Movement Alert｜Phillips 66 Rises 3.12% in Regular Trading, Multiple Investment Banks Raise Target Prices in Rapid Succession

Market Focus

Yesterday

On September 16, Phillips 66 rose 3.12% in regular trading, trading at $265.47/share, with turnover of $276 million. The rally was driven by a wave of target price upgrades from major Wall Street firms.

Raymond James raised its target price from $240 to $300, maintaining an Outperform rating. Morgan Stanley significantly lifted its target from $196 to $284, keeping an Overweight rating. UBS raised its target from $235 to $300, maintaining a Buy rating. Wells Fargo set the highest target at $335, up from $239. The FactSet consensus average target has now climbed to approximately $249. The upgrades reflect strong fundamentals, including a Q2 adjusted EPS of $9.41 that beat the $7.44 consensus by over 26%, robust refining margins of $24.08 per barrel, accelerated share buybacks backed by a new $10 billion authorization, and the $5 billion Western Gateway Pipeline joint venture with Kinder Morgan and HF Sinclair. The broader Oil and Gas Refining and Marketing sector traded higher in tandem, with PBF Energy up 6.32%, Delek US up 4.26%, and HF Sinclair up 3.97%.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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