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Phillips 66 Partners (PSXP) Earnings Miss Estimates in Q1
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Phillips 66 Partners LP’s first-quarter 2019 earnings per unit came in at 92 cents, failing to beat the Zacks Consensus Estimate of 98 cents, but improving from the year-ago 87 cents.
Revenues of $423 million rose from $355 million in the year-ago quarter and beat the Zacks Consensus Estimate of $369 million.
The year-over-year improvement in quarterly results was backed by the increase in transported oil volumes and higher terminal throughput volumes of crude & refined petroleum products. This was partially offset by a surge in operating and maintenance expenses.
Operating Information
The partnership provides services through Pipelines, Terminals and Storage, Processing & Other activities.
Pipeline: In first-quarter 2019, the partnership generated revenues of $109 million from pipeline transportation business, up from $102 million a year ago. Higher transported volumes of oil led to the improvement.
Terminals: The partnership generated $40 million from terminals, a slight improvement from $39 million a year ago, thanks to higher terminal throughput volumes of crude and refined petroleum products.
Storage, Processing & Other activities: Through these activities, the partnership generated revenues of $153 million, up from $115 million in the year-ago quarter.
Operating and Maintenance Expenses
In the March quarter of 2019, the company reported operating and maintenance expenses of $139 million, more than 43% higher than $97 million reported in the year-ago quarter.
Balance Sheet
As of Mar 31, 2019, the partnership recorded cash and cash equivalents of $2 million and total debt of $3,188 million — translating to a debt-to-capitalization ratio of 58%.
Zacks Rank and Key Picks
Phillips 66 Partners currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Anadarko Petroleum Corporation , ProPetro Holding Corp. (PUMP - Free Report) and TransCanada Corp. (TRP - Free Report) . Anadarko sports a Zacks Rank #1 (Strong Buy), while ProPetro and TransCanada hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Anadarko Petroleum has average positive earnings surprise of 6.6% for the past four quarters.
The Zacks Consensus Estimate for Midland, TX-based ProPetro’s 2019 earnings is pegged at $2.42, indicating 21% growth over the year-ago reported figure. Next year’s forecast is $2.70, hinting at 11.5% growth.
TransCanada has beaten estimates in the last four quarters, the average being 19%.
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Phillips 66 Partners (PSXP) Earnings Miss Estimates in Q1
Phillips 66 Partners LP’s first-quarter 2019 earnings per unit came in at 92 cents, failing to beat the Zacks Consensus Estimate of 98 cents, but improving from the year-ago 87 cents.
Revenues of $423 million rose from $355 million in the year-ago quarter and beat the Zacks Consensus Estimate of $369 million.
The year-over-year improvement in quarterly results was backed by the increase in transported oil volumes and higher terminal throughput volumes of crude & refined petroleum products. This was partially offset by a surge in operating and maintenance expenses.
Operating Information
The partnership provides services through Pipelines, Terminals and Storage, Processing & Other activities.
Pipeline: In first-quarter 2019, the partnership generated revenues of $109 million from pipeline transportation business, up from $102 million a year ago. Higher transported volumes of oil led to the improvement.
Terminals: The partnership generated $40 million from terminals, a slight improvement from $39 million a year ago, thanks to higher terminal throughput volumes of crude and refined petroleum products.
Storage, Processing & Other activities: Through these activities, the partnership generated revenues of $153 million, up from $115 million in the year-ago quarter.
Operating and Maintenance Expenses
In the March quarter of 2019, the company reported operating and maintenance expenses of $139 million, more than 43% higher than $97 million reported in the year-ago quarter.
Balance Sheet
As of Mar 31, 2019, the partnership recorded cash and cash equivalents of $2 million and total debt of $3,188 million — translating to a debt-to-capitalization ratio of 58%.
Zacks Rank and Key Picks
Phillips 66 Partners currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Anadarko Petroleum Corporation , ProPetro Holding Corp. (PUMP - Free Report) and TransCanada Corp. (TRP - Free Report) . Anadarko sports a Zacks Rank #1 (Strong Buy), while ProPetro and TransCanada hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Anadarko Petroleum has average positive earnings surprise of 6.6% for the past four quarters.
The Zacks Consensus Estimate for Midland, TX-based ProPetro’s 2019 earnings is pegged at $2.42, indicating 21% growth over the year-ago reported figure. Next year’s forecast is $2.70, hinting at 11.5% growth.
TransCanada has beaten estimates in the last four quarters, the average being 19%.
Radical New Technology Creates $12.3 Trillion Opportunity
Imagine buying Microsoft stock in the early days of personal computers… or Motorola after it released the world’s first cell phone. These technologies changed our lives and created massive profits for investors.
Today, we’re on the brink of the next quantum leap in technology. 7 innovative companies are leading this “4th Industrial Revolution” - and early investors stand to earn the biggest profits.
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