Phillips 66 Partners (PSXP) stock currently stands at the same level as it did a year ago. In comparison, Valero Energy Partners (VLP), Delek Logistics Partners (DKL), and Tesoro Logistics (TLLP) have risen 3%, 16%, and 21%, respectively, during the same timeframe.
On the other hand, the Alerian MLP ETF (AMLP) has risen nearly 30% in the last year. PSXP has underperformed its peers in the MLP sector.
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In this series, we’ll analyze the reasons for this underperformance. We’ll also analyze PSXP’s key financial and operational metrics in depth.
Logistics subsidiaries of refiners, including PSXP, DKL, and TLLP, derive most or all of their revenues from their respective parent refiners. Falling crack spreads negatively impacted refining companies in 2016. Considering the level of dependence of logistics subsidiaries on their respective refining parents, this development affected their performances as well.
The above graph shows Phillips 66 Partners’ stock price movements over the last year. It also shows PSXP’s 50-day and 200-day moving averages. Phillips 66 Partners is currently trading nearly 10% above its 50-day moving average. The stock just crossed above its 200-day moving average on January 13, 2017. If PSXP continues to rise, it could indicate strength for the stock in the near term.
The stock has been trading below its 200-day moving average since the end of April 2016. It’s been on a downtrend since May 2016, but it started to rise after November 2016.
Phillips 66 Partners was formed by Phillips 66 (PSX) to own and operate crude oil, refined products, and natural gas liquids pipelines, terminals, and other transportation and midstream assets. The MLP was listed on the NYSE in July 2013.