$PSX

45 stories mentioning PSX

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Phillips 66 to Benefit From Several Levers of Margin Inflection, UBS Says

Phillips 66 (PSX) will likely see a solid year-on-year improvement in earnings this year compared with 2025, despite a weak Q1, which was hit by one-time items, UBS said in a note Monday.Phillips 66 will benefit from margin tailwinds in three of its key businesses: Refining, where margins are "well above mid-cycle levels," Chemicals, where "margins are recovering from historic lows toward mid-cycle," and Renewable Diesel, where margins are expected to go from "below break-even to mid-cycle levels," the note said.The three businesses will likely lead to an increase in the company's year on year free cash flow generation, which will allow it to de-lever at an "accelerated pace," UBS said.The investment firm said it sees a "clear pathway to stronger earnings power and balance sheet improvement" this year.UBS has a buy rating on Phillips 66 and a $212 price target.Price: $172.98, Change: $-6.47, Percent Change: -3.61%

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Equities3d ago

Morgan Stanley Adjusts Price Target on Phillips 66 to $196 From $180

Phillips 66 (PSX) has an average rating of overweight and mean price target of $193.56, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$PSX

Equities5d ago

Raymond James Raises Price Target on Phillips 66 to $218 From $215, Maintains Outperform Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $192.67, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$PSX

Commodities11d ago

Supply Disruptions Lift Refiner Q2 EPS Outlook Above Consensus, TPH Energy Says

TPH raised its average second-quarter 2026 earnings estimate for refiners to $6.38 per share from $5.67, exceeding the $5.40 consensus forecast and sharply above Q1 earnings of $0.59 per share, the firm said Thursday.TPH said supply disruptions tied to the US-Iran conflict continue to support refining fundamentals and improve earnings expectations across the sector.The International Energy Agency expects global refinery runs to fall to 78.7 million barrels per day in the second quarter from 83.6 million b/d in Q1 and 82.9 million b/d a year earlier, TPH said.TPH said shipping disruptions in the Strait of Hormuz and refinery damage linked to the conflict are reducing global fuel supplies.US gasoline cracks increased by about $20 per barrel over the quarter to $25/bbl, compared with a five-year average of $20/bbl, the firm said.US diesel cracks climbed by roughly $21/bbl to $48/bbl, more than double the five-year average of $22/bbl, TPH said.The West Coast, Southwest and Rocky Mountain regions posted the strongest margin gains relative to historical averages, while the Mid-Continent and Midwest regions lagged, according to the firm.US refiners increased operating rates to address supply shortages, pushing utilization to 91% in the second quarter from a five-year average of 89%, TPH said.Higher operating rates helped gasoline exports reach 880,000 b/d and distillate exports rise to 1.56 million b/d, above five-year averages of 828,000 b/d and 1.19 million b/d, respectively, the firm said.TPH said tighter availability of Middle Eastern medium-sour crude has narrowed crude differentials, although Western Canadian Select prices at Hardisty and Houston remain under pressure from constrained Canadian pipeline capacity.The firm added that stronger backwardation is creating a $ 5/bbl-over-the-quarter headwind for inland US crude barrels, while elevated tanker costs are weighing on coastal markets.TPH expects lower crude prices, wider West Coast jet fuel premiums, reduced downtime and a $4/bbl increase in octane spreads to support second-quarter capture rates.However, the firm said rising Renewable Volume Obligation costs approaching $4/bbl, tighter crude differentials, weaker butane blending demand and the $5/bbl WTI structure impact remain key challenges.TPH forecast group capture rates of 73% in the second quarter, compared with 72% in the first quarter.The firm said renewable diesel indicators improved by $1.39 per gallon, Midwest ethanol margins increased by $0.33/gal, polyethylene chain margins rose by $0.40 per pound and $0.32/lb, while UAN and ammonia fertilizer prices advanced 33% and 27%, respectively.TPH said potential Small Refinery Exemption proceeds could equal 23% of market capitalization for Delek US Holdings (DK), 7% for Par Pacific Holdings (PARR), and 4% each for HF Sinclair (DINO) and CVR Energy (CVI), assuming partial waivers for all applications.TPH said its second-quarter earnings forecasts exceed consensus estimates for Par Pacific Holdings, HF Sinclair, Phillips 66 (PSX) and Valero Energy (VLO), while its estimate for CVR Energy remains below consensus.Price: $47.19, Change: $+0.01, Percent Change: +0.02%

$CVI$DINO$DK$PARR$PSX$VLO

Wire13d ago

Phillips 66, HF Sinclair Lead Refining Margin Recovery in Q2, TPH Energy Says

Phillips 66 (PSX) posted the largest month-over-month refining indicator increase in May, while HF Sinclair Corporation (DINO) delivered the greatest improvement in Q2, TPH Energy said Monday.Stronger gasoline cracks across the North Atlantic, Mid-Continent and Gulf Coast regions lifted Valero Energy's (VLO) refining indicator to $33.70 per barrel in May from $28.97/bbl in April, according to TPH.While diesel cracks and crude differentials produced mixed results, wider West Texas Intermediate, Louisiana Light Sweet and Argus Sour Crude Index spreads helped push Valero's Q2 refining indicator $13.50/bbl above Q1 levels, TPH said.Valero's ethanol indicator increased to $0.66 per gallon in May from $0.65/gal in April and now stands $0.16/gal higher over the quarter, according to TPH.Despite a decline to $1.07/gal from $1.22/gal in April as feedstock costs rose, Valero's renewable diesel indicator remains $0.15/gal above Q1 levels, TPH said.Support from lower crude prices in the Central Corridor and narrower Dated Brent spreads in the Atlantic Basin helped lift Phillips 66's refining indicator to $29.45/bbl in May from $17.92/bbl in April, according to TPH.Although Phillips 66's renewable diesel indicator eased to $2.07/gal from $2.30/gal in April, the metric remains $1.32/gal higher quarter over quarter, TPH said.Marathon Petroleum (MPC) increased its refining and marketing indicator to $35.88/bbl in May from $33.02/bbl in April as Mid-Continent margins improved $15.10/bbl and Gulf Coast margins advanced $6.56/bbl month over month, according to TPH.West Coast margins declined $0.59/bbl month over month, while narrower sweet and sour crude differentials and weaker backwardation weighed on results, with the Q2 indicator standing $16.53/bbl above Q1 levels, TPH said.HF Sinclair increased its renewable volume obligation-adjusted refining indicator to $33.81/bbl in May from $27.35/bbl in April as stronger Mid-Continent and West Coast margins lifted the metric, bringing its Q2 improvement to $18.85/bbl quarter over quarter, TPH said.TPH said HF Sinclair's lubricants business continued to strengthen, with Group I-III margins averaging $108.78/bbl above Q1 levels in Q2, while its renewable diesel indicator remains up $0.69/gal quarter over quarter despite a $0.04/gal decline in May, and wider Western Canadian Select differentials could provide additional upside.Price: $182.20, Change: $+1.95, Percent Change: +1.08%

$DINO$MPC$PSX$VLO

Commodities13d ago

US Retail Fuel Margin Indicator Falls to Lowest Level Since 2021, TPH Says

Higher crude oil and refining costs pushed TPH Energy's US retail margin indicator down 11 cents per gallon in May, even as gasoline prices continued to climb, TPH Energy said in a Monday note.Pump prices increased 38 cents per gallon from April to $4.48 per gallon, the highest monthly average since July 2022, but higher refining margins and crude costs more than offset the increase, TPH said.Refining margins rose 33 cents per gallon during the month, while crude costs increased 13 cents per gallon as the Iran conflict and seasonal trends lifted fuel input costs, according to the note.The retail margin indicator fell 11 cents per gallon from the first quarter and reached its lowest level since the first quarter of 2021, TPH said.The PADD 4 retail margin indicator increased 11 cents per gallon from the prior quarter as retail fuel prices in the region climbed $1.29 per gallon.The PADD 2 retail margin indicator declined 17 cents per gallon from the prior quarter, while the PADD 1 indicator fell 15 cents per gallon and the PADD 5 indicator decreased 5 cents per gallon, according to the note.Among companies covered by TPH, Par Pacific Holdings (PARR) has the greatest exposure to retail fuel margins through its service station operations in Hawaii and Washington, the report said.The trend could also affect wholesale fuel marketing activities at Phillips 66 (PSX) and HF Sinclair (DINO), according to TPH.

$DINO$PARR$PSX

Commodities18d ago

Market Chatter: Trump's Fuel Shipping Exemptions Had Limited Impact on US Gasoline Prices

President Donald Trump's Jones Act waiver allowing fuel and crude barrels to be moved between US ports had a limited impact on high domestic gasoline prices amid higher freight rates and smaller shipment volumes, according to a Reuters analysis on Wednesday.In March, President Donald Trump eased restrictions under the century-old Jones Act, allowing foreign-flagged ships to transport crude and fuel between domestic ports to support coastal fuel supplies.The waiver aimed to increase shipments from Gulf Coast refiners to East and West Coast markets, where refinery shortages and limited pipeline access continue to tighten fuel availability.National gasoline prices climbed to $4.49 per gallon Tuesday from below $3 before the Iran conflict erupted in late February, while California averaged $6.11 per gallon, the analysis added, citing American Automobile Association data.According to the White House, data compiled since the first Jones Act waiver was granted indicate that more supply could reach US ports more quickly. Administration officials are reportedly happy with the waiver's results and have conveyed to the oil industry that future extensions may be granted, sources told Reuters.Federal figures showed Valero (VLO) and Phillips 66 (PSX) used the exemptions about 50 times during the first two months, transporting 2.6 million barrels of crude alongside 7.5 million barrels of refined fuels.Because disruptions around the Strait of Hormuz pushed tanker rates sharply higher, the waiver delivered only modest shipping savings while transported volumes remained small compared with nationwide fuel demand.University of Chicago energy policy professor Ryan Kellogg said that unusually high freight costs and a shortage of available international tankers made it difficult to secure vessels.American Maritime Partnership President Jennifer Carpenter said the waiver failed to "lower prices at the pump, and materially increase the flow of product across the country."White House officials viewed the waiver positively after additional fuel cargoes reached domestic ports faster, while administration sources signaled openness to extending the measure if needed, according to the analysis.Over 60% of gasoline and blendstock shipments transported under the waiver were delivered to California, totaling roughly 3 million barrels, or about 2.1 million gallons per day, federal data showed.Shipments into California, Alaska, Florida, South Carolina and Oregon combined averaged approximately 84,000 barrels daily, compared with total US fuel consumption near 8.75 million barrels per day, the analysis added.Argus data showed that foreign-flagged vessels moving fuel from the US Gulf Coast to the West Coast could reduce shipping costs by about 6.6 cents per gallon, or nearly 1% of California gasoline prices, while Jones Act tankers remained cheaper on East Coast routes due to strong Asian vessel demand.The waiver also altered shipping patterns, with one US tanker carrying Alaskan crude to South Korea in April for its first international voyage since 2014, while industry sources warned that foreign competition on domestic routes could tighten US tanker availability further.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$PSX$VLO

Research19d ago

Mizuho Upgrades Phillips 66 to Outperform From Neutral, Adjusts Price Target to $212 From $170

Phillips 66 (PSX) has an average rating of overweight and mean price target of $189.94, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Commodities19d ago

Refiners Slide as US-Iran Peace Hopes Pressure Crack Spreads, TPH Energy Says

Refining equities and product crack spreads declined last week as reports of progress in US-Iran peace negotiations pressured margins and softened sector sentiment, TPH Energy strategists said in a note on Tuesday.Matthew Blair, analyst at TPH Energy, said the refining group fell 1.3%, underperforming the S&P 500's 0.9% gain, with high-beta names leading losses.PBF Energy (PBF) dropped 4.9%, while Phillips 66 (PSX) outperformed the group with a 1.6% rise, making it the lone notable gainer among diversified refiners.TPH said the decline was driven by a sharp compression in refined product cracks. US gasoline cracks fell $12 to $25 per barrel, while US diesel cracks declined $7 to $45/bbl.Regional softness was most pronounced in the Midwest, Midcontinent and Rockies, TPH analysts said, reflecting broad-based margin pressure.International cracks were mixed. Northwest Europe gasoline and diesel eased by $1 and $3/bbl, respectively, while Singapore markets moved against the trend, with gasoline up $3/bbl and diesel rising $5/bbl.Forward curves also reflected the softer tone. The 2026 gasoline strip moved $1 lower, while diesel was unchanged.On the crude side, the Brent-WTI spread narrowed to $3/bbl from $5 previously, reducing a key advantage for US refiners that benefit from discounted domestic crude.Blair said grades, including Mars, Louisiana Light Sweet and Bakken crude strengthened, while Western Canadian Select at Hardisty, Mexico's Maya crude and Alaska North Slope held largely steady.Macro and industry developments added to the mixed backdrop. US regular gasoline prices eased 5 cents to $4.45 per gallon. India raised retail gasoline prices in response to war-related supply dynamics involving Iran.Kuwait's refinery throughput has reportedly fallen by half since the Middle East conflict began, while US jet fuel production has climbed above 2 million barrels per day in recent weeks.On corporate activity, Delek US Holdings (DK) disclosed a $100 million share repurchase authorization from REH. However, despite the recent pullback in refining equities, TPH said most refiners continue to trade above their three-year average forward EBITDA valuation multiples, except for Phillips 66 and Valero Energy (VLO).

$DK$PBF$PSX$VLO

Equities20d ago

Jefferies Adjusts Price Target on Phillips 66 to $191 From $173, Maintains Hold Rating

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Commodities24d ago

Refiner Capital Returns Slip in Q1 as Crude Rally Pressures Free Cash Flow, TPH Says

US refiners delivered a softer but still solid quarter for shareholder returns in Q1, as rising crude prices and higher equity valuations pressured free cash flow and reduced buyback activity, TPH Energy strategists said in a note Friday.The average total capital return yield across refiners eased to 4.9% in Q1 from 6.3% in the prior quarter and 9.4% a year ago, the bank said. Matthew Blair, analyst at TPH, said the decline was driven largely by lower share repurchases and slightly reduced dividend yields.Share buybacks averaged a 2.8% yield, down from 4% in Q4 and 6.2% a year earlier, as higher crude prices and seasonal factors weighed on free cash flow. TPH said that half of the refiners in its coverage universe generated negative free cash flow in the quarter.Dividend yields also slipped to 2.1% from 2.3% in Q4 and 3.2% a year ago, despite dividend increases from Phillips 66 (PSX) and Valero Energy (VLO), reflecting higher average share prices during the period.Blair said among individual names, the strongest total capital return yields in Q1 were led by Par Pacific (PARR) at 9.2%, followed by Marathon Petroleum (MPC) at 7%, HF Sinclair (DINO) at 6.8%, and Valero Energy (VLO) at 6.1%. CVR Energy (CVI) was the only refiner that did not return capital during the quarter.Going ahead, TPH expects average total capital return yields to ease further to about 4.5% in Q2, despite what it described as robust profitability and free cash flow generation.The bank identified three main headwinds, including higher share prices, reduced opportunistic buybacks at Par Pacific, and a shift among some refiners, such as Phillips 66 and PBF Energy (PBF), toward debt reduction rather than share repurchases.TPH projects that Valero will lead total capital return yields in Q2 at an estimated 8.1%, followed by HF Sinclair at 7.5% and Marathon Petroleum at 6.7%.CVR Energy is expected to lag its peer group, with a projected yield of 1.1%, even as the energy firm moves to reinstate its dividend.Price: $176.42, Change: $+2.37, Percent Change: +1.36%

$CVI$DINO$MPC$PBF$PSX$VLO

Commodities24d ago

US Gasoline Hits Highest Memorial Day Level Since 2022 on Supply Shocks, EIA Says

US gasoline prices climbed to the highest level for the Memorial Day holiday since 2022 as the de facto closure of the Strait of Hormuz drove up crude prices and tightened global fuel supplies, the Energy Information Administration said on Friday.The EIA said the national average price for regular gasoline reached $4.49 per gallon on May 18, up 42% from a year earlier and marking the highest level for the Monday before Memorial Day weekend since Russia's invasion of Ukraine disrupted oil markets three years ago.Rising crude prices, which typically account for about half of retail gasoline costs, have been the biggest driver behind the increase since February.The agency said global crude markets have been rattled by supply disruptions linked to the effective closure of the Strait of Hormuz, a key chokepoint for oil shipments.Regional factors, including refinery outages, fuel specifications, and taxes, are also amplifying price disparities across the country.The Midwest and Rocky Mountain regions posted some of the steepest increases after refinery maintenance and outages constrained fuel supplies. Midwest gasoline prices averaged $4.40/gal on May 18, up 45% from a year earlier, while Rocky Mountain prices rose 47% to $4.59/gal.The EIA said several large refineries in the Midwest have been affected in recent weeks, including Phillips 66's (PSX) Wood River refinery in Illinois and Marathon Petroleum's (MPC) Robinson refinery, both of which were undergoing maintenance.BP's (BP) Whiting refinery in Indiana also experienced a temporary outage following a power disruption. Suncor Energy's (SU) Commerce City refinery in Colorado suffered an unplanned shutdown after a power outage during maintenance work.On the West Coast, where gasoline prices are typically the nation's highest because of stricter fuel standards, limited pipeline connectivity and higher state taxes, prices averaged $5.61/gal, up 31% from a year earlier.California's unique fuel specifications, which make gasoline more expensive to produce, have continued to weigh on the region, according to the EIA. Imports into the West Coast have also risen as refining capacity in the region declines.The Gulf Coast retained the country's cheapest gasoline prices, averaging $3.95/gal, benefiting from its concentration of refining capacity and relatively low fuel taxes. The East Coast, the nation's largest gasoline-consuming region, averaged $4.31/gal.The EIA said the US has rolled out several emergency measures to ease fuel market pressures.The government is releasing crude from the Strategic Petroleum Reserve in coordination with the International Energy Agency, temporarily allowing nationwide sales of E15 gasoline and issuing waivers under the Jones Act to facilitate fuel shipments between US ports.Federal regulators have also relaxed enforcement of summer-grade gasoline standards. Despite the higher prices, holiday travel demand remains resilient.The American Automobile Association estimates 39.1 million Americans will travel by car over the Memorial Day weekend, in line with last year.Price: $67.65, Change: $-0.08, Percent Change: -0.12%

$BP$MPC$PSX$SU

Wire27d ago

Goldman Sachs Adjusts Price Target on Phillips 66 to $207 From $192, Maintains Neutral Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $188.11, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $180.75, Change: $+0.94, Percent Change: +0.53%

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Sectors28d ago

Sector Update: Energy Stocks Lean Lower Pre-Bell Monday

Energy stocks were leaning lower pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.5%.The United States Oil Fund (USO) was down 1.5% and the United States Natural Gas Fund (UNG) was 9.7% higher.Front-month US West Texas Intermediate crude oil was 1.8% lower at $103.58 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.4% to $107.89 per barrel, and natural gas futures were up 3% at $3.05 per 1 million British Thermal Units.ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said. ConocoPhillips shares were down 1% premarket.Phillips 66 (PSX) shares were down nearly 2% after the company said it is proceeding with the development of the Zeus Gas Plant and a third Coastal Bend Fractionator to expand its natural gas operations.Eni (E) said it plans to issue new fixed-rate bonds with five-year and nine-year maturities under its existing euro medium-term note program. Eni stock was 0.6% higher pre-bell.

$COP$E$PSX$UNG$USO$XLE

Equities28d ago

Phillips 66 Advances Zeus Gas Plant, Third Coastal Bend Fractionator

Phillips 66 (PSX) said Monday it is proceeding with the development of the Zeus Gas Plant and a third Coastal Bend Fractionator to expand its natural gas operations.The Zeus project has a 300 million cubic feet per day processing facility alongside a new 45-mile pipeline capable of transporting up to 230 million cubic feet of wellhead gas daily, the company said.The Coastal Bend project involves a 100,000-barrel-per-day natural gas liquids fractionator in Robstown, Texas, alongside pipeline and water treatment expansions, Phillips 66 said.Both developments are scheduled to start operations in 2028 and fall within the existing $2 billion to $2.5 billion capital spending budget, it said.

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Equities32d ago

Argus Adjusts Price Target on Phillips 66 to $197 From $185, Maintains Buy Rating

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Equities33d ago

BMO Capital Adjusts Price Target on Phillips 66 to $215 From $195, Maintains Outperform Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $187, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$PSX

Equities44d ago

S&P 500 Marks Fifth Weekly Gain, Reaches New Records on Earnings Strength

The Standard & Poor's 500 index rose 0.9% this week to another closing record high as the communication services sector led a broad climb amid better-than-expected earnings.The S&P 500 ended Friday's session at 7,230.12 and reached a fresh intraday high of 7,272.52.This marks the fifth consecutive weekly gain. On Thursday, the benchmark closed out April with a 10% jump that represented its largest monthly increase since November 2020. The index, which fell 5.1% in March, is now up 5.6% for 2026.Large companies including Amazon.com (AMZN), Google parent Alphabet (GOOGL), Microsoft (MSFT) and Exxon Mobil (XOM) reported stronger-than-expected quarterly results.The communication services sector had the largest percentage increase of the week, climbing 4.5%, followed by a 3.2% rise in energy, a 1.1% gain in consumer staples and a 1% advance in real estate. Financials, utilities, health care, consumer discretionary, industrials and technology also edged higher.Alphabet led the climb in communication services, with its shares jumping 12% on the week. Q1 results exceeded Wall Street's estimates as revenue for Google's cloud and services businesses climbed.Verizon Communications (VZ) also boosted the communication services sector. The shares rose 3.7% as the company raised its full-year earnings outlook and reported a Q1 profit above market estimates.The energy sector's advance came as crude oil futures remained elevated, with no end in sight for the U.S.-Iran conflict.Phillips 66 (PSX) rose 8.2% as the company swung to a Q1 adjusted profit per share after analysts had forecast a loss.Materials, the only sector that fell this week, shed 2%.Newmont (NEM) had the largest weekly loss in the materials sector with the shares down 10% even as Q1 adjusted earnings per share and revenue topped Wall Street estimates. The company said it is on track to achieve its 2026 production outlook of 5.3 million attributable gold ounces.Next week's earnings calendar features Advanced Micro Devices (AMD), Walt Disney (DIS), McDonald's (MCD), Arista Networks (ANET) and Palantir Technologies (PLTR).The focal point of the economic data calendar will be the government's release of monthly jobs data on Friday. Other data due next week include new home sales and construction spending for February and March, as well as the first reading of consumer sentiment for May.

Dow JonesNasdaq CompositeS&P 500$GOOGL$NEM$PSX$VZ

Research45d ago

Research Alert: CFRA Cuts View On Shares Of Phillips 66 To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $190, raised $12, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply an 8x multiple of enterprise value to projected 2027 EBITDA, above PSX's historical forward average. Our choice of a premium multiple is predicated on what we see as a strong refining margin environment in 2027. Our DCF model yields a value of $200 per share, using medium-term free cash flow growth of 5% per year and terminal growth of 2%, discounted at a weighted average cost of capital of 6.8%. We raise our 2026 EPS estimate by $4.74 to $15.54 and 2027's by $2.85 to $15.88. Our downgrade is on valuation, with shares up 37% YTD, and now trading slightly above its historical forward average. We do think the refining margin environment is likely to be strong in the near term, helped by a wide divergence between Brent and WTI crude oil benchmarks. However, we believe upside potential is largely priced into the shares at this point.

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Wire46d ago

JPMorgan Adjusts Phillips 66 Price Target to $202 From $188

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