Phillips 66 Partners Cheers Unitholders With Distribution Hike
Zacks Investment Research | Jul 17, 2019 09:45PM ET
Phillips 66 (NYSE:PSX) Partners LP (NYSE:PSXP) announced the increment in cash distributions for the second quarter of 2019.
The new distribution of 85.5 cents per common unit represents a sequential increase of 1.2% and a year-over-year hike of 14%. The increased distribution is likely to be paid on Aug 13, to the unitholders of records as of Jul 31.
With the latest hike, the partnership has increased its distributions for 23rd straight quarters since the initial public offering in 2013. This reflects Phillips 66 Partners’ stable business model and sustainable fee-based revenues from its diversified midstream assets, comprising pipeline networks transporting oil, natural gas liquids and refined petroleum products. The partnership also operates terminal assets.
Phillips 66 Partners is well-positioned to increase distributions in the coming quarters on huge backlog of organic growth projects that includes Lake Charles isomerization unit, Gray Oak Pipeline, Sweeny to Pasadena products expansion and others.
Headquartered in Houston, TX, Phillips 66 Partners is likely to report second-quarter 2019 earnings on Jul 26. The Zacks Consensus Estimate for the partnership’s earnings for the to-be-reported quarter is pegged at $1.13.
The partnership currently carries a Zacks Rank #3 (Hold). Some better-ranked players in the energy space are Oceaneering International, Inc. (NYSE:OII) , Helix Energy Solutions Group, Inc. (NYSE:HLX) and Approach Resources Inc. (NASDAQ:AREX) . While Oceaneering and Helix Energy currently sport a Zacks Rank #1 (Strong Buy), Approach Resources carries a Zacks Rank #2 (Buy). You can see Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.