After a recent review, we have noted that shares of Phillips 66 Partners LP (NYSE:PSXP) have an average target price of $56.88. This is the consensus target price provided by analysts used by Zacks Research. Professional sell-side analysts that cover the stock are usually diligently monitoring the company to gauge future stock price movements. Price target projections can be calculated using alternate methods, and they can differ from one analyst to another. Many investors will track stock target prices, especially when analysts update their projections.
Investors may be trying to figure out which chart patterns or technical indicators to use. This may take some time to figure out which strategy works for each individual. Back testing specific indicators can be a good way to personally evaluate a particular method. Many investors will opt to follow trading strategies of the professionals. This may work well for some but not others. Figuring out what works and what doesn’t should help the investor make better future decisions. Some investors will choose to go against the grain and develop a contrarian approach. Pulling out substantial profits in the markets may seem like a daunting task. Playing things safe may be the choice for one investor but not the next. Many people will choose to adhere to the old saying of nothing ventured nothing gained. This of course may vary from investor to investor depending on the amount of capital available.
Taking a look at the current consensus broker rating for Phillips 66 Partners LP (NYSE:PSXP), we note that the ABR is 2.22. This Zacks consensus rating follows a numerical scale where a number in the 1-2 range generally represents a Buy, a 3 would indicate a Hold and 4-5 signals a Sell rating. In terms of the number of bullish analysts that have the stock rated a Buy or Strong Buy, we can see that the number is currently 4.
Investors may be following some historical price data on shares of Phillips 66 Partners LP (NYSE:PSXP). Over the past 12 weeks, the stock has seen a change of 11.2%. If we go back to the beginning of the year, we can see that shares have changed 33.25%. Over the last 4 weeks, shares have seen a change of 8.36%. Over the last 5 trading sessions, the stock has moved 2.92%. Investors will be monitoring stock activity over the next few weeks to try and gauge which way the momentum is leaning. Checking on some possible support and resistance levels, we have noted that that the 52-week high is currently $56.13, and the 52-week low is currently $42.04. When shares are trading close to the 52-week high or 52-week low, investors might be paying added attention. Looking at some recent action, we note that the stock has been seen trading near the $56.11 mark.
We can now shift the focus to some company earnings data. Based on projections provided by 9 individual Wall Street analysts polled by Zacks Research, Phillips 66 Partners LP (NYSE:PSXP) has a current quarter EPS consensus estimate of 0.95. For the prior reporting period, the company posted quarterly earnings per share of 1.15. As earnings season continues, investors will be closely tracking analyst estimates. Sell-side analysts often make updates before and after the company reports earnings numbers. Following analyst estimate updates leading up to the earnings release may offer some good insight into the direction that the estimates are trending. Investors will be watching to see which companies post the largest.
As we move into the second half of the year, investors may be wondering what’s in store for stocks. During the summer months, markets are typically a bit more subdued. Investors might be looking to get positioned for whatever is coming. Many feel that the bull market may be losing steam, while others believe that there is plenty of room for the market to cruise higher. Market conditions can change quickly, and being prepared for the worst may help ease the burden if the tide turns unexpectedly.
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