On September 18, Phillips 66 rose 3.04% in regular trading, trading at $272.59/share, with turnover of $408 million. The rally was driven by a wave of Wall Street price target upgrades.
Most recently, BMO Capital raised its price target on Phillips 66 from $260 to $310 while maintaining an Outperform rating. This follows a string of bullish revisions: Wells Fargo lifted its target from $239 to $335; Raymond James raised to $300 from $240; UBS increased to $300 from $235; and Morgan Stanley sharply raised its target from $196 to $284, all maintaining positive ratings. The FactSet consensus mean price target has climbed to approximately $255.50.
The upgrades reflect strengthened confidence following Phillips 66's Q2 adjusted EPS of $9.41, which beat the $7.44 consensus by 26.5%. Management signaled an optimistic mid-cycle refining outlook, plans to maintain ~95% capacity utilization in Q3, and accelerated share buybacks backed by a new $10 billion repurchase authorization. The $5 billion Western Gateway Pipeline joint venture with Kinder Morgan and HF Sinclair further underpins the long-term growth thesis.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)