Research
Morgan Stanley Upgrades Phillips 66 to Overweight From Equalweight, Adjusts PT to $174 From $147
Phillips 66 (PSX) has an average rating of overweight and mean price target of $182.72, according to analysts polled by FactSet.
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133 stories mentioning PSXUpdated 12h ago
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Recent broker actions mentioned in FINWIRES coverage. Compiled from wire headlines; not investment advice.
- Raymond JamesTarget revisedOutperformPrice target$300from $240
- Morgan StanleyTarget revisedOverweightPrice target$284from $196
- BofATarget revisedPrice target$255from $213
- UBSTarget revisedBuyPrice target$300from $235
- Piper SandlerTarget revisedNeutralPrice target$264from $209
- Wells FargoTarget revisedOverweightPrice target$335from $239
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Equities
Phillips 66 Closes Acquisition of Lindsey Oil Refinery Assets in UK
Phillips 66 (PSX) said Tuesday its UK subsidiary has completed the acquisition of assets and associated infrastructure of Prax Lindsey Oil Refinery.The deal, unveiled in January, will see the assets integrated into Phillips 66's Humber Refinery operations in North Lincolnshire, the company said.The Humber Refinery produces sustainable aviation fuel, graphite coke for electric vehicle batteries, petrochemical feedstocks and transportation fuels, according to Phillips 66.
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Wire
Refining Margins Unlikely to Return to Pre-Conflict Levels Anytime Soon, Morgan Stanley Says
Refining margins are unlikely to return to pre-conflict levels anytime soon, even if the Strait of Hormuz reopens, due to refinery damage, the time required to normalize trade flows, and the need to rebuild inventories, Morgan Stanley analysts said in a Friday note to clients.Analysts said first-quarter financial results for refining companies will be pressured by lower capture rates amid still-tight crude differentials, planned and unplanned maintenance, and derivative headwinds, partially offset by stronger secondary products.Morgan Stanley said near-term U.S. refining margins have roughly doubled since the start of the Iran conflict and now sit near levels last reached in 2022 and 2023.On Phillips 66 (PSX), analysts upgraded the stock to overweight from equal-weight.They said the chemicals business is a key factor that sets the company apart from the rest of the sector, with earnings from the segment expected to rise to about $1.1 billion from $352 million. They also raised the price target to $174 from $147.Morgan Stanley retained an overweight rating on Marathon Petroleum (MPC) and raised its price target to $233 from $200. It also maintained an overweight rating on HF Sinclair (DINO) and increased its price target to $66 from $57.On Valero Energy (VLO), Morgan Stanley maintained an equal-weight rating and raised the price target to $222 from $182. It also maintained an equal-weight rating on Delek US Holdings (DK) and raised its price target to $40 from $38.On PBF Energy (PBF), Morgan Stanley maintained an underweight rating and raised the price target to $34 from $27.Price: $224.00, Change: $+2.90, Percent Change: +1.31%
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Equities
Morgan Stanley Upgrades Phillips 66 to Overweight From Equalweight, Adjusts PT to $174 From $147
Phillips 66 (PSX) has an average rating of overweight and mean price target of $182.72, according to analysts polled by FactSet.
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Commodities
Phillips 66 Ships US Crude on Foreign Vessel After Jones Act Waiver, Bloomberg Analysis Says
US crude shipments via foreign vessels begin after a Jones Act waiver, marking the first such cargo since the March 18 policy shift, according to a Bloomberg analysis on Thursday.Phillips 66 (PSX) loaded Bakken crude in early April from Beaumont, Texas, onto the Malta-flagged Htm Warrior for delivery to Pennsylvania, the report said.The cargo will supply the Trainer refinery in Pennsylvania, operated by Monroe Energy, a subsidiary of Delta Air Lines (DAL), expanding supply options for East Coast refiners, according to the analysis.President Donald Trump signed a 60-day Jones waiver on March 18, allowing foreign-flagged ships to transport goods between US ports, the analysis added.The waiver temporarily suspends the 1920 Jones Act, which requires vessels moving cargo between US ports to be US-built, US-flagged and US-operated, the analysis said.The administration introduced the exemption to boost fuel and crude supplies amid geopolitical tensions linked to Iran that disrupted global energy flows.No other foreign-flagged vessels have carried US crude from the Gulf Coast to the Atlantic Coast since the waiver took effect, the analysis said, citing Kpler data.However, multiple cargoes of Middle Eastern crude have recently moved along the same route on foreign-flagged ships, highlighting shifting trade flows under the temporary policy change, the analysis added.
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Commodities
Kinder Morgan Q1 Gas Transport Volumes Rise; Oil, Refined Product Volumes Decline
Kinder Morgan (KMI) reported Q1 earnings Wednesday, showing total transported natural gas volumes rose to 49,475 billion British thermal units per day over the year, from 45,978 billion Btu/d a year earlier.Total oil segment delivery volumes declined to 1.97 million barrels per day in Q1 2026, compared with 2.05 million b/d a year earlier.Within the oil segment, transported volumes of crude and condensate fell to 420,000 b/d in the quarter, down from 476,000 b/d a year earlier.Total refined product volumes edged lower, with transported volumes at 1.5 million b/d in Q1 2026, compared with 1.6 million b/d a year earlier.In the Products Pipelines segment, transported gasoline volumes dropped to 912,000 b/d from 933,000 b/d in Q1 2025, and jet fuel volumes also fell to 293,000 b/d from 302,000 b/d a year ago.In contrast, diesel fuel volumes increased to 340,000 b/d from 336,000 b/d in the year-ago period."Our Natural Gas Pipelines segment drove the bulk of that outperformance, benefiting from winter storm Fern and extended cold weather," Chief Executive Officer Kim Dang said.Executive Chairman Richard D. Kinder said geopolitical uncertainty surrounding the Middle East conflict remained elevated."The geopolitical landscape became even more turbulent this quarter, with conflict in the Middle East joining the ongoing war in Ukraine as a source of significant commodity price volatility," Kinder said, adding that the company was "largely insulated from that volatility.""Longer-term, these global conflicts highlight the benefits of securing liquefied natural gas supplies from the United States, driving incremental demand for the services we provide those shippers," he said, noting that domestic natural gas demand growth projections, particularly in the power sector, continue to be robust.On April 20, KMI and Phillips 66 (PSX) closed a second open season for the proposed Western Gateway Pipeline system with sufficient customer commitments to advance the project, subject to agreements and respective board approvals.The refined products pipeline aims to connect Midwest and Gulf Coast refinery supplies to Phoenix, Arizona and California markets with connectivity to Las Vegas, Nevada, via Kinder Morgan's CALNEV Pipeline. Completion is targeted for mid-2029.
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Wire
Scotiabank Adjusts Price Target on Phillips 66 to $151 From $140, Maintains Sector Perform Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $181.22, according to analysts polled by FactSet.Price: $160.04, Change: $+0.66, Percent Change: +0.41%
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Commodities
Phillips 66, Kinder Morgan Push Western Gateway Project to Supply West Coast Markets
Phillips 66 (PSX) and Kinder Morgan (KMI) said Monday they are advancing the Western Gateway Pipeline after securing shipper commitments, targeting refined product flows to western US markets.The companies said the project moved forward after a successful open season attracted sufficient long-term commitments, pending final agreements and board approvals.The Western Gateway Pipeline is planned to connect Midwest and Gulf Coast refineries into key markets in Phoenix and California, while also linking into Las Vegas through Kinder Morgan's California-Nevada Pipeline.The development combines a newly built line from Borger, Texas to Phoenix with the conversion of Kinder Morgan's Santa Fe Petroleum Pipeline between Colton and Phoenix, enabling products to move westward into California.Feedstock will originate from refinery networks connected at Borger, Texas, with Phillips 66's Gold Pipeline set to be reversed to redirect product flows toward Borger and supply the new system.Phillips 66 Chief Executive Officer Mark Lashier said strong customer participation highlights the project's role in meeting long-term fuel transport needs, adding it is expected to enhance supply flexibility and reliability across West Coast markets.Kinder Morgan Chief Executive Officer Kim Dang said the firm will use its existing pipeline network to support growth in Arizona and California, leveraging its footprint to deliver an efficient transport solution.
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Sectors
Sector Update: Energy Stocks Advance Premarket Monday
Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.6% higher.The United States Oil Fund (USO) was up 3.9% and The United States Natural Gas Fund (UNG) was 0.3% higher.Front-month US West Texas Intermediate crude oil was 5.8% higher at $88.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 5.1% to $94.95 per barrel, and natural gas futures were up 1.6% at $2.72 per 1 million British Thermal Units.Eni (E) shares were up 0.7% after the company said it has made a gas discovery in the Kutei Basin off the coast of Indonesia.Phillips 66 (PSX) and Kinder Morgan (KMI) said they are advancing the proposed Western Gateway Pipeline after a successful second open season secured sufficient long-term shipper commitments, subject to final approvals. Phillips 66 stock was up more than 1% premarket.Sable Offshore (SOC) shares were up more than 3% after the company said capital expenditure across its assets is expected to be around $180 million from April through December this year.
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Equities
Phillips 66, Kinder Morgan Advance Western Gateway Pipeline Toward 2029 Start
Phillips 66 (PSX) and Kinder Morgan (KMI) said Monday they are advancing the proposed Western Gateway Pipeline after a successful second open season secured sufficient long-term shipper commitments, subject to final approvals.The project will transport refined products from Midwest and Gulf Coast hubs to Arizona and California, with connectivity to Nevada, including a new Borger-to-Phoenix pipeline and the reversal of existing lines to support westward flows.The Western Gateway Pipeline is targeting a mid-2029 in-service date, the companies added.
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Wire
Jefferies Adjusts Price Target on Phillips 66 to $173 From $174, Maintains Hold Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $181.63, according to analysts polled by FactSet.Price: $159.16, Change: $-0.09, Percent Change: -0.06%
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Equities
S&P 500 Posts Weekly Gain Ahead of Iran Peace Talks, Earnings
The Standard & Poor's 500 index rose 3.6% this week in a broad climb ahead of high-stakes peace talks between Iran and the US and the Q1 earnings reporting season.The S&P 500 ended the week at 6,816.89, its second positive week in a row. The index is up 4.4% for April, erasing much of March's 4.6% drop. It is down 0.4% for the year.A two-week ceasefire reached between the US and Iran early this week appeared to be holding as officials from Washington and Tehran were expected to meet on Saturday in Pakistan, which helped broker the ceasefire.The coming week also marks the unofficial start of the Q1 earnings reporting season.US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, according to the University of Michigan's preliminary April survey. The survey was largely completed before the announcement of the two-week ceasefire.A report by the Bureau of Labor Statistics showed US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher. The data showed energy price growth jumped about 11% sequentially in March, led by a 21% surge in gasoline, accounting for nearly three quarters of the headline increase.Every sector other than energy rose this week. Communication services and consumer discretionary climbed 5.8% each, followed by a 4.8% gain in technology and a 4.7% advance in industrials. Materials were also strong, up 3.5%, while real estate and financials rose more than 2% each. Utilities, consumer staples and health care also edged higher.Amazon.com (AMZN) was the top performer in consumer discretionary, climbing 14%. The company said its Amazon Web Services' artificial intelligence revenue run rate was more than $15 billion in Q1 and "ascending rapidly." AWS has the potential to grow even faster, Amazon Chief Executive Andy Jassy said in a letter to shareholders.Paramount Skydance (PSKY) had the largest percentage increase in communication services, rising 12%. The company's $54 billion bridge loan backing its acquisition of Warner Bros. Discovery (WBD), provided by Bank of America (BAC), Citigroup (C), and Apollo Global Management (APO), has been sold down to wider group of banks and reduced to $49 billion, according a regulatory filing.Intel (INTC) led the advance in the technology sector, jumping 24%. Intel and Alphabet's (GOOG, GOOGL) Google expanded a multiyear agreement to develop artificial intelligence and cloud infrastructure using Xeon processors and custom infrastructure processing units. Intel's Xeon chips will continue to support Google Cloud systems across AI, inference and general computing workloads, the companies said.Energy, the lone sector in the red for the week, fell 4.1%.Phillips 66 (PSX) led the energy sector's drop, sliding 9.6%, as the company said its Q1 results are expected to be weighed down by $900 million in mark-to-market losses tied to surging commodity prices, according to preliminary data. The jump in commodity prices also led to a net outflow of almost $3 billion of cash collateral on derivative positions, Phillips 66 said in a regulatory filing.Earnings reports are expected next week from many large companies, including Goldman Sachs Group (GS), JPMorgan Chase (JPM), Johnson & Johnson (JNJ), Wells Fargo (WFC), Citigroup (C), BlackRock (BLK), Bank of America (BAC), Morgan Stanley (MS), Progressive (PGR), Netflix (NFLX), Pepsico (PEP), Abbott Laboratories (ABT) and Charles Schwab (SCHW).Economic data will include the March producer price index as well as March existing home sales, import prices, industrial production and capacity utilization, among other reports.
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Equities
Goldman Sachs Adjusts Price Target on Phillips 66 to $192 From $186, Maintains Neutral Rating
Phillips 66 (PSX) has an average rating of overweight and mean price target of $181.68, according to analysts polled by FactSet.
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