Judge Raises Prospect of Hearing on FBI Leaks in Gambler Appeal

A federal appeals judge raised the prospect of ordering a hearing to consider the impact FBI leaks had on the insider-trading trial of a Las Vegas gambler.

"Why shouldn’t there be an evidentiary hearing?" Judge Denny Chin asked in Billy Walters’s appeal of his conviction, for which he’s serving five years.

Walters claims FBI leaks ahead of his trial tainted the case and created evidence for the government. The trial judge rejected Walters’s request for a hearing, which could include witness testimony and production of government emails, but ordered the U.S. to give him quarterly updates on a Justice Department investigation of the leaks. Last month the judge said he could appoint a special attorney to investigate the leaks if he’s not satisfied with the progress of the government probe.

Prosecutor Brooke Cucinella told the appeals panel a new hearing isn’t necessary because David Chaves, a former supervisory agent with the FBI who admitted being a source of leaks, is being investigated by the Justice Department’s office of Professional Responsibility and its Office of Inspector General.

"The Office of Inspector General seems to have his hands full," Judge Dennis Jacobs quipped, referring to investigations that office is also conducting into whether an FBI had an "informant" who targeted members of Trump’s 2016 campaign as well as a separate probe into federal law enforcement’s handling of the Hillary Clinton emails investigation.

The judges didn’t immediately rule on Walters’s appeal.

Among those attending the appeals court hearing was John Dowd, who most recently represented President Donald Trump. Dowd said he was there to show support for Walters. He had also complained about how FBI leaks tainted the insider-trading prosecution of his client, hedge fund billionaire Raj Rajaratnam.

Vegas Gambler in Insider Case Echoes Trump Attacks on FBI Leaks

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Five Reasons Why Global Investors Should Be Investing In China A-Shares

&l;p&g;&l;img class=&q;dam-image bloomberg wp-image-38469827 size-large&q; src=&q;https://specials-images.forbesimg.com/dam/imageserve/38469827/960x0.jpg?fit=scale&q; alt=&q;&q; data-height=&q;640&q; data-width=&q;960&q;&g; Bloomberg

&l;span&g;MSCI Inc.&s;s inclusion of A-shares in its influential emerging markets index is expected to steer RMB400 billion of foreign inflows into the Mainland China A-share market over the next five to 10 years. &l;/span&g;

&l;span&g;But the prospect of generous inflows inspired by this significant milestone in the growth of Mainland China&a;rsquo;s capital markets isn&a;rsquo;t the only reason why global investors should be investing in A-shares.&l;/span&g;

&l;span&g;For one, &l;strong&g;valuations look attractive&l;/strong&g;. Specifically, the 234 A-shares that are set to be included in MSCI&a;rsquo;s emerging markets index on June 1 on average trade at 11 times 2018 earnings against expected earnings growth of 15.9% this year. Putting things in context against the rest of Asia, only South Korea trades at a lower price-to-earnings multiple, while only India is expected to deliver a higher pace of earnings growth. Moreover, the 11 times 2018 earnings at which the 234 A-shares trade is also markedly lower than the 17 times earnings commanded by U.S. stocks.&l;/span&g;

&l;span&g;Importantly, &l;strong&g;A-shares also offer ample diversification benefits to global investors&l;/strong&g;. The historical average correlation between U.S. stocks and Mainland China A-shares is only 11%, which is even lower than the 32% for Hong Kong stocks. Additionally, the A-share market provides a very broad universe of stocks for investors to capture China&a;rsquo;s growth and economic trends. Its total market capitalization of $8.75 trillion is the second largest in the world. There are also a number of unique sectors that can only be accessed through the A-share market such as baijiu (or white liquor), home appliances and traditional Chinese medicine.&l;/span&g;

&l;img class=&q;size-full wp-image-50&q; src=&q;http://blogs-images.forbes.com/valuepartners/files/2018/05/Correlation-A-shares-and-SP500.jpg?width=960&q; alt=&q;&q; data-height=&q;510&q; data-width=&q;804&q;&g; The historical average correlation between U.S. stocks and Mainland China A-shares is only 11%.

&l;span style=&q;font-weight: normal !msorm&q;&g;&l;strong&g;Market inefficiency in&l;/strong&g;&l;/span&g;&l;strong&g; the A-share&l;span style=&q;font-weight: normal !msorm&q;&g; market &l;/span&g;offers&l;span style=&q;font-weight: normal !msorm&q;&g; a source of alpha for investors&l;/span&g;&l;/strong&g; &a;ndash; but meticulous on-the-ground research and disciplined stock picking are essential. Retail investors accounted for 86% of total market trading volume in 2016, according to data from the Shanghai Stock Exchange. The level is more than double the 35% retail investor participation rate for the Hong Kong stock market. Low participation by institutional investors and even lower participation by quant investors mean there is greater mispricing in the A-share market compared to more mature markets. And greater mispricing means there is more room for portfolio managers to generate alpha through disciplined bottom-up stock picking. As a long-time investor of A-shares, we established an office in Shanghai in 2009 to conduct the meticulous on-the-ground research that&a;rsquo;s paramount to successful stock picking in the A-share market.

&l;img class=&q;size-full wp-image-51&q; src=&q;http://blogs-images.forbes.com/valuepartners/files/2018/05/Retail-Participation.jpg?width=960&q; alt=&q;&q; data-height=&q;510&q; data-width=&q;786&q;&g; Retail investors account for a massive 86% of turnover on the Mainland China A-share market.

&l;!--nextpage--&g;

The A-share market is less concentrated in large cap stocks compared to the U.S. stock market. While the top decile of companies by market cap account for 75% of the total market cap of the U.S. stock market, the level is only 59% for the A-share market. But despite their prevalence, small-cap and growth stocks command unparalleled popularity and generous valuation premiums to large cap stocks in the A-share market due to the high retail participation rate. As a result, large cap stocks tend to trade at a relative discount and present a &l;strong&g;good hunting ground of quality stocks for value investors&l;/strong&g;.

&l;span&g;Finally&l;/span&g;, the start of the initial round of A-share inclusion this week, while no doubt symbolically significant, marks&l;strong&g; only the beginning of the internationalization of the A-share market&l;/strong&g;. While A-shares are expected to account for only 0.9% of the MSCI Asia ex-Japan index by the end of the initial phase of inclusion taking place this week and in September, their weighting is set to increase substantially over time. A-shares could account for more than 18% of the MSCI Asia ex-Japan index if MSCI eventually includes more stocks and increases the weighting of A-shares to full weighting from the 5% partial inclusion weighting adopted for the initial phase. And that could translate to between RMB200 billion to RMB400 billion of inflows into A-shares over the next five to 10 years.

&l;strong&g;&l;em&g;Disclaimer:&a;nbsp;&l;/em&g;&l;/strong&g;&l;em&g;The views expressed are the views of Value Partners Hong Kong Limited only and are subject to change based on market and other conditions. The information provided does not constitute investment advice and it should not be relied on as such. All materials have been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This material contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.&l;/em&g;&l;/p&g;

World's Top Oil Trader Says No One Will Avoid Iran Sanctions

The world’s top oil trader said it will be near impossible to avoid U.S. sanctions on Iran, suggesting Donald Trump’s attack on OPEC’s third-largest producer may have a bigger impact on the global crude market than many anticipate.

“For us it’s a real challenge,” Vitol Group Chairman Ian Taylor said on Friday at the St. Petersburg Economic forum, adding there are unanswered questions about Europe’s response, and whether the European Central Bank will “stand up” to Trump’s measures. "I personally think none of us will be able to get around it.”

#lazy-img-328057988:before{padding-top:66.68334167083543%;}

Ian Taylor

Photographer: Jason Alden/Bloomberg

President Donald Trump said May 8 he was withdrawing the U.S. from an international pact on Iran’s nuclear program and reimposing sanctions that will force other nations to cut purchases. So far, there’s been little clarity about how his actions will impact the oil market because there’s less international support than last time. In particular, it’s been unclear by how much European refineries will cut purchases, if at all.

In the prior sanctions, which ran from 2012 to 2016, a handful of mostly Asian countries carried on purchasing but had to show the U.S. that they were lowering imports to avoid their banks losing access to America’s financial system. European purchasers all withdrew.

Taylor’s comments echo recent remarks by some of the world’s biggest oil companies and traders. Total SA CEO Patrick Pouyanne said nobody can have “any illusions” about European companies being exempt from U.S. sanctions. Bob Dudley, his counterpart at BP Plc, said his company won’t test the waters when it comes to Iran sanctions.

This time around, Europe is pushing back against Trump’s sanctions, raising the question about whether the bloc will organize a way for imports to continue. That would require a workaround in the financial market, and probably some new means of insuring tankers bringing cargoes from the Islamic Republic.

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Fluor Co. (FLR) Expected to Post Earnings of $0.69 Per Share

Wall Street analysts expect Fluor Co. (NYSE:FLR) to report earnings per share of $0.69 for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Fluor’s earnings. The highest EPS estimate is $0.71 and the lowest is $0.67. Fluor posted earnings of $0.72 per share in the same quarter last year, which would suggest a negative year over year growth rate of 4.2%. The business is scheduled to announce its next earnings report on Thursday, August 2nd.

According to Zacks, analysts expect that Fluor will report full year earnings of $2.17 per share for the current fiscal year, with EPS estimates ranging from $2.10 to $2.30. For the next fiscal year, analysts anticipate that the company will post earnings of $3.37 per share, with EPS estimates ranging from $3.10 to $3.57. Zacks’ earnings per share averages are a mean average based on a survey of research analysts that cover Fluor.

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Fluor (NYSE:FLR) last released its quarterly earnings results on Thursday, May 3rd. The construction company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.25). Fluor had a net margin of 0.58% and a return on equity of 11.08%. The company had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.69 billion. During the same quarter last year, the firm posted $0.43 EPS. The company’s quarterly revenue was down .3% on a year-over-year basis.

Several equities research analysts recently commented on FLR shares. ValuEngine upgraded Fluor from a “hold” rating to a “buy” rating in a research report on Friday, March 2nd. Citigroup set a $69.00 target price on Fluor and gave the company a “buy” rating in a research report on Friday, May 4th. Vertical Research lowered Fluor from a “buy” rating to a “hold” rating and set a $58.00 target price on the stock. in a research report on Friday, May 4th. Barclays set a $60.00 target price on Fluor and gave the company a “hold” rating in a research report on Thursday, May 3rd. Finally, KeyCorp upped their target price on Fluor from $54.00 to $61.00 and gave the company an “overweight” rating in a research report on Thursday, February 8th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $54.07.

Fluor opened at $50.13 on Friday, according to Marketbeat. Fluor has a 12 month low of $37.03 and a 12 month high of $62.09. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.01 and a current ratio of 1.40. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of 30.75, a P/E/G ratio of 0.76 and a beta of 1.48.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 3rd. Shareholders of record on Friday, June 1st will be issued a $0.21 dividend. The ex-dividend date is Thursday, May 31st. This represents a $0.84 annualized dividend and a yield of 1.68%. Fluor’s payout ratio is currently 51.53%.

In other Fluor news, insider Robin K. Chopra sold 5,553 shares of the stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.49, for a total value of $319,241.97. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Carlos M. Hernandez sold 30,257 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $58.25, for a total value of $1,762,470.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,218 shares of company stock worth $6,953,603. Corporate insiders own 1.40% of the company’s stock.

Large investors have recently made changes to their positions in the business. American Beacon Advisors Inc. bought a new position in Fluor in the fourth quarter worth approximately $120,000. SeaCrest Wealth Management LLC bought a new position in Fluor in the fourth quarter worth approximately $135,000. Pin Oak Investment Advisors Inc. purchased a new stake in shares of Fluor in the fourth quarter worth approximately $145,000. O Shaughnessy Asset Management LLC purchased a new stake in shares of Fluor in the first quarter worth approximately $184,000. Finally, Comerica Securities Inc. purchased a new stake in shares of Fluor in the first quarter worth approximately $200,000. Institutional investors and hedge funds own 89.69% of the company’s stock.

About Fluor

Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization, commissioning and maintenance, and project management services worldwide. It operates through four segments: Energy, Chemicals & Mining; Industrial, Infrastructure & Power; Diversified Services; and Government.

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Upcoming Earnings: Target To Report Q1 Results Wednesday

Investors will likely get an update on Target Corporation (NYSE: TGT) progress in what the company has called a “transition year” when it reports first-quarter earnings before market open on Wednesday, May 23.

In early 2017, TGT executives laid out their strategy to address customers’ evolving shopping habits. The plan largely centered around improving its digital experience, launching more exclusive brands, and remodeling existing stores and opening small-format locations.

Even though the company’s remodeling efforts are still in their early stages, there have been some analysts that have noted the company’s progress and think it has improved customer’s overall shopping experience, although there’s still uncertainty if it has started to impact the business in a meaningful way.

In Q4 2017, TGT’s comparable sales grew 3.6 percent year over year, and management said it expects comp sales growth in the low-single digits in 2018. On average, analysts are forecasting 2.8 percent year-over-year comp sales growth for Q1 2018.

Lately, the company has taken several steps aimed at improving its supply chain and digital capabilities. After acquiring same-day delivery company Shipt for $550 million in December 2017, TGT said it would roll out same-day delivery to half of its locations in early 2018 and in a majority of its stores by the 2018 holiday season.

In addition to offering same-day delivery in more markets, TGT has taken other steps to expand its fulfillment options. When it last reported, the company said it plans to increase the number of stores that offer Drive Up, which allows customers to have orders brought out to their car when they pull up to the store, from 50 to about 1,000 by the end of 2018.

Several analysts have been optimistic these steps will help bolster the company’s e-commerce growth. TGT’s digital channel sales were up 29 percent year over year in Q4 2017. At the same time, however, management has cautioned profit margins will be pressured by the rollout of new fulfillment options. 

Earnings and Revenue

TGT is expected to report adjusted EPS of $1.38, up from $1.21 in the prior-year quarter, on revenue of $16.57 billion, according to third-party consensus analyst estimates. Revenue is projected to grow 3.4 percent year over year.

When it last reported, TGT beat revenue estimates, but it missed on earnings and management’s earnings guidance was weaker than what analysts were expecting. Management said it expects adjusted EPS of $1.25 to $1.45 in Q1 and $5.15 to $5.45 for the full year.

Trading Activity

Around the upcoming earnings release, the options market has priced in about a 4.3 percent stock price move in either direction according to the Market Maker Move indicator on the thinkorswim® platform. Implied volatility was at the 39th percentile as of this morning. 

TARGET 2018 STOCK CHART. TGT bumped up against the mid-to-high $78 level twice early on in the year. After the second time hitting it at the end of February, the stock pulled back and had been trading in a narrower range from early March to early May. The stock has been rising leading up to the report and has been trading closer to its 2018 high of $78.70. Chart source: thinkorswim® by TD Ameritrade.  Not a recommendation. For illustrative purposes only. Past performance does not guarantee future results.

In short-term trading at the May 25 weekly expiration, call activity has been concentrated at the 77.5 and 78 strike prices, while put activity has been concentrated at the 75 strike. Looking at the June 15 monthly expiration, recent trading has been heavier at the 77.5 and 80 strikes on the call side, and again at the 75 strike on the put side.

Note: Call options represent the right, but not the obligation, to buy the underlying security at a predetermined price over a set period of time. Put options represent the right, but not the obligation to sell the underlying security at a predetermined price over a set period of time.

What’s Coming Up

Earnings season continues to wind down, with mostly retail and a few smaller tech companies reporting this week.

Consider keeping an eye on the FOMC minutes from the Fed’s May 1-2 meeting, scheduled for release at 2:00PM on Wednesday, the same day as TGT’s report.

The next Fed meeting is coming up on June 12-13. The futures market is currently predicting a 100 percent chance of a rate hike at that meeting, and about a 50-50 chance of four rate hikes this year. If you have time, check out today’s market update for a look at what else is going on across markets.

Information from TDA is not intended to be investment advice or construed as a recommendation or endorsement of any particular investment or investment strategy, and is for illustrative purposes only. Be sure to understand all risks involved with each strategy, including commission costs, before attempting to place any trade.

Valeant Pharmaceuticals: Worth At Least $30

When investors look back at the history of Valeant Pharmaceuticals�� (VRX) turnaround, they will remember May 8, 2018. Management��s earnings call for the first quarter is an inflection point for the company as the company builds on revenue growth and higher profits. The company has three catalysts that will lead the stock to a minimum $30 share price. That is, a forward P/E multiple of at least 8 times on sales growth of between 15 �� 20 percent, annually.

1) Management

Valeant��s new management team is suited to lead the company through the transformation process. It is not run by managers who mislead investors through deceptive earnings numbers during the quarterly conference call. The company has 20,000 dedicated staff that is working hard to reinvigorate drug sales growth. More specifically, the company appointed Mark McKenna from B+L to lead the Salix sales team. I previously noted the need for Salix having strong leadership in this area, and McKenna did not disappoint. The executive restructured the sales team to drive XIFAXAN sales, a drug indication for IBS-D. Before that, Salix suffered from high turnover. Moreover, Salix was not calling on primary care physicians to prescribe the drug to patients. With this new leadership, staff turnover slowed and the sales force successfully boosted XIFAXAN prescriptions up 7 percent year-on-year in the first 13 weeks of 2018.

In the first quarter, Salix grew revenue by 10 percent organically over last year. Bausch + Lomb��s revenue also grew 10 percent. The growth is attributed to strength in the Global Vision Care, International Prescription, and Global Surgical units. As shown in the slide below, Valeant��s top-10 products grew by over 20 percent year-on-year:

Source: Valeant Pharmaceuticals

The revenue potential for the drug does not end there. Salix will invest in studying new indications and new formulations of rifaximin. Further, the company enrolled over 300 patients for a Phase 2 study for treating acute overt hepatic encephalopathy.

2) Product Line-up

Thanks to a rejuvenated sales force, XIFAXAN will continue to drive Salix��s turnaround. Plus, chances are good that Teva Pharmaceuticals (TEVA), through its acquisition of Actavis, will not have an approvable XIFAXAN ANDA. The strong patent protection and intellectual property position ensure Valeant will enjoy profit growth from sales through 2029.

VRX data by YCharts

Above, quarterly earnings report gave both TEVA and VRX stock a lift.

3) New Products

The 44 percent Y/Y growth in prescriptions for Relistor imply meaningful demand ahead for the product. In dermatology, SILIQ is a clear potential for contributing to growth but management is not breaking down sales numbers at the quarterly level. Unfortunately, despite the competitive pricing, SILIQ is likely lagging in sales due to the black box labeling. As a biologic, the drug must be injected (210mg/1.5ml in a single-dose, prefilled syringe). By comparison, patients on Regeneron��s (REGN) Dupixent take an injectable 300mg dose.

Psoriasis suffers are most accustomed to topical ointments. Currently, steroid ointments are taken for no more than two weeks at a time and do not need needles. So, Valeant��s DUOBRII, an ointment-based drug, is another psoriasis drug that could give the company meaningful sales growth. The PDUFA date is coming up next month. BRYHALI, another drug for psoriasis patients, has an October 5 PDUFA date. Both events could give VRX stock a boost. Valeant stock closed at $22.14, a level not seen since the start of the year.

Valuation and Takeaway

While the average price target on Valeant��s stock is $17.12, well below the $22 closing price, value investors should perform their own number crunching in a finbox.io model to arrive at a fair value. Assuming revenue growth picks up in FY 2020 through to FY 2022 in the range of 0 �� 5 percent. Annual revenue would be between $8 billion - $9 billion:

Source: finbox.io (click on the link to enter assumptions)

Assuming a steep discount at between 10 �� 12.5 percent, VRX stock would have a fair value of around $30 a share. Valeant, or (under its new name in July) Bausch Health Companies Inc., clearly has upside higher than that. But just as Teva is deeply undervalued at 7.6 times forward P/E and trading at $21 a share, Valeant��s fair value will rise as the company rolls out new products and continues reporting a strong quarter. Q1 is only a start and investors holding the stock will grow accustomed to strong results ahead. With that, I will raise my $30 price target accordingly.

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Coverage on Valeant stock began in 2015 (as a 'sell'). The stock was added as an investment for DIY Value Investing marketplace members.

Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in TEVA, VRX, REGN over the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

$341.48 Million in Sales Expected for Phillips 66 Partners (PSXP) This Quarter

Wall Street brokerages expect Phillips 66 Partners (NYSE:PSXP) to announce $341.48 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Phillips 66 Partners’ earnings, with the lowest sales estimate coming in at $316.34 million and the highest estimate coming in at $365.87 million. Phillips 66 Partners posted sales of $234.00 million during the same quarter last year, which suggests a positive year over year growth rate of 45.9%. The firm is scheduled to announce its next earnings results on Tuesday, August 7th.

On average, analysts expect that Phillips 66 Partners will report full year sales of $1.34 billion for the current financial year, with estimates ranging from $1.07 billion to $1.49 billion. For the next year, analysts expect that the firm will report sales of $1.59 billion per share, with estimates ranging from $1.41 billion to $1.77 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that cover Phillips 66 Partners.

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Phillips 66 Partners (NYSE:PSXP) last released its quarterly earnings results on Friday, April 27th. The oil and gas company reported $0.87 EPS for the quarter, topping the consensus estimate of $0.83 by $0.04. The firm had revenue of $355.00 million for the quarter, compared to analyst estimates of $326.28 million. Phillips 66 Partners had a return on equity of 33.24% and a net margin of 46.01%. During the same period in the previous year, the company posted $0.60 EPS.

Several equities research analysts have issued reports on PSXP shares. Barclays dropped their price objective on Phillips 66 Partners from $56.00 to $53.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 17th. Zacks Investment Research downgraded Phillips 66 Partners from a “hold” rating to a “sell” rating in a report on Thursday, January 25th. Citigroup dropped their price objective on Phillips 66 Partners from $60.00 to $56.50 and set a “buy” rating on the stock in a report on Tuesday, March 27th. Scotiabank restated a “buy” rating and set a $60.00 price objective on shares of Phillips 66 Partners in a report on Monday, January 29th. Finally, Stifel Nicolaus dropped their price objective on Phillips 66 Partners from $62.00 to $57.00 and set a “buy” rating on the stock in a report on Monday, April 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have given a buy rating to the company’s stock. Phillips 66 Partners presently has an average rating of “Hold” and an average price target of $56.58.

Several hedge funds and other institutional investors have recently modified their holdings of PSXP. Starfire Investment Advisers Inc. bought a new stake in shares of Phillips 66 Partners in the 4th quarter valued at approximately $1,384,000. Bank of Montreal Can increased its holdings in shares of Phillips 66 Partners by 97.7% in the 4th quarter. Bank of Montreal Can now owns 85,000 shares of the oil and gas company’s stock valued at $4,450,000 after acquiring an additional 42,000 shares during the last quarter. Duff & Phelps Investment Management Co. increased its holdings in shares of Phillips 66 Partners by 65.1% in the 4th quarter. Duff & Phelps Investment Management Co. now owns 524,019 shares of the oil and gas company’s stock valued at $27,432,000 after acquiring an additional 206,700 shares during the last quarter. Center Coast Capital Advisors LP increased its holdings in shares of Phillips 66 Partners by 16.9% in the 4th quarter. Center Coast Capital Advisors LP now owns 1,570,473 shares of the oil and gas company’s stock valued at $82,214,000 after acquiring an additional 226,624 shares during the last quarter. Finally, Alps Advisors Inc. increased its holdings in shares of Phillips 66 Partners by 2.4% in the 4th quarter. Alps Advisors Inc. now owns 3,868,700 shares of the oil and gas company’s stock valued at $202,526,000 after acquiring an additional 89,611 shares during the last quarter. Institutional investors and hedge funds own 41.39% of the company’s stock.

Phillips 66 Partners stock traded down $0.37 during midday trading on Friday, hitting $50.23. 210,708 shares of the company were exchanged, compared to its average volume of 244,609. The firm has a market capitalization of $6.16 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40. The company has a debt-to-equity ratio of 1.96, a quick ratio of 1.45 and a current ratio of 1.52. Phillips 66 Partners has a fifty-two week low of $44.40 and a fifty-two week high of $56.48.

The company also recently declared a quarterly dividend, which was paid on Monday, May 14th. Stockholders of record on Monday, April 30th were issued a $0.714 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 5.69%. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Friday, April 27th. Phillips 66 Partners’s payout ratio is 110.42%.

Phillips 66 Partners Company Profile

Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids pipelines, terminals, and other transportation and midstream assets. The company operates pipeline assets in Lake Charles, Sweeny, Wood River, Borger/Ponca City, Billings, and Borger; terminal, rail rack, and storage assets in Louisiana, Texas, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles and Wood River; and natural gas liquids assets in Texas and Louisiana.

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