19 Jan

Institutional Investors Are Bullish on ANDX and PSXP

WRITTEN BY Rekha Khandelwal, CFA

Top holders in PSXP

The top ten institutional investors in Phillips 66 Partners (PSXP), including sponsor Phillips 66 (PSX), collectively own nearly 79.5% of its outstanding shares, according to the latest filings.

Tortoise Capital Advisors, Alps Advisors, and Chickasaw Capital Management are the three largest institutional investors, after Phillips 66, in Phillips 66 Partners. According to the latest filings, the three institutions own 6.6%, 3.1%, and 2.4%, respectively, of PSXP’s outstanding shares.

The top ten institutional investors in PSXP together added net 5.2 million PSXP shares to their positions.

Institutional Investors Are Bullish on ANDX and PSXP

The table above shows the five largest institutional investors and their ownership stakes in Phillips 66 Partners (PSXP), Holly Energy Partners (HEP), PBF Logistics (PBFX), and Andeavor Logistics (ANDX).

Institutional activity in HEP

The top ten institutional investors in Holly Energy Partners, including parent HollyFrontier (HFC), collectively own nearly 75.7% of its outstanding shares.

Energy Income Partners, OFI SteelPath, and Tortoise Capital Advisors are the three largest institutional investors after HollyFrontier in Holly Energy Partners. According to the latest filings, the three institutions own 9.8%, 8.9%, and 5.6%, respectively, of HEP’s outstanding shares.

The top ten institutional investors in HEP together added net 1.7 million HEP shares to their positions.

Institutional activity in PBFX

The top ten institutional investors in PBF Logistics collectively own nearly 40.8% of its outstanding shares. ClearBridge Investments, PBF Energy (PBF), and Carlos Slim Domit Helú are the three largest investors in PBF Logistics.

These three investors own 9.3%, 6.1%, and 5.1%, respectively, of PBFX’s outstanding shares. The top ten institutional investors in PBFX together added net 3.1 million PBFX shares to their positions.

Institutional activity in ANDX

The top ten institutional investors in Andeavor Logistics, including Andeavor (ANDV), collectively own nearly 80.8% of its outstanding shares. Tortoise Capital Advisors, Harvest Fund Advisors, and Center Coast Capital Advisors are the three largest institutional investors after Andeavor in Andeavor Logistics.

The three investors own 5.7%, 3.9%, and 2.8%, respectively, of ANDX’s outstanding shares. The top ten institutional investors in ANDX together added net 99.3 million ANDX shares to their positions.

Andeavor added 93.8 million ANDX shares to its position, according to a filing dated November 8, 2017. Andeavor Logistics issued 78.0 million common units to Andeavor for cancellation of its incentive distribution rights and conversion of ANDV’s economic general partner interest into a non-economic interest.

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