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PSXP

Phillips 66 Partners

$47.44

-0.05 (-0.11%)

, PSX

Phillips 66

$81.30

0.91 (1.13%)

08:33
10/11/16
10/11
08:33
10/11/16
08:33

Phillips 66 Partners to acquire assets from Phillips 66 for $1.3B

Phillips 66 Partners (PSXP) has reached agreement with Phillips 66 (PSX) to acquire 30 crude, refined products and natural gas liquids, or NGL, logistics assets for total consideration of $1.3B. The Partnership plans to fund the acquisition with a combination of debt and $196M in new PSXP units issued to Phillips 66, to be allocated proportionally between common units and general partner units allowing the general partner to maintain its 2% general partner interest. The transaction is anticipated to close this month, subject to satisfaction of customary closing conditions, and is expected to be immediately accretive to unitholders. Upon closing, the Partnership will be entitled to receive the cash earnings associated with the acquired assets as of Oct. 1. The acquisition consideration reflects an approximate 8.7 times multiple based on the forecasted full year 2017 EBITDA attributable to the assets of approximately $150M. In connection with the acquisition, Phillips 66 will enter into 10-year terminaling and throughput agreements that will include minimum volume commitments covering approximately 85% of forecasted volumes. The terms of the transaction were approved by the board of the general partner of Phillips 66 Partners, based on the approval and recommendation of its conflicts committee comprised solely of independent directors.

PSXP

Phillips 66 Partners

$47.44

-0.05 (-0.11%)

PSX

Phillips 66

$81.30

0.91 (1.13%)

  • 13

    Oct

  • 28

    Oct

PSXP Phillips 66 Partners
$47.44

-0.05 (-0.11%)

08/23/16
JEFF
08/23/16
INITIATION
Target $54
JEFF
Hold
Phillips 66 Partners initiated with a Hold at Jefferies
Jefferies analyst Corey Goldman initiated Phillips 66 Partners with a Hold rating and $54 price target.
08/25/16
GSCO
08/25/16
INITIATION
Target $52
GSCO
Neutral
Phillips 66 Partners initiated with a Neutral at Goldman
Goldman analyst Jerren Holder initiated Phillips 66 Partners with a Neutral and $52 price target.
08/25/16
08/25/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Cree (CREE) initiated with a Buy at Roth Capital. 2. Reynolds American (RAI) initiated with a Neutral at UBS. 3. Twilio (TWLO) initiated with a Hold at Argus. 4. Phillips 66 Partners (PSXP) initiated with a Neutral at Goldman. 5. WD-40 (WDFC) initiated with a Hold at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/29/16
MZHO
09/29/16
INITIATION
Target $55
MZHO
Buy
Phillips 66 Partners initiated with a Buy at Mizuho
Mizuho initiated Phillips 66 Partners with a Buy and a $55 price target.
PSX Phillips 66
$81.30

0.91 (1.13%)

08/23/16
JEFF
08/23/16
INITIATION
Target $72
JEFF
Hold
Phillips 66 initiated with a Hold at Jefferies
Jefferies analyst Corey Goldman initiated Phillips 66 with a Hold rating and $72 price target.
08/23/16
08/23/16
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Talend (TLND) initiated with an Equal Weight at Barclays, a Neutral at Goldman, a Neutral at Citi, a Neutral at JPMorgan, and an Outperform at William Blair. 2. BJ's Restaurants (BJRI), Brinker (EAT), Buffalo Wild Wings (BWLD), Chipotle (CMG), McDonald's (MCD), Cheesecake Factory (CAKE), Fogo De Chao (FOGO) were initiated with a Hold at Canaccord while the firm initiated Dave & Buster's (PLAY) and Panera Bread (PNRA) with a Buy. 3. Valero (VLO) and Marathon Petroleum (MPC) were initiated with a Buy at Jefferies, which also started coverage on Phillips 66 (PSX) with a Hold rating. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/29/16
GSCO
09/29/16
UPGRADE
Target $85
GSCO
Neutral
Phillips 66 upgraded to Neutral from Sell at Goldman
Goldman analyst Neil Mehta upgraded Phillips 66 to Neutral and raised its price target to $85 from $74 based on higher multiple assumptions for midstream and chemicals segments, reduced capex spending and higher free cash flow estimates, and more achievable consensus expectations.
09/30/16
09/30/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) upgraded on potential NXP Semiconductors acquisition at Mizuho with the firm's analyst saying he believes a Qualcomm acquisition of NXP Semiconductors (NXPI) makes significant strategic and financial sense. 2. Skechers (SKX) upgraded to Positive from Neutral at Susquehanna. 3. Sprouts Farmers Markets (SFM) upgraded to Buy from Hold at Jefferies with analyst Christopher Mandeville saying the risk/reward is now favorable following the recent pullback in the shares. 4. Phillips 66 (PSX) upgraded to Neutral from Sell at Goldman with analyst Neil Mehta citing higher multiple assumptions for midstream and chemicals segments, reduced capex spending and higher free cash flow estimates, and more achievable consensus expectations. 5. NetApp (NTAP) upgraded to Buy from Sell at Summit Redstone with analyst Srini Nandury citing optimism that the company can grow its product revenue from current levels driven by AFA sales and increasing adoption of clustered ONTAP. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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