UPDATE: Oppenheimer Initiates Phillips 66 with Outperform, $42 PT Post Spin from ConocoPhillips

Oppenheimer initiated its coverage on Phillips 66 PSX with an Outperform rating and a price target of $42. Oppenheimer commented, "PSX, which was spun off on May 1 from COP, is an integrated downstream company with a leading position in all of its three business segments: Refining & Marketing, Gas Gathering & Processing, and Petrochemicals. PSX's business strategy is to de-emphasize refining, while aggressively expanding its two other businesses, maximizing return on capital by investing in profitable growth and controlling costs. The company intends to grow its cash dividend and repurchase its shares, while maintaining strong financial flexibility. We believe this unique asset mix, large scale and balanced operations give PSX a competitive advantage throughout the business cycle." Phillips 66 closed at $34.94 on Friday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorPrice TargetInitiationPre-Market OutlookAnalyst RatingsOppenheimer
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!