one of several “important liquidity tools that are going to help the industry.”Congressional tax analysts initially estimated that the expanded loss carryback provision would cost $25 billion over 10 years -- just when used by corporations. Now, some are questioning whether the final pricetag could be much higher, and Democrats are seeking to limit the value of the tax break after raising concerns it overwhelmingly helps corporations and the wealthy.In a new stimulus bill advanced Tuesday, House Democrats proposed scaling back the provision so companies could only apply losses back to 2018. Their plan also would prevent companies with “excessive” executive compensation or stock buybacks from claiming the tax break -- a change that would be retroactive back to March.Rosenthal stressed that it was logical for Congress to help businesses that were profitable before the pandemic. “But the CARES Act goes too far, tilting its benefits overwhelmingly to the wealthiest Americans,” he said in an essay. “I think Congress did not know the extent of what it was doing.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 5 Stocks Buffett Probably Sold in the First Quarter
    Motley Fool

    5 Stocks Buffett Probably Sold in the First Quarter

    As I pointed out earlier this week, an event that's arguably even more anticipated than the Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) shareholder meeting is set to take place either tomorrow, May 14, or Friday, May 15. With CEO Warren Buffett guiding a 48-security portfolio worth $199 billion, as of this past weekend, his company will be one of many filing a 13F with the SEC. Having recently reported its first-quarter operating results, we know that Buffett and his team purchased $4 billion worth of equities during the quarter.

  • My Top Oil Stock for the Coronavirus Crash Just Kept a Big Promise
    Motley Fool

    My Top Oil Stock for the Coronavirus Crash Just Kept a Big Promise

    This midstream and chemicals giant has the strength to keep paying its shareholders cold, hard cash every quarter.

  • Oil & Gas Stock Roundup: Linde, Phillips 66 & Marathon Petroleum Report Q1 Earnings
    Zacks

    Oil & Gas Stock Roundup: Linde, Phillips 66 & Marathon Petroleum Report Q1 Earnings

    Linde plc (LIN), Phillips 66 (PSX) and Marathon Petroleum (MPC) reported better-than-expected March quarter bottom line numbers.

  • Phillips 66 Partners (PSXP) Q1 Earnings Beat, Revenues Miss
    Zacks

    Phillips 66 Partners (PSXP) Q1 Earnings Beat, Revenues Miss

    Phillips 66 Partners' (PSXP) first-quarter results are supported by higher throughput volumes of refined petroleum products, and a decrease in cost and expenses.

  • 5 Experts Weigh In: Top Big Oil Stocks to Buy and Hold
    Motley Fool

    5 Experts Weigh In: Top Big Oil Stocks to Buy and Hold

    Oil stocks, on the other hand, continue to lag. The Energy Select Sector SPDR ETF (NYSEMKT: XLE), representing the oil and gas stocks in the S&P 500, is down more than 36%. For many investors, this points sharply at Big Oil -- the biggest companies in the oil patch -- as being great investments as one of the few sectors that is still well below 2020 highs.

  • Why These 3 Oil Refinery Stocks Jumped More Than 30% in April
    Motley Fool

    Why These 3 Oil Refinery Stocks Jumped More Than 30% in April

    Shares of oil refiners HollyFrontier (NYSE: HFC), Phillips 66 (NYSE: PSX), and Valero Energy (NYSE: VLO) rose between 34% and 40% in April, according to data provided by S&P Global Market Intelligence. HollyFrontier's shares were up 34.8%, Phillips 66's increased 36.4%, and Valero's soared 39.7%.

  • Energy Roundtable: If I Had to Buy 1 Oil Stock, This Would Be It
    Motley Fool

    Energy Roundtable: If I Had to Buy 1 Oil Stock, This Would Be It

    Oil prices have been all over the map this year. While we see those positives, we've also covered the oil market for years, which has tainted our bullishness a bit. If we each could only choose one of those to buy, it would be ConocoPhillips (NYSE: COP), HollyFrontier (NYSE: HFC), and Phillips 66 (NYSE: PSX).

  • Oil Crash 2020: 4 Experts Weigh In on Stocks to Buy Right Now
    Motley Fool

    Oil Crash 2020: 4 Experts Weigh In on Stocks to Buy Right Now

    Despite an unprecedented downturn in oil demand that's set to wreak havoc for many months ahead, there are some companies that look buy-worthy right now.

  • This Oil Company Is Doing What It Can to Support Its 5.4%-Yielding Dividend
    Motley Fool

    This Oil Company Is Doing What It Can to Support Its 5.4%-Yielding Dividend

    Phillips 66 took several steps to bolster its finances so that it can maintain its high-yielding payout.

  • Phillips 66 Partners LP (PSXP) Q1 2020 Earnings Call Transcript
    Motley Fool

    Phillips 66 Partners LP (PSXP) Q1 2020 Earnings Call Transcript

    Participants on today's call will include Kevin Mitchell, Vice President and CFO; Tim Roberts, Vice President, Operations; and Rosy Zuklic, Vice President and Chief Operating Officer. Today's presentation materials can be found on the Events section of the Phillips 66 Partners website along with supplemental financial and operating information.

  • Phillips 66 (PSX) Q1 2020 Earnings Call Transcript
    Motley Fool

    Phillips 66 (PSX) Q1 2020 Earnings Call Transcript

    Participants on today's call will include Greg Garland, Chairman and CEO, Kevin Mitchell, Executive Vice President and CFO, Bob Herman, Executive Vice President Refining, Brian Mandell, Executive Vice President, Marketing and Commercial, and Tim Roberts, Executive Vice President Midstream. Today's presentation material can be found on the Investor Relations section of the Phillips 66 website along with supplemental financial and operating information.

  • Phillips 66 (PSX) Q1 Earnings Beat on Midstream Performance
    Zacks

    Phillips 66 (PSX) Q1 Earnings Beat on Midstream Performance

    Phillips 66's (PSX) first-quarter results are supported by higher realized marketing fuel margins in both the United States and international markets.