Market Overview

UPDATE: Citigroup Initiates Phillips 66 with Buy, $40 PT; Diversified Portfolio, Assets

Share:
Related PSX
Deutsche Bank Is Making Moves With 7 North American Oil Refiners
Deutsche Bank: 'The Crude Parade Continues In The Gulf'
Valero Energy Partners: Drop-Downs To Increase Estimated Net Income By 75% In 2015 (Seeking Alpha)

Citigroup initiates its coverage on Phillips 66 (NYSE: PSX) with a Buy rating and a price target of $40.

Citigroup comments, "PSX represents a portfolio of assets that is levered to growing hydrocarbon production in North America. Its refining assets are situated near major delivery points of crude oil production from Canada and the interior US. Its chemical assets are taking advantage of cheap US feedstocks. Its midstream and pipeline assets are taking advantage of the growing volume of hydrocarbons in the US. PSX's key strategy is to deploy 50% of its capital into the chemical and midstream business where we estimate it will generate higher risk adjusted returns than on refining."

PSX closed at $31.03 on Monday.

Latest Ratings for PSX

DateFirmActionFromTo
Feb 2015Deutsche BankMaintainsBuy
Jan 2015BarclaysMaintainsOverweight
Jan 2015Wolfe ResearchDowngradesOutperform Peer Perform

View More Analyst Ratings for PSX
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Price Target Initiation Pre-Market Outlook Analyst Ratings

 

Related Articles (PSX)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content