Phillips 66 Partners Reports Solid 1Q; Maintaining $55 FVE
Phillips 66 Partners reported a solid first quarter, and we plan to maintain our $55 fair value estimate and narrow moat rating. Earnings were slightly weaker sequentially due to planned refinery turnarounds, but results still look on track to meet our full-year expectations. We think it is prudent for Phillips 66 Partners to slow its distribution growth, as the $0.845 cash distribution is up 18% from 2017 levels but just 1% sequentially. With a coverage ratio of 1.3 times, we expect the retaine...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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